Internal control is designed to provide: : A Certainty. B Freedom from fraud. C Reasonable assurance. D Truth.

Q: What actions to be taken on error/fraud discovery?

A: An auditor is a person who is held responsible for fraud or error detection as he or she is auditing…

Q: Which is not among the principles contained in the development of the science of internal control? *

A: D - Ensure objectives are met

Q: Which of the following conditions is not necessary for a fraud to occur? Select one: a. Explanation…

A: Following conditions are necessary for a fraud to occur: 1. Pressure 2. Opportunity 3.…

Q: What recommendations will you give to prevent fraud?

A: Fraud is an unethical activity performed against an organization's policy in order to take personal…

Q: Which of the following is not an element of the fraudtriangle?a. Opportunityb. Control environmentc.…

A: Given: To determine the following is not an element of the fraud triangle given as,a. Opportunityb.…

Q: What rules or policies should be developed to avoid ethical fraud issues?

A: Accounting Fraud:   Intentional manipulation of financial statement to create false financial heath…

Q: Identify fraud risk factors or red flags.

A: The various fraud risk factors or red flags are: Inventory shrinkage: While it's natural to lose a…

Q: Which one of the following is not an advantage of internal controls? Select one: a. It safeguards…

A: Internal control is an auditing and accounting tool that ensures operational efficiency and…

Q: Which of the following is NOT an element of the fraud triangle? a. ethics b. justifiable reliance c.…

A: Fraud: Fraud refers to a malicious act done by people to fulfill their own personal benefits. In…

Q: In order to eliminate ethical fraud concerns, what procedures or policies should be implemented

A: Fraudulent Accounting: Accounting fraud is explained as the deliberate manipulation of financial…

Q: Explain the elements of a good document of fraud..

A: Since documentary evidence makes up a large quantity of evidence in fraud cases, auditors must…

Q: Which of the following is not a principle of trust services?a. Security.b. Authentication.c.…

A: Trust Services:   Trust services are assurance services that report over reliability of the…

Q: Internal control policies and procedures have limitations not including:

A: An internal control policies are put forward by the company and which are implemented so that the…

Q: A weak internal control system is which element in the fraud triangle?a. Motiveb. Attitudec.…

A: Fraud:   Fraud can be defined as an act of dishonesty that can be performed by a worker or an…

Q: Responsibility for prevention and detection of fraud?

A: Fraud: It is a sharp and clever practice of the person to deceive some intentionally to secure…

Q: Reasonable assurance that the objectives of internal control are achieved depends on the competence…

A: The question is related to Auditing. Resonable assurance means a high level of assurance regarding…

Q: 5) What are common limitations of Internal Controls? a) Human Error b) Human Fraud c) Cost-Benefit…

A: Internal Control are policies and procedures used  by the management to make the efficient use of…

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: Explains these controls and tell why they are important in any fraud situation:  a. Preventive…

A: Controls refer to measures, procedures, or mechanisms put in place by organizations to manage and…

Q: In the framework of audit and assurance, we are investigating the consequences of expectation gaps…

A: Auditing is the examination of a company's financial records to establish if the documents are…

Q: The internal audit function is part of what element of the internal control system? a.Risk…

A: Five elements of internal control system are: 1. Risk assessment 2. Control activities 3. Control…

Q: d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as…

A: Internal Auditing is also Known as Operational auditing   Answer: TRUE   Reason : Operational Check…

Q: Define the term fraud.

A: Fraud in General: When someone uses misleading or false information with full intentions so that he…

Q: Assessing control risk begins with understanding entity-level controls.   a. True

A: Control risk is the risk that occurred due to the misstatement in the financial statement that would…

Q: Describe a checks an balance scenario that allows for whistleblowing and prevents retaliation to the…

A: Solution- Retaliation is defined as a direct or indirect adverse administrative decisions or action…

Q: do COSO Internal Controls prevention fraud?

A: Internal controls are the policies and procedures put in place to protect your company's assets,…

Q: Providing timely information about transactions in sufficient detail to permit proper classification…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Define Fraud.

A: In terms of auditing , Fraud refers to intentional misrepresentation or concealment of material…

Q: Which of the following is not a principle relating to risk assessment?

A: Risk assessment: it is a process or a method to find and analyze the risk factors that could cause…

Q: What is the auditor’s strategy for detecting

A: Answers: Auditor and the risk of fraud: Auditor always be skeptical while auditing the financial as…

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.