Introduction to Forensic Accounting and Audit notes

Introduction to Forensic Accounting and Audit notes

1. Introduction to Accounting

  • Definition of Accounting
  • Objectives of accounting and users of accounting information
  • Accounting Equation
  • Accounting Concepts and Conventions including the Accrual and Cash Basis Accounting
  • The Accounting Cycle, source documents and Basic books of Accounts maintained by organisations
  • Responsibilities of various stakeholders in regard to Accounting in organisations
  • Regulatory bodies in accounting; professional institutes, government regulatory bodies and others

2. The Accounting Environment and Regulation

  • Key components of the Internal Control Environment in regard to accounting
  • Basic understanding of Financial Reporting Standards applied in Public Sector and Commercial Entities (IPSAS and IFRS)
  • Understand the roles of various entities in regulation of the Accounting Profession

3. Financial Statement and Financial Statement Fraud

  • Process of preparing financial statements
  • Financial statements for sole proprietors, partnerships, companies, NGOs
  • Financial statement/reporting fraud schemes

4. Basic Financial Statements

  • Balance sheet
  • Profit/loss account
  • Statement of cash flow
  • Statement of owner’s equity
  • Financial ratios

5. Forensic Accounting

  • Definition and purpose of Forensic Accounting
  • Forensic Accounting versus traditional accounting
  • Forensic Audit versus traditional Audit
  • Historical development of Forensic Accounting
  • Types of Non-fraud forensic accounting
  • Forensic Accounting Data Analytics tools and Benford’s Law
  • Key skills required for Forensic Accounting
  • Code of Ethics and Regulation of Forensic Accountants
  • Qualities/attributes of Forensic Accountants
  1. Forensic Audit
  • Definition and purpose
  • Relationship between forensic accounting, forensic audit financial audit and fraud investigation
  • Key skills required for Forensic Auditing
  • Code of ethics and standards for forensic auditors/forensic investigators
  • Qualities/attributes of Forensic Auditors





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