BUS-FPX3062_BurnettJessica_Assessment 1-1

Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and World Com) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part b LO 4-6, 4-9 b. Select the three conditions that are generally present when fraud occurs: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Management or other employees have an incentive or are under pressure that provides a reason to commit fraud. Circumstances exist that provide an opportunity for a fraud to be carried…

Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and WorldCom) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part b LO 4-6, 4-9 b. Select the three conditions that are generally present when fraud occurs: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Management or other employees have an incentive or are under pressure that provides a reason to commit fraud. Circumstances exist that provide an opportunity for a fraud to be carried…

! Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and WorldCom) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part c LO 4-6, 4-9 c. Select the items that are most likely to be objectives of the "brainstorming" meeting that is held among the engagement team members: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. ?Share insights about the entity and its environment and the entity's business risks. ? Provide an opportunity for the team…

MC Qu. 41-25 The Insider Trading and Securities Fraud... The Insider Trading and Securities Fraud Enforcement Act of 1988 subjects more individuals to civil liability for insider trading and grants the Securities and Exchange Commission (SEC) power to award. public) to insider-trading whistle-blowers. (government rewards for acts beneficial to the Multiple Choice O O in-kind transfers finder's fees recoupment certificates bounty payments APR 27 MacBook Air A W 2 Second create at least three different racoarah questions and/or ha rave othacas X . Exit rlly.p ac g L Editor Du

You read that there is no generally accepted definition of ‘earnings management’.  Using your accounting knowledge, your own research and textbook reading to define, describe, and analyze: When will earnings management be acceptable? When will earnings management become a fraud?  Fraudulent earnings management is often identified by two adjectives. What are the two adjectives?  How should each of the two adjectives be defined in the context of this week’s lessons on ‘financial reporting fraud’? Include a biblical application in your analysis.

D1. You read that there is no generally accepted definition of ‘earnings management’. Using your accounting knowledge, your own research and textbook reading to define, describe, and analyze: When will earnings management be acceptable? When will earnings management become a fraud? Fraudulent earnings management is often identified by two adjectives. What are the two adjectives?

Discussion Question 37:  Explain why Benford's Law is useful to auditors in the detection of fraud. (write a one page response for each question):

od 0123 po dass bie Bluogely MINI-EXERCISES achroval, Ybolin0391 31 25onsisd LO 5-1 hude chant desa y Torinos Lamotni s slavi M5-1 Matching Circumstances to the Fraud Triangle Match each of the following circumstances to the corresponding element of the fraud triangle by entering the appropriate letter in the space provided. 35r2 93m aleonoqu 1. Employee has significant personal debt. 2. One employee receives and deposits customer checks. 290 Grave 3. CFO feels she is underpaid relative to other financial officers. 4. Manager approval is not required for expense reports. connect o W S A. Incentive B. Opportunity C. Rationalization

Cash study

Answer multi choice question in photo please

QUESTION 22 Match the term on the left with the appropriate definition or description on the left. A. A requirement of the Sarbanes-Oxley Act B. A group of measures intended to reduce or detect fraud C. A framework for assessing the risk of fraud D. The set of accounting rules that publicly traded companies must follow v Fraud triangle v Audited financial statements v Internal controls v Segregation of duties E. One specific measure taken to reduce the opportunity for fraud F. A licensing requirement for auditors of public firms v Cerified Public Accountant v GAAP

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Question 2Wirecard’s auditors are being faced with legal action after the collapse of the scandal-hitGerman payments firm. The German shareholders’ association SdK said it had filed criminal complaint against auditors at Ernst & Young (EY). The accountancy firm, EY refused to sign off Wirecard’s 2019 books after discovering1.9billion euros (US$2.1 billion) of cash had gone missing from its balance sheet. Munich-based Wirecard filed for insolvency, marking a tumultuous fall for the group. Wirecard, which is still listed on the DAX 30, has seen its share price capitulate since the accounting black hole was revealed. EY told CNBC that there were “clear indications that this was an elaborate and sophisticated fraud, involving multiple parties around the world in different institutions, with a deliberate aim of deception.” In an attempt to defend its reputation, the group added that “even the most robust and extended audit procedures” couldn’t uncover what it called a “collusive…

Case 1: Fraud examination Karen, a friend of yours, recently started her own busi- ness, The Bike and Boulder Company (B&B). B&B specializes in the sales of mountain bikes and rock- climbing equipment. Karen is putting the finishing touches on her company policies and procedures. She knows you are taking a fraud class and asks you to review what she has completed thus far. You quickly notice that Karen has neglected to address fraud and fraud prevention in her policies and proce- dures. What policies and procedures would you suggest Karen implement to prevent and detect fraud at B&B?

What is NOT an example of rationalization as one of the three elements causing a person to commit fraud? CA The company will never miss it CB. Employer pressure to report fictitious accounting results c. This replaces my bonus that was suspended this year CD. I will repay the "loan" before anyone misses it