Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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Which of the following is NOT considered a primary source of reference in terms of financial statement investigations?
  1. Statement of Owner’s Equity
  2. Journal entries
  3. Auditor’s bank account
  4. Audit report
Explanation
Answer: C - An auditor’s bank account is not a primary source of reference in terms of financial statement investigations. The Statement of Owner’s Equity and journal entries are an integral part of the set of financial statements, hence, form part of the financial statement investigations. An auditor’s report does serve as a basis for unearthing accounting manipulation.
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