Question 1:What changes should be made to theAccounting Professional & Ethical Standards (APES) to ensure forensic accountants remain at the forefront of their profession

Question 2:A whistleblower has called the hotline to advise that a manager in the payroll section of HiLyfe Sportwear Pty (HiLyfe) has created fictional employees and is stealing those wages from the company.What forensic accounting steps could you take toidentify possible red flags relevant to this allegation and explain your reasoning

(Note to students: No calculations are required)

Income Statement of HiLyfe

FY2020($M) FY2019($M) FY2018 ($M)

Revenue from the sale of goods and services 23 29 27

Other operating revenue 11 7 10

Total operating revenue 34 36 37

Cost of goods sold 10 11 11

Operating expenses

Payroll (salary and wages) 11 6 5

Sales commissions 2 3 2

Rent for office space 3 2 3

Consulting expenses 7 3 1