Practice Quiz

Forensic Accounting

Category - Fundamental Forensic Knowledge

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What constitutes a practitioner’s information gathering scope?
  1. Practitioner is responsible and liable for all information
  2. Practitioner needs to perform extensive research to gather required information
  3. Practitioner should work independently of the client to gather information
  4. Practitioner has limited liability, therefore, client is responsible for the information
Explanation
Answer: D - The liability of the truthfulness of financial information rests solely on the parent entity. Since the preparation of financial information is the responsibility of the client, the practitioner is not liable for the validity of such information. A statement to the fact is often accompanied in the notes prepared by the practitioner.
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