Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that investigates whether firms engage in financial reporting misconduct. Forensic accountants apply a range of skills and methods to determine whether there has been financial reporting misconduct. Financial forensic engagements may fall into several categories. For example:
Economic damages calculations, whether suffered through tort or breach of contract.
Post-acquisition disputes such as earnouts or breaches of warranties
Bankruptcy, insolvency and reorganization
Securities and tax fraud
Money laundering
Business valuation
Computer forensics/e-discovery
This session is designed to delve into further investigative procedures used including digital forensics. Future sessions will focus on computer forensics, network forensics and mobile forensics.
DESIGNED FOR
Anyone responsible for analyzing or interpreting nonprofit financial statements
BENEFITS
- Explain how properly designed and performed analytical procedures contribute to reducing audit risk
- Describe the required elements of an analytical test that must be documented to satisfy professional standards
- Describe the most common financial statement analytics used to interpret the financial results of a nonprofit
- Common ratios and trends to assess liquidity, operating efficiency, leverage, and more
HIGHLIGHTS
- How to leverage preliminary and substantive analytic procedures to improve the effectiveness and efficiency of financial statement audits
- The required elements of a substantive analytic procedures to address detection risk
- Tips and traps of applying an analytic approach to satisfy audit objectives
- Explaining the usefulness of analyzing diverse trends and ratios in a nonprofit environment to meet the needs of various financial statement users
- Common ratios and trends to assess liquidity, operating efficiency, leverage, and more
PREREQUISITES
None
ADVANCE PREPARATION
Familiarity with the nonprofit industry