GB 518 Unit 2 discussion

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G Multiple Choice 1. Lo 8.1 Which of the following would a fraudster perceive as a pressure? A. lack of management oversight B. everyone does it C. living beyond one's means D. lack of an internal audit function O (3.51 MB) 2.10 8.2 Internal control is said to be the backbone of all businesses. Which of the description of internal controls? A. Internal controls ensure that the financial statements published are correct. B. The only role of internal controls is to protect customer data. Internal controls and company policies are important to protect and safeguar company data and are designed to protect the company from fraud. D. Internal controls are designed to keep emplovees from committina fraud agai C. Page 31 1 2 -

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Question 3 Which of the following IT events would create the most serious risk to financial reporting?   A. Employees writing down passwords on sticky notes   B. Using software on the company network that has been downloaded from a warez website   C. Finding an employee running a personal business on company computers   D. Unauthorized access to the corporate network

Please answer all 3 subparts Question 1 (i) Which of the following is not an example of internal control risk?A. Risks of errors or fraud in accounting systems and accounting and finance activities.B. Risks that important laws and regulations will not be complied with properly.C. Risks that arise in the business environment and markets in which the company operatesD. The risk of losses resulting from inadequate or failed internal processes, people and systems or external events. (ii) Which of the following is NOT a statutory duty of a director?A. Duty to disclose any money received in connection of a transfer of company property.B. Duty to exercise due diligence in their work C. Duty to contribute an appropriate sum of money to the board on joining the companyD. Duty to keep proper accounting records and make such records available for inspection.  (iii) Which of the following would be the best way for a shareholder (not being an institutional shareholder) to become involved in the…

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DQ 1: Electronic Payment Systems: What are the differences, and the benefits and the risks, of payment systems that are de­signed for cyberspace? Which requirements of negotiability seem unnecessary for an online transaction?  Is there any part of the HDC (holder in due course) concept that would need to be changed to adapt it to an electronic payment system?   DQ2: Electronic Transactions: Should only banks and regulated financial institutions be allowed to issue ATM cards?  Why or why not?  How else might the government regulate digital funds to reduce the potential for cyber laundering? Is private electronic "cash" legal? To what extent should private authorities be liable when a fraud is perpetrated in the context of an electronic transfer of funds via the Internet? Is the current law sufficient in this regard?  If not, what changes need to be made?   DQ3:   Reorganization: What can a small business do to prepare for a reorganization or business restructering?   DQ4: The…

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