AGA GFMC Exam With Confidence Using Practice Dumps

 What Is Forensic Accounting?

Forensic accountinginvolves investigating financial records to detect fraud, gather evidence, and support legal proceedings. It focuses on identifying and responding to fraud rather than proactively preventing it.

 Tasks Performed in Forensic Accounting:

Auditing accounting records (Option A):Forensic accountants review records to uncover irregularities or fraud.

Interviewing related parties (Option C):They conduct interviews to gather information and evidence.

Serving as an expert witness (Option D):Forensic accountants often testify in court to explain their findings.

 Why Prevention Is Not Part of Forensic Accounting:

Preventing fraud is typically the responsibility ofinternal controls, management, and auditors, not forensic accountants. Forensic accounting is reactive, addressing fraud that has already occurred.

 References and Documents:

GAO Forensic Auditing Standards:Highlights the role of forensic accounting in investigating, not preventing, fraud.

AICPA Forensic and Valuation Services Practice Aid:Focuses on investigative and litigation support tasks performed by forensic accountants.

Definition of Cloud Computing:

Cloud computing refers to the delivery of computing services (e.g., servers, storage, databases, networking, software) over the internet.

A common feature of cloud computing is the "hosted" service model, where applications, storage, or infrastructure are hosted and managed by a cloud service provider.

Explanation of Answer Choices:

A. Satellite-to-satellite: This involves communication between satellites, unrelated to cloud computing.

B. Hosted: Correct. Hosted services are a fundamental aspect of cloud computing, where applications or data are stored and accessed on remote servers.

C. Gateway transmission: Refers to communication gateways, unrelated to cloud computing services.

D. Mainframe computing: Mainframes are large on-premises computers, not part of the cloud model.

Scope of Single Audit:The scope includes:

Financial Statements: Ensuring accurate reporting of financial activities.

Internal Controls: Evaluating effectiveness in compliance with federal requirements.

Compliance: Ensuring compliance with the terms and conditions of the award.

Explanation of Answer Choices:

A. Financial statements: Included in the audit.

B. Internal controls: Included to ensure compliance.

C. Performance results: Correct. Single audits do not assess program outcomes or effectiveness.

D. Compliance with terms of the award: Included to ensure federal funds are used appropriately.