Reference no: EM132492376

Question 1.  What are the five primary factors a forensic accountant should consider before deciding to accept an engagement?

Question 2.  When determining whether to accept an engagement with an attorney, what negative indicators suggest the possibility of an undesirable professional relationship?

Question 3.  When determining whether to accept an engagement with an attorney, what positive factors suggest that a favorable professional relationship will exist?

Question 4.  Describe a conflict of interest. Why should forensic accountants seek to avoid conflicts of interest?

Question 5.  How are the concepts of objectivity and independence related to the consideration of a possible conflict of interest?

Question 6.  Assume that a forensic accountant cannot identify a specific conflict of interest related to a potential engagement, but there is a chance that the engagement might create the perception of a conflict of interest in the professional community. Should this engagement be accepted? Explain why or why not.

Question 7.  How might a forensic accountant use a complaint to assess the potential for a conflict of interest?

Question 8.  What is meant by the term joint expert? If you are asked to serve in this capacity, what factors should you consider before accepting the engagement?

Question 9.  What is professional competence? How does ensuring consistency between a forensic accountant's skills and the skills required by a specific engagement relate to professional competence?

Question 10. How was a lack of professional competence exhibited by Tom Blumer in the Mattco case?

Question 11. How might a case deadline imposed by the court impact a forensic accountant's consideration of due professional care?

Question 12. What is meant by "determining the nature and scope" of a forensic accounting engagement?

Question 13. What factors should a forensic accountant consider when determining the compensation structure for an engagement?

Question 14. A common compensation structure in forensic accounting engagements is an hourly fee with a replenished retainer. Define and discuss this arrangement.

Question 15. Should a forensic accountant accept an engagement on a contingent-fee basis? Why or why not?

Question 16. What is the purpose of an engagement letter?

Question 17. Assume that an attorney asks you to provide services as a consulting expert but refuses to sign an engagement letter. What is an appropriate response?

Question 18. What is a Kovel letter? Discuss its significance in a forensic accounting engagement.

Question 19. Do the AICPA professional standards require an engagement letter?

Question 20. Identify the nine components commonly included in an engagement letter. Briefly discuss each.

Question 21. Why is it important that a forensic accountant's actual execution of an engagement be consistent with the assignment specified in the engagement letter?

Question 22. What is meant by framing a case?

Question 23. What is the purpose of framing a case? What general categories are considered in the framing process?

Question 24. Why is the type of case (criminal or civil) significant?

Question 25. Define jurisdiction in terms of a forensic accounting engagement.

Question 26. Does the jurisdiction of a case impact the manner in which evidence is presented? Explain.

Question 27. How should a forensic accountant respond when more than one set of professional standards is applicable to an engagement?

Question 28. Which of the framing factors is the most obvious distinguishing characteristic of a case? Why?

Question 29. How does the purpose of an engagement impact the work product of a forensic accountant?

Question 30. Define the scope of a forensic accounting engagement and provide examples of common scope limitations.

Question 31. Explain why a clear understanding of relevant dates is critical to a forensic accounting engagement.

Question 32. What is a scientific process? What are the primary steps in such a process? Briefly discuss each step.

Question 33. What is a hypothesis?

Question 34. Why does a forensic accountant gather evidence?

Question 35. Identify three evidence-gathering techniques and provide a brief explanation of each.

Question 36. What does a forensic accountant consider during the data interpretation step of a scientific process?

Question 37. Discuss the skills a forensic accountant draws on when reaching a conclusion in a scientific process.

Question 38. What are the advantages of applying a scientific process to a forensic accounting engagement?

Question 39. Define research. How is it valuable to a forensic accountant?

Question 40. What is primary research? Identify and discuss two examples of information sources for primary research.

Question 41. Describe a research plan. How is it employed by a forensic accountant?

Question 42. What is secondary research? Identify and discuss two examples of information sources for secondary research.

Question 43. Define online research. What should a forensic accountant consider when using this research tool?

Question 44. Discuss five characteristics of good research.

Question 45. What is the primary lesson a forensic accountant should learn from the Mattco case presented in this chapter?

Note: Need only 1, 4, 7, 10, 13, 16, 19, 22, 25, 28, 31, 34, 37, 40, and 43