Do personal financial statements prepared in accordance with GAAP require sufficient disclosures to make them adequately informative? Explain
Answer to relevant QuestionsIdentify three types of engagements in which forensic accountants often use personal financial statements. Briefly discuss each.1. What is the value of the statement of cash flows?a. Easy to structureb. Difficult to manipulatec. Regimented in its layoutd. Interpreted by CPAs2. Preparing a statement of cash flows is an excellent test of a forensic ...What level of assurance was implied for ZZZZ Best’s financial statements for 1985? For 1986? For the interim period ending July 31, 1986? Would the level of assurance impact a forensic accountant’s mindset? Explain.As a result of the WorldCom fraud, the AICPA issued SAS No. 99 — Consideration of Fraud in a Financial Statement Audit (2003). Go to www.pearsonhighered/rufus for a link to this document and review the auditing guidance. ...What is Altman’s Z- score? What makes it valuable to a forensic accountant?
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