Download Introduction to Forensic Accounting and Audit Notes
CFFE Module 1 Notes Pdf
UNIT DESCRIPTION
This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to relate financial and forensic accounting and audit and apply both in fraud investigations.
LEARNING OUTCOMES
A candidate who passes this paper should be able to:
- Demonstrate the Accounting Cycle beginning with the books of original entry to the final accounts
- Identify the difference between Audit, Forensic and Traditional Accounting
- Explore the historical development of Forensic Accounting and Audit
- Apply Ratio Analysis in fraud detection
- Demonstrate understanding of the Forensic Audit Cycle
CONTENTS
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
Download Introduction to Forensic Accounting and Audit Notes
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
Financial Statement and Financial Statement Fraud
- Process of preparing financial statements
- Financial statements for sole proprietors, partnerships, companies, NGOs
- Financial statement/reporting fraud schemes
Basic Financial Statements
- Balance sheet
- Profit/loss account
- Statement of cash flow
- Statement of owner’s equity
- Financial ratios
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
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
Download Introduction to Forensic Accounting and Audit Notes
