Refer to the given system flowchart, and we have discussed the control weakness and the risk associated with these control weaknesses. Based on these control weaknesses and the associated risk, what types of frauds are possible in this business environment.

Q: fraud monitoring

A: With the development of mobile Internet and online finance, fraud risk has manifested in all sizes…

Q: Describe the Fraud Trian

A: The Fraud Triangle is a framework used to explain the three key elements that must be present for…

Q: Well-designed internal control will prevent all fraud by top management. True or False

A: A WELL-DESIGNED INTERNAL CONTROL SYSTEM WILL NOT PREVENT ALL THE FRAUD BY TOP MANAGEMENT . A…

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: When a fraud has occurred within an organization, management must decide what follow-up action (s)…

A: An organization usually does not take any legal action against the person who has done fraud as it…

Q: Which is NOT a source of fraud risk (from the Fraud Triangle)?  a) Fraud Tip Hotline b) Perceived…

A: According to the Fraud Triangle, all three elements - opportunity, motivation or pressure, and…

Q: What are the elements of the fraud triangle? How can an internal control system limit reduce the…

A: Fraud means intentional concealment or misrepresentation of material facts for gaining personal…

Q: Which of the following is not a major reason for maintaining an audit trail for a computer system?…

A: An audit trail in a computer system is a record of all activities that have been undertaken and…

Q: Apart from the internal audit and whistleblowing functions, what other mechanisms can assist…

A: There are various methods to tackle fraud. Listed below are explained as under- 1. Background…

Q: Most bribery schemes end up as: a. Collusion schemes b. Business diversion schemes c. Check…

A: Introduction:- Bribery schemes refer to any illegal or unethical actions that involve the exchange…

Q: Explain what a ‘fraud risk factor means’ and discuss the three conditions generally present when…

A: Auditing is the inspection of the financial records of the company or organisations with no bias and…

Q: There are several steps involved in the fraud theory approach. What are they?

A: Fraud theory approach is an effective tool that can help in the deeper understanding of the…

Q: Why do fraud examiners handle information in a different manner than auditors? Why is thisimportant?

A: Fraud examiners handle information in a different manner than auditors, in order to minimize the tax…

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: xplain the role of the Risk Manager in fraud detection Explain the role of the Risk Manager in fraud…

A: In the world of finance risk managers play a very important role when it comes to detection of…

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…

Q: Discuss and give examples of the various tools to document control risk assessment – such as…

A: Documenting control risk assessments is an important step in identifying and managing risks within…

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.