How much does a typical forensic accountant make?
How much does an experienced forensic accountant make?
40,000 - 60,000
100,000 - 200,000
100
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100
What kind of people commit fraud?
people like you and I
100
What is Forensic Accounting?
The investigation of crimes in a business workplace
100
What is fraud?
Fraud is the act of stealing in a ruthless and usually done in a secretive manner
200
What does the word "Forensic" mean?
The word forensic means argumentation used in courts of law or public discussion and debate
200
What three designations do forensic accountants have
CA, CMA, CGA
200
What happens if you see a vendor you never approved before on a financial statement.
most likely the sign of fraud
200
What is an Auditor?
they are not exactly looking for fraud, but must prevent any risks of fraud from occurring and correct errors if found
200
What does ACFE stand for
Association of Certified Fraud Examiners
300
What is the difference been an Auditor and Forensic Accountant?
Auditors correct accounting work; Forensic accountants investigates a claim of fraud in a company
300
What is a Forensic Accountant called who has a CA and a DIFA?
CA-IFA
300
Why can't you have a person working both A/R and A/P?
a person could modify these 2 accounts easily
300
What is Fidelity Insurance?
Potential acts of fraud from employees that are covered from a insurance company
300
What percentage of fraudsters do not have a criminal record?
A) 25%
B) 90%
C) 50%
D) 85%
E) None of the above
D) 85%
400
What are the general events of forensic accounting?
The forensic accountant meets up with the client. Soon after a diagnosis will be perform to determine what type of evidence is needed and then the analysis of financial statements to detect any fraud
400
What are the three forensic accounting designations for further education?
DIFA, CFI, and CFE
400
What is a ponzi scheme?
It's a scheme that investors get into where it returns investors with their own money or money from new investors rather than the profit from the head running the organization
400
The concept of why people commit fraud is quite simple they are: Rationalization, _________ , and incentive/pressure
Opportunity
400
Name the 3 factors to why people commit fraud
Rationalization, Opportunity, and incentive/pressure
500
Who is Kimo Todd?
a partner in the CPA firm in Honolulu
500
What does CFI and CFE stand for?
Certified Forensic Investigator (CFI) and Certified Fraud Examiner (CFE)
500
Give 2 examples of cases that a forensic accountant might go through
-You suspect that misappropriated funds has been taken out from your company
-You find an employee who you don’t recognize on the payroll
-You discover a vendor that you never approved in the paid invoice
-The loss of inventory has been excessive compared to previous years
-You see a similar product/idea that you have thought of, has been produced
-You discover a cheque that appears to be forged
500
What does G.O.N.E stand for?
Greed, Opportunity, Need, and Expectation
500
According to the G.O.N.E theory how do people commit Fraud?
1. There is the commission of the act
2. The person demonstrates Intention/ Motive
3. The person then conceals that they have committed the act
4. The company records a loss