Which of the following engagements allows the forensic accountants to apply any approaches and methods deemed appropriate?
A) valuation engagement
B) calculation engagement
C) consultation engagement
D) standardization engagement

Question

Quizplus · Accepted Answer

In a valuation engagement, forensic accountants are required to determine the value of a business, asset, or liability. Since there is no standard approach to valuation, forensic accountants have flexibility in applying any approaches and methods deemed appropriate. Calculation engagements involve calculating damages or losses based on pre-determined formulas, consultation engagements involve providing advice and recommendations to clients, and standardization engagements involve developing standard accounting methodologies.

Which of the Following Engagements Allows the Forensic Accountants to Apply