Forensic Accounting

Paper Summary:

This paper addresses what forensic accountants look for in ferreting out who is committing managerial fraud and how. It discusses how auditing relies on tests of controls, risk analysis and sampling to make an honest assessment.

From the Paper:

"As much as CPA's hate to admit it, auditing is an art not a science. It simply is not cost effective to verify every assertion in a set of financial statements with certainty. Instead, auditing relies on tests of controls, risk analysis and sampling to give the reasonable assurance that a set of financial statements are fairly presented in accordance with the applicable accounting standards. When that reasonable assurance is found to be misplaced, forensic accountants are called in. The definition of forensic accounting according..."

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