Do you think the new revenue recognition standard introduced by the FASB-IASB can reduce the likelihood of similar fraud cases caused by improper revenue recognition?

Q: Why is internal controls important to prevent fraud?  Why would a proper control system prevent…

A: Internal controls refer to the policies, procedures, and practices implemented within an…

Q: Does the coverage of the Statute of Frauds make sense as it currently stands? Would it be better to…

A: Introduction:- Fraud is defined as intentional deception with the intent of gaining an unfair or…

Q: Why must auditors distinguish between fraud committed by employees and management?  Are auditors…

A: It is one of the auditor's responsibility to obtain reasonable assurance that the financial…

Q: Which of the following items is not true about fraud?a. It can cause injury or damage to another…

A: Fraud is an intentional mis-representation of facts with the view to have unfair advantage for self…

Q: Describe the FASB's rules or standard on revenue recognition.  Where do we find the FASB's revenue…

A: Accounting standards are developed by FASB (Financial Accounting Standard Board). These standards…

Q: What are two positive and two negative consequences that this might pose to the company in future…

A: The question is asking about the potential positive and negative consequences that a company might…

Q: Critically explain the key features of the Sarbanes-Oxley Act 2002 which aims at protectinginvestors…

A: The Sarbanes-Oxley Act of 2002 (SOX) was enacted in the United States in response to a series of…

Q: What are two internal stakeholders and external stakeholders that get affected by embezzlement?

A: Embezzlement: It refers to the misappropriation of assets belonging to the organization by the…

Q: What is the fraud scale, and how does it relate to pressure, opportunity, and integrity?

A:

Q: 21)   Which is not one of the fraud factors in the Fraud Pentagon?     A. Incentive   B.…

A: Offshoring,worldwide alliances, and the technology that connects them have all become more important…

Q: The FBI employs deception to collect information during its investigations. Do you believe it is…

A: In the context of auditing, deception refers to the use of false or misleading information or…

Q: How is Benford's Law used to investigate cases of fraud

A: According to Benford's Law, the odds are not random. In reality, the first digit has a 12.5 percent…

Q: How does occupational fraud and abuse differ from other kinds of fraud? Give examples of other fraud…

A: Fraud is the intentional deception of others in order to obtain an advantage or profit. To put it…

Q: What was evolutionary about laws such as GLBA and FACTA?

A: It is taken regular care by the consumer protection authorities to protect the interest of…

Q: Who are covered by the anti-bribery provisions?  Who are covered by the accounting provisions?

A: The Foreign Corrupt Practices Act of 1977 (FCPA) is a United States federal law  known primarily for…

Q: Explain the differences between Criminal Fraud versus Civil Fraud and provide an example of each…

A: The objective of this question is to understand the differences between Criminal Fraud and Civil…

Q: what types are frauds are possible in revenue cycle?

A: Introduction: The revenue cycle is a method of defining and maintaining the processes used for 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.