ACCT 201 Study Guide - Financial Accounting Standards Board, Forensic Accounting, Forensic Accountant

• School: Old Dominion University
• Department: Accounting
• Course: ACCT 201
• Professor: Gordon Whitman

Document Summary

Fraud is a legal and not an accounting concept. For this reason, the accountants have traditionally chosen to treat it as a concept alien to them. It is important to note that the under the securities laws, some of these conditions are relaxed. 1. 2 types of fraud: misappropriation of assets (retail fraud, financial statement fraud (wholesale fraud) These notes are based on the book a guide to forensic accounting investigations by thomas w. Golden, steven l. skalak, and mona m. clayton. They are meant for ghe exclusive use of the students in the course acc 551 at suny albany. 1. 4 fraud deterrence cycle: corporate governance, transaction level control of processes (system of internal control, audit of corporate governance and internal control, investigation/remediation of suspected alleged problems. 1. 5 auditing history timeline: pre-1929: gaap determined primarily by common law, 1929 stock market crash, securities act 1933, securities & exchange act 1934, and the establishment of the.