Answer the following from Chapter 7 of the textbook (write a one page response for each question):  Discussion Question 37:  Explain why Benford's Law is useful to auditors in the detection of fraud.

Q: efly explained the following key concepts below: A. Forensic Accounting B. Financial

A: Financial accounting primary objective is to generate financial statements like the balance sheet,…

Q: Based on "The Solitary Auditor" book: Identify specific errors in judgment made by Cason Kellis…

A: "The Solitary Auditor" is a book by R. D. Klassen that follows the story of Cason Kellis, a solo…

Q: Discussion Topic: What is Fraud? Forensic accountants and fraud examiners provide support for…

A: Fraud is a big problem in accounting and many companies in past have gone down because they indulged…

Q: If you had the opportunity to interview Rita Crundwell, what would you ask her and why? 2. Should…

A: Rita Crundwell is a former comptroller and treasurer of the city of Dixon, Illinois. She worked for…

Q: Required:   For each of the foregoing risk factors listed in the left-hand column of the Table…

A: Step 1 Auditor have to assess substantive  audit procedure in case of there is some chances of Risk…

Q: Auditors are responsible to detect all frauds. True O False

A: Solution:- Is it Auditors are responsible to detect all frauds as follows under:-

Q: An auditor tested the client's internal controls over granting customers credit and establishing…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: Chapters 3.2 to 3.5 discuss four data analytics approaches…

A: Introduction: Diagnostic analytics: It is a branch of analytics that focus to answer the question,…

Q: If an auditor believes that a misstatement might be intentional and the effect on the financial…

A: c) If the auditors prepare the procedure and if check whether the fraud have taken place or going to…

Q: A 1 Do research and write a detailed report on the following points: 2 3 - Give the complete…

A: The objective of the question is to understand the concept of fraud, its implications in different…

Q: of these two tasks is one of the major responsibilities of an auditor regarding the audited…

A: The Audit is said to be the process over there is an independent examination finance statement of…

Q: Your boss knows that you are taking a fraud examina- tion course at a local university. He is…

A: Data-driven fraud detection refers to the use of data analysis techniques, statistical methods, and…

Q: An auditor looks at purchase orders to ensure the appropriate client personnel have approved the…

A: According to the question given, we need to select the correct option from the options given.Test of…

Q: Discussion Question 37:  Explain why Benford's Law is useful to auditors in the detection of fraud.…

A: Benford's Law, also known as the "first-digit law," is a statistical principle that states that in…

Q: Questions - Images to these questions are attached below. (a) Recommend SIX tests of controls the…

A: (a) Test of control Objective of the test The auditor should attempt to verify the validity of…

Q: udit working papers are used to record the results of the auditor's evidence-gathering procedures.…

A: Solution: When preparing working papers, the auditor should remember that working papers should be…

Q: 1. What are the evidence garthering techniques Used in Information System Auditing by Internat…

A: 1. Evidence Gathering Techniques Used in Information System Auditing by Internal Auditors:Internal…

Q: Which is not a forensic-type certificate?   A. FASNA.   B. CFE.   C. CRFAC.   D.    MAFF.

A: Forensic type certificates are the courses which allows someone to become forensic accountant. There…

Q: Among the wide array of audit procedures being performed by auditors, which of the following is/are…

A: Audit procedure refers to specific stem and techniques employed adopted by auditors to assess the…

Q: Write a memo to Mr Mika discussing the audit objectives and an auditor's responsibilities in…

A: Auditor's objectives regarding Fraud in an audit of financial statements : The primary objective of…

Q: Who has the responsibility to carry out the Fraud Risk Assessment (FRA)? And what skills should an…

A: Answer:-  Fraud Risk Assessment (FRA):- The purpose of a fraud risk assessment is to proactively…

Q: What is the ethical value of applying the Fraud Triangle to assess the risk of material…

A: Fraud Triangle:   A fraud triangle refers to a framework that is used in auditing to explain the…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.