Internal Control-Fraud TriangleIdentify the fraud triangle risk factor (opportunity-O, pressure-P orrationalization-R) in each situation.1.2.3.Employeees are told to report increased income or be fired.Several sales clerks share the same cash drawer.A worker did not receive a bonus this year and now feels it's okayto use the company credit cared for personal expenses.4.Doors safeguarding valuable merchandise are not locked with apasscode.An employee feels underpaid and believes stealing inventory isjustified.5.

The Fraud Triangle is a concept used in explaining structured auditing for analyzing the reason…

Internal Control-Fraud Triangle Identify the fraud triangle risk factor (opportunity-O, pressure-P or rationalization-R) in each situation. Employeees are told to report increased income or be fired. Several sales clerks share the same cash drawer. 1. 2. 3. A worker did not receive a bonus this year and now feels it's okay to use the company credit cared for personal expenses. 4. Doors safeguarding valuable merchandise are not locked with a passcode. An employee feels underpaid and believes stealing inventory is justified. 5.

Internal Control-Fraud Triangle Identify the fraud triangle risk factor (opportunity-O, pressure-P or rationalization-R) in each situation. Employeees are told to report increased income or be fired. Several sales clerks share the same cash drawer. 1. 2. 3. A worker did not receive a bonus this year and now feels it's okay to use the company credit cared for personal expenses. 4. Doors safeguarding valuable merchandise are not locked with a passcode. An employee feels underpaid and believes stealing inventory is justified. 5.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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None
Provide an appropriate response based on the following scenarios. Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented? Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented?
In the scenario, where employer has been putting more emphasis on controlling costs for the various businesses. With the slowing of overall spending in one sector, while ordering managers to closely monitor expenses, selling several companies and giving vice presidents greater responsibility for statements of financial positions. Whatpositive and negative consequences might this pose to the company in future fraud prevention? Outline at least three of each type.
Answer multi choice question in photo please
if a manager is incharge of the Credit Right Software Corp department which involves sells leading account sooftare product and two of his employess commited fraud. How should the manager prepare himself to understand what causes individuals to commit fraud and how it happens?
1. Which audit technique would be a step in uncovering accounts receivble fraud? (Points : 2) A review of customer complaints A surprise cash audit A bank reconciliation review An analysis of gross profit Question 2.2. Which is a type of cash receipts fraud scheme? (Points : 2) Ghost employees Lapping Fictitious receivables Shell companies
A good fraud prevention program should address employees’ motivation to steal from the company. The best method for doing this is toa. Establish employee assistance programs.b. Require a fidelity bond on all employees.c. Require reconciliations of all accounts to be reviewed by a supervisor.d. Ensure that all accounts with high inherent risk of fraud are audited.
Whole Fruits Market took the following actions to improve internal controls. For each of the following actions, select the internal control principle the company followed. a. Personal ID cards are used to limit access to only authorized employees. b. The company divides responsibility for a transaction between multiple departments. c. Each cashier is designated a specific cash drawer and is solely responsible for cash in that drawer. d. Purchased an insurance (bonding) policy against losses from theft by a cashier. e. To ensure equipment theft does not go undetected, detailed accounting records are kept. f. The company's internal auditors frequently assess the performance of internal controls.