According to the Report to the Nations, the anti-fraud measure with the greatest impact on median losses is: a. Internal audits O b. Fraud training O c. Hotlines d. Code of conduct
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- Who are the professional organizations who are in charge of fraud auditing? Birefly elucidates.Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter A through G for the term or phrase in the blank provided. A. Ethics B. Fraud triangle C. Prevention D. Internal controls E. Sarbanes-Oxley Act 1. Requires the SEC to pay whistleblowers. 2. Examines whether financial statements are prepared using GAAP; it does not ensure absolute accuracy of the statements. 3. Requires documentation and verification of internal controls and increases emphasis on internal control effectiveness. 4. Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies. 5. A less expensive and more effective means to stop fraud. 6. Three factors push a person to commit fraud: opportunity, pressure, and rationalization. 7. Beliefs that distinguish right from wrong.What fraud schemes were reported to be most common in the ACFE’s 2020 Report to the Nations? Corruption Fraudulent billing Inappropriately reporting revenues in published financial results Misappropriation of assets by employees
- According to the 2020 Reports to the Nations published by the Association of Certified Fraud Examiners, approximately, what percentage of Occupational Fraud and Abuse cases are discovered through tips? A. 41 B. 43 C. 45 D. 46As part of the audit of different audit areas, auditors should bealert for the possibility of unrecorded liabilities. For each of the following audit areas oraccounts, describe a liability that can be uncovered and the audit procedures that canuncover it:a. Minutes of the board of directors meetings e. Cash surrender value of life insuranceb. Land and buildings f. Cash in the bankc. Rent expense g. Officers’ travel and entertainmentd. Interest expense expensesWhen a fraud has occurred within an organization, management must decide what follow-up action (s) to take. Briefly describe the three follow-up alternatives available to organizations?
- An independent audit aids in the communication of economic data because the audit ________. A. Confirms the exact accuracy of the management's financial representations. B. Lends credibility to the financial statements. C. Guarantees that the financial data are fairly presented. D. Assures the readers of financial statements that any fraudulent activity has been corrected.Who is the professional bodies that responsible in fraud audit? Birefly explain.asap F Identify the primary audit objectives that auditors hope to accomplish by confirming a client's year-end accounts receivable. Explain the difference between "positive" and "negative" confirmation requests and discuss the quality of audit evidence yielded by each.
- 1. Access the International Federation of Accountants Web site (www.ifac.org) and briefly describe the following two International Auditing Standards: ISA 500 and ISA 505. 2. Access the U.S department of justice website, and briefly explain the characteristics of identity theft. Give two examples of ways to commit identity theft. 3. Locate SEC Accounting and Auditing Enforecement Release No. 3029. What did that SEC release discuss?Prepare a broad audit plan:1. What material types of transactions and transaction cycles are involved?2. What are the high-risk areas?3. What are the low-risk areas?4. If management faced tremendous pressure regarding the entity’s financial performance, what opportunities might exist for them to engage in fraudulent financial reporting?5. To what extent do you believe it will be appropriate to reduce assessed control risk?6. How will audit effort be allocated among geographical areas?7. What form of auditors’ report do you expect will be issued; what does it mean?8. Indicate as an appendix to the report how the project team was organized and how it functioned on the project and submit appendix with Team Project.Which of the following procedures would provide the most reliable audit evidence?a. Inquiries of the client’s internal audit staff.b. Inspection of prenumbered client purchase orders filed in the vouchers payable department.c. Inspection of vendor sales invoices received from client personnel.d. Inspection of bank statements obtained directly from the client’s financial institution.
