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In this assignment you will explore career opportunities infraud examination, forensic accounting, and auditing in general,and specifically related to you and your goals.

Using the Association of Certified Fraud Examiners website andothers that you find when doing your search, create a case forpursuing a career in fraud examination plus forensic accounting andauditing.

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Nelly Stracke
Nelly StrackeLv2
28 Sep 2019

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1–28. Multiple Choice Questions
Select the best answer for each of the following items and give reasons for your choice.
a. Which of the following best describes the relationship between assurance services and
attest services?
(1) While attest services involve fi nancial data, assurance services involve nonfi nancial data.
(2) While attest services require objectivity, assurance services do not require objectivity.
(3) Both attest and assurance services require independence.
(4) Attest and assurance services are different terms referring to the same types of services.
b. Which of the following has primary responsibility for the fairness of the representations
made in fi nancial statements?
(1) Client’s management.
(2) Independent auditor.
(3) Audit committee.
(4) AICPA.
c. The most important benefi t of having an annual audit by a public accounting fi rm is to:
(1) Provide assurance to investors and other outsiders that the fi nancial statements are reliable.
(2) Enable offi cers and directors to avoid personal responsibility for any misstatements in
the fi nancial statements.
(3) Meet the requirements of government agencies.
(4) Provide assurance that illegal acts, if any exist, will be brought to light.
d. The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board
(PCAOB). Which of the following is not one of the responsibilities of that board?
(1) Establish independence standards for auditors of public companies.
(2) Review fi nancial reports fi led with the SEC.
(3) Establish auditing standards for audits of public companies.
(4) Sanction registered audit fi rms.
e. Which of these organizations has the responsibility to perform inspections of auditors of
public companies?
(1) American Institute of Certifi ed Public Accountants.
(2) Securities and Exchange Commission.
(3) Financial Accounting Standards Board.
(4) Public Company Accounting Oversight Board.
f. Governmental auditing, in addition to including audits of fi nancial statements, often
includes audits of effi ciency, effectiveness, and:
(1) Adequacy.
(2) Evaluation.
(3) Accuracy.
(4) Compliance.
g. In general, internal auditors’ independence will be greatest when they report directly to the:
(1) Financial vice president.
(2) Corporate controller.
(3) Audit committee of the board of directors.
(4) Chief executive offi cer.
h. Which of the following did not precipitate the passage of the Sarbanes-Oxley Act of 2002
to regulate public accounting fi rms:
(1) Disclosures related to accounting irregularities at Enron and WorldCom.
(2) Restatements of fi nancial statements by a number of public companies.

(3) Conviction of the accounting fi rm of Arthur Andersen LLP.
(4) Ethical scandals at the AICPA.
i. Which of the following organizations establishes accounting standards for U.S. government
agencies?
(1) The Financial Accounting Standards Board.
(2) The Governmental Accounting Standards Board.
(3) The Federal Accounting Standards Advisory Board.
(4) The Public Company Accounting Oversight Board.
j. Which of the following is correct about forensic audits?
(1) All audit engagements are forensic in nature.
(2) Forensic audits are performed by law fi rms; they are not performed by CPA fi rms.
(3) Forensic audits are equivalent to compliance audits.
(4) Forensic audits are usually performed in situations in which fraud has been found or is
suspected.
k. What best describes the purpose of the auditors’ consideration of internal control in a
fi nancial statement audit for a nonpublic company?
(1) To determine the nature, timing, and extent of audit testing.
(2) To make recommendations to the client regarding improvements in internal control.
(3) To train new auditors on accounting and control systems.
(4) To identify opportunities for fraud within the client’s operations.
l. Which of the following is an example of a compliance audit?
(1) An audit of fi nancial statements.
(2) An audit of a company’s policies and procedures for adhering to environmental laws
and regulations.
(3) An audit of a company’s internal control over fi nancial reporting.
(4) An audit of the effi ciency and effectiveness of a company’s legal department.

Please edit and rewrite the following in YOUR OWN WORDS... sothat it cannot be passed as plagiarism. Also, it needs to passturnitin.com inspection. I am just asking for a very skillfullrewording of this passage that is distinguishably and uniquelydifferent.

What is a CPA?

A CPA, or Certified Public Accountant, is a designation reservedfor accountants in the US who pass the CPA exam. This designationshows an expertise in the field. To become a CPA in the US, astudent must pass the exam and meet other state requirements suchas gaining a certain amount of work experience or furtherededucation. The CPA licenses accountants to provide their servicesto the general public. The CPA designation is taken very seriously,as its requirements maintain that only the most knowledgeableaccounts can qualify. The designation is usually used behind aperson’s name to signify the level of experience, and is often apunishable offense if it is used without actually passing the examand requirements.

The CPA Exam Requirements

International students who want to become an expert inaccounting and achieve the CPA designation will first need to passthe CPA exam. The exam is certainly not easy and tests many of themost important accounting principles. The exam is called theUniform CPA exam, and the eligibility to actually take the examdepends on the exact state the student plans to test in. There arethree main requirements for taking the CPA Exam. They arecategorized as the 3 E’s: Exam, Education, and experience. One ofthe main qualifications to sit for the exam is advanced education.Undergraduate degrees carry 120 credit hours. The CPA exam usuallyrequires 150 credit hours. This means students will have to achieve30 hours of graduate level coursework. It most cases, aninternational student will take the 30 extra hours and thencomplete a few extra classes to earn a master’s degree inaccounting. The exam also tests some of the laws of the stateincluding contract and state laws and often tests the knowledge offederal laws as well. The third requirement to sit for the exam isusually some type of experience in the field of accounting. Whilenot mandatory in all states, some states require that a CPAcandidate have 2 years of work experience in accounting or taxpreparation. Some states only require general experience inaccounting.

Learn What a CPA Does

While the main function is to offer public accounting services,the CPA designation can allow accountants to do many other things.One of the main functions of a CPA is auditing, either for a smallor large business. Auditors go through financial statements andmake sure there are no discrepancies. Many CPAs go on to theexecutive levels for companies, as either CFOs or CEOs. Inaddition, many CPAs work in the tax field working income taxes andfederal and state taxes for small or mid-sized companies. Otherroles of CPAs include financial analysts, financial planners,forensic accountants, Management consulting, estate planning andcorporate finance.

The Many Benefits of Becoming a CPA

Certified public accountants are at the top of their field.Students interested in studying accounting should give seriousconsideration about getting the CPA in the US. In order to grow inan accounting career a CPA designation is almost necessary. Inaddition, CPAs will usually get paid higher. Those with a master’sdegree and CPA will see their salary go up even higher. Inaddition, being a CPA in the US will open the door for so many morecareer opportunities. Accounting professional are a hot commodity,and those with an advanced degree and CPA designation will be onthe top of the list for most employers. Certified publicaccountants in the US have a lot of responsibility, but being atthe top of your field is a great feeling! International studentsinterested in studying accounting will find that becoming a CPA andgraduating with a degree in accounting will allow them to chasethere dream, whatever it may be, because it is such a versatilecareer and skillset.

What types of skills will I need?

To begin a successful career in accounting, you will need todevelop a wide array of knowledge, skills and competencies, rangingfrom a strong understanding of accounting and business concepts toeffective leadership and communication skills. You will also needto have a broad business perspective, which will enable you to "seethe big picture" of the internal and external factors that impacthow a business operates. Technology will also be a major enablerthroughout your career, so it's critical to stay abreast of andutilize new computer applications and systems as necessary.

Problem-solving, analytical and researchskills - You should be able to analyze, compare andinterpret facts and figures. The ability to identify and solveunstructured problems in an unfamiliar setting and provideinsightful consulting advice is a valued quality. Creative thinkingwill help you face issues on a daily basis and generate innovativesolutions. Also, it is essential to be able to effectively andefficiently research, organize and report on technical and/orindustry specific issues utilizing print, electronic or humansources.

Personal skills -Accounting is a service activity, and you will have to work well inteams as well as in one-on-one situations. Critical to anyorganization's success is the ability to lead, motivate and empowerteams to attain clear, concrete, timely and measurable results.

Strong communication skills including the ability tobe a good listener- You will becalled upon to persuasively present, discuss and defend your viewsboth formally and informally, in writing and verbally. Clients andco-workers will present you with issues and questions you will needto interpret and respond to quickly. The ability to show empathyand sensitivity to their situations will position you in afavorable light and earn their respect and trust.

Understand emergingtechnologies- You need to keepcurrent on emerging technologies like e-commerce, image processingand workflow technology, and understand how these impact businessoperations and the use of information for decision making. Youshould know how to use the Internet, e-mail and discussion boards,as well as be familiar with the latest spreadsheet, database, wordprocessing, accounting, and business and presentation softwarepackages.

Broad BusinessPerspective- You need a keenbusiness sense and an awareness of current events, both locally aswell as globally. As a key business partner to clients and/orcompany management, you add value to the organization by makingappropriate recommendations based on your understanding of companyoperations, policies, practices and competitive factors.

What's your feed back after reading this article "Voices: So you’re ready to be an accountant"?

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Voices: So you’re ready to be an accountant?

Welcome to the accounting profession! As you take your first steps on your hopefully long, prosperous and rewarding career journey, there are some things you should know. Things that are contrary to the lackluster stereotype of CPAs!

Truth be told, accountants are often the most trusted advisors in business, tax and wealth planning. We are the professionals whom leaders of industry turn to for assistance in guiding their businesses through a maze of regulatory issues to profitability; the ones high-net-worth families rely on to develop strategies that create and preserve wealth; and the ones whose knowledge and problem-solving abilities help individuals and organizations realize their goals.

Having spent more than three decades interviewing hundreds of campus recruits and watching young CPAs develop and grow into trusted advisors, I want to share with you 10 truths to guide you on your path to success in the accounting profession.

(For a slideshow version of this,click here (Links to an external site.)Links to an external site..)

Be inquisitive. As a recent graduate, you are not expected to know how to put your knowledge into practice. In fact, most of your new colleagues expect that you will rely on them to learn the ropes. If you have a question, ask it, whether it is how to complete a task, how the laws have changed or how to handle a client challenge. It is better to ask a question and potentially appear uninformed than it is to take action without having the right information. You must still perform research to learn, but do not be afraid to ask for help. Being vulnerable is an essential component to becoming a caring professional with an arsenal of knowledge to advise clients.

Commit the effort to hone your skills. Your education provided you with a solid base upon which you can build a rewarding career in accounting, but there is so much more to learn. Roll up your sleeves and take advantage of every opportunity to acquire knowledge. Enhance both your technical and leadership skills and become a proficient advisor in a practice area or industry where your passion and leadership can shine. The more you learn, the more you increase your chances of becoming a valued and trusted advisor.

Bloomberg News

Get out of your comfort zone and take risks. Avoid complacency and the risk of falling into a routine that keeps you stagnant and impedes your ability to achieve the career you desire. Be open to new people, new ideas and new experiences; share your curiosity; and have fun. You may have planned to be an auditor, but if you are tapped for a valuation project, go with it and see what you can learn. By taking risks, you can step into new opportunities and grow in the process. You have chosen a profession where constant change and challenge are the norm. Embrace every new experience to enhance your career.

Be honest and accountable.As a new professional, you are bound to make mistakes. We will never expose you to more risk than you can handle. If you never make a mistake, you will never learn. Be accountable for your actions and immediately let someone know to help you mitigate any damages. If you attempt to hide the mistake, you compound the problem. Every mistake is an opportunity for you to learn something that ultimately supports your long-term success.

Understand and adapt to the seasons of an accountant’s life. Accountants live and breathe by deadlines. Unlike your time in college, when you could cram a semester of knowledge into a few days before a final exam, you cannot build a career as an accountant by pulling all-nighters. Deadline season is a known factor that you can count on and prepare for in advance. Learn how to smooth out your workflow by taking advantage of non-deadline times to get work done prior to delivery dates. We want you to have a quality life outside the office where personal matters may pop up just when you’re working on deadline. Get it done early.

Collaborate and make friends with your coworkers. With so much of our day spent at work, it is important to develop and nurture relationships with your colleagues. Take advantage of every opportunity to socialize with the people in your office, at every level and in every department. Learn to leverage their expertise to help you with client issues. Introduce them to others at every opportunity. Professionally, your coworkers play a strategic role in moving the firm forward and supporting your development. At all times, treat others with dignity and respect. On a personal level, you may be surprised to find how much you have in common with your coworkers, many of whom will become your closest friends and loudest cheerleaders.

Build your network and cultivate relationships with mentors. Accounting is an apprenticeship profession in which people develop people. Seek out and develop relationships with professionals you admire and who understand this concept. Ask questions and acquire knowledge that will empower you and support your ongoing professional development. We are invested in your ultimate success.

Based on surveys of Accounting Today readers, this web seminar will identify some of their favorite apps from the QB ecosystem, and share how they use them to boost productivity.

Get out of the office and make community a priority. Expanding your network of contacts and experiences outside of the firm is vital in your development as a professional accountant and as a leader. Be strategic in deciding which community, civic and charitable organizations align with your passions, your available time and your goals. Giving back to the community means more than opening your wallet. Give your time, your expertise, your leadership. Start with your network of fellow graduates and make a concerted effort to establish meaningful relationships with professional and community organization where your knowledge and leadership can make an impact.

Build and protect your personal brand.Your personal brand is the reputation you create for yourself based on the things you do and say, both at work and in your personal life. It is how others perceive you, how they remember you and why they should seek you out. Building your personal brand is a deliberate process that occurs over the course of your career. Demonstrating your technical skills will not be enough; you must learn all you can about your clients, their industries and their challenges, and you must demonstrate that you provide the value, attention and nurturing they expect and deserve from a trusted consultant.

Discover your passion and pursue it relentlessly. Keep exploring until you find what you love to do and then do it relentlessly. If you are able to discover what you are passionate about, work will become your calling. Your career will be dedicated to pursuing an expertise that will result in others seeking your counsel. Persevere until you discover your passion, and then just have fun!

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