On successful completion of this assignment, the student should be able to:
1. Trace the historical development of Forensic Accounting, explore its link with professional independent audit, illustrate its application and discuss its future as a profession.
2. Demonstrate transferable skills including those relating to Time Management, Project Management, Written Communication, Independent Learning and Advanced Research.
The Assignment Task:
‘Forensic accounting is both investigative and audit focussed' Discuss
In addressing the above task you are required to:
1. Trace the historical development of forensic accounting.
2. Illustrate the link between Forensic Accounting and Professional Auditing citing the relevance of the Fundamental Principles and the Specific Guidance Statements of Auditing for the forensic accountant.
3. Explain the likely applications of forensic accounting in real life situations such as fraud investigations, insurance claims, matrimonial disputes and partnership disputes.
4. Compare and contrast the forensic accountant's and the independent auditor's considerations in relation to the acceptance of engagement.
5. Compare and contrast the forensic accountants' report with a typical external auditor's report in terms of wording, purpose and addressee.
6. Describe the additional liability and training requirements of the forensic accountant over those of the independent auditor.
7. Briefly discuss the future of the forensic accounting profession.
8. Structure