Illustrate what are some ways that a forensic accountant

Assignment Help Financial Accounting

Reference no: EM13129615

1. You are investigating possible hidden income in a divorce dispute involving an automobile repair shop with five bays. There are five mechanics, charging approximately $60 per hour for 7 hours per day. Assume 315 days worked with each person’s wage of $30 per hour for 8 hours. Computer gross profits for the year. If the owner reports $42,500 of gross income, what is your opinion?

2. Go to the IRS’s ATG for Gas Retailers and determine some of the initial interview questions to help a forensic accountant to accurately estimate the income from a service station.

3. Explain proactive auditing. Compare with reactive auditing. Give specific techniques.

4. What are some ways that a forensic accountant gathers evidence?

5. What are some red flags of phantom vendors?

Reference no: EM13129615

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