What are the possible reasons for keeping incomplete records?

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: What is fraud?

A: Misstatement risk: It implies to a risk that the financial statements of the company are…

Q: What items could increase the risk of material misstatement?

A: Risk of material misstatement (ROMM) is a risk that the financial statements when audited will…

Q: What is management fraud?

A: Fraud:   It is an intentional misappropriation of the assets or the financial records of an…

Q: What are the causes of information risk

A: Information risk is related to the risk of three elements in any business, these are…

Q: Why is poor-quality systems documentation a prevalent problem?

A: Computer Based Information System: Computer based information system refers to the record of data…

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: Errors/misstatements and fraud (meaning and characteristics)?

A: A misstatement is an error, either intentional or unintentional, that exist in a transaction or…

Q: what is disinvestment ?

A: Disinvestment:  Disinvestment means selling off the assets such as manufacturing plant, a division,…

Q: How can a poorly designed database result in unintentional loss of critical records?

A:

Q: What are the classes of transcription errors?

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

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

Q: hy is fraud prevention so important?

A: Fraud in auditing refers to the illegal manipulation or wrong altered information reported in the…

Q: do deficiencies in internal control not always lead to material misstatement when recording…

A: internal controls rules and procedures that are implemented in order to ensure the integrity and…

Q: What are the types of situations that result in troubleddebt?

A: Troubled debts can result in two different situations, which are as…

Q: Why are these coming up as wrong?

A: Step 1 Journal is the part of book keeping. In this Interest is due or outstanding at market rate…

Q: Why are external documents considered more reliable evidence than internal documents? What aspects…

A: External evidence is seen as more credible than internal evidence since it has passed through the…

Q: What is database conversion? Why is it risky activity, and what precautions should be taken?

A: Database Conversion: Database conversion is defined as the process of transferring the data from the…

Q: Why is EBITDA controversial?

A: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a metric used to assess…

Q: How is the access control list approach different from RBAC?

A:

Q: S Mecca Copy Budgeted Balance Sheet Assets ceivable

A: Retained Earning Balance= Beg Balance + Net income- dividedn=29000+12700-2500=39,200

Q: What is an uncorrected misstatement?

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Give an example of fraud and error?

A: Fraud is an intentional manipulation of a fact with the intention of misleading an individual or a…

Q: What does fraud includes?

A: Fraud:   It is the practice of intentional misrepresentation of facts to make financial or personal…