Question：Which of the following statements are true when comparing statutory audit procedures with those that would be applied on a forensic audit?
A. The fundamental principles of the ACCA Code of Ethics and Conduct apply in both types of assignment.
B. Materiality will be assessed using similar thresholds.
C. The standards followed in a forensic audit are more prescriptive than the ISAs followed in a statutory audit.
D. The timing of procedures on a forensic audit must be less predictable than on a statutory audit.
The correct answers are: The timing of procedures on a forensic audit must be less predictable than on a statutory audit; The fundamental principles of the ACCA Code of Ethics and Conduct apply in both types of assignment.
解析：Usually in a forensic audit there is some suspicion of wrong-doing, perhaps fraud or negligence. An increased level of scepticism must be applied, in ways such as carrying out procedures at unpredictable times, decreasing the risk the guilty parties may have sufficient warning to allow them to hide relevant evidence.
The fundamental principles of the Code apply to ACCA members in all their professional work.
Materiality is generally lower in a forensic assignment as the objective is usually to establish a precise figure, for example the amount of a valid insurance claim, unlike on a statuory audit where the objective is to give reasonable assurance as to whether the financial statements are free from material misstatement.
There are currently no specific standards for forensic audit. This is largely because forensic audit and accounting includes so many different types of assignment that is would not be feasible to produce standards that would have general relevance. Auditors will tend to apply relevant sections of ISAs.
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