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 -

QUESTION 3 For each situation below identify the threat and one fundamental principle that is comprised. a) An auditor has shares in a company which is an audit client of theirs. b) An accountant has compiled the financial statements for a client and was requested to also audit the statements. c) The financial director of Baboo Ltd is very aggressive and dismissive of the audit function and audit team d) A chartered accountant values a client's shares and then leads the negotiations on the sale of the client's company e) The chartered accountant fails to report a fraud at a client because the perpetrator is a close friend and he is sympathetic to the interest of his friend.

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What has been the main thrust of recent changes in the financial reporting rules following the financial scandals of Enron, Worldcom, etc.? Multiple Choice To improve internal control over companies' financial reporting. To add to the work of the companies' external accountants. To force the companies to disclose more of their internal information. To provide incentives to increase their net income. < Prev 27 of 50 Next

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Q1. Suppose you are an auditor who has been tasked with looking into the internal controls at a company. How can you evaluate the company's internal controls to see if they are sufficient?                                                                                    Q2. Why do companies use the allowance method to account for bad debts? Describe the diverse methods used to estimate bad debts in an accounting system. Provide examples for each method.    LONG answer with explanation for these two questions

Which of the following would constitute an Agency Problem in the context of Business? Check all of the following that apply. Check All That Apply A manager authorizes a trip to Europe for himself at the company's expense even though he has no intention of doing any company business while on the trip. A manager makes a bad decision that costs the company tens of thousands of dollars, but he believes he is acting In the company's best interest rather than his own in making the decision. An employee takes home a box of pens for personal use without prior authorization, A manager turns down a project that analysis has shown to be profitable for the company because she is afraid of negative consequences for herself if something goes wrong.