CJ 485 1-2

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Discussion Question 37:  Explain why Benford's Law is useful to auditors in the detection of fraud. (write a one page response for each question):

ll Digicel ? ( 8:20 AM © 49% P Flag question Time left 0:34:28 Auditing is the systematic process of obtaining and evaluating evidence regarding assertions about economic actions and events in order to determine how well they correspond to the established criteria. Developing knowledge of business operations is regarded as a part of which of the following audit processes? а. evaluation of evidence b. collection of evidence С. planning d. communication of results Question 3 A moodle.uog.edu.gy

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10 What is the name of the individual that carries out auditing for a company or client called? ______________   Question 10 options:   a)  Actuarial   b)  Professional   c)  Analyst   d)  Auditor

Chapter 15 Discussion, 1. Research for entry In section 4 of this chapter we looked at “Why Accounting Information is so Important". One of the topics in that section was “Accounting Fraud". Famous Accounting Scandals The following firms have been convicted or accused of accounting fraud: Enron, Lehman Brothers, Fannie Mae & Freddie Mac, and AIG, to name just a few. Using an internet search engine, find information on a recent accounting scandal. • Title of your entry should include the name of the company, and the date or timeframe of the scandal, the more recent the better. Consider some of the following to guide your entry: • Summarize what this firm does, and how/why they got into trouble. • what type of questionable accounting practice occurred in this firm • what were the consequences for this firm and the executives involved in the scandal • how were the public/investors/economy affected by this firms dishonesty • Document cited works and all references, links are ассеptable.

Assignment 1: Individual research/essay You are a newly hired fraud examiner. You have been asked to write a preliminary report on the Paving Company Case scenario based on the information presented in Units 1 to 4 and findings from your additional research.  Your report should not exceed 2,000 words. The word limit is not inclusive of the bibliography and cover page.  In your response, the following points must be addressed fully: a)      Determine the type of fraud committed and describe the symptoms of fraud that might be evident to an investigator.  b)      As discussed in units 1 to 4, all frauds involve key elements. Identify and describe using examples the elements of the Sharp's fraud.  c)       In the scenario, Sharp’s employer has been putting more emphasis on controlling costs for the various businesses. With the slowing of overall spending in the construction sector, Travolta had ordered managers to closely monitor expenses. He had sold several companies and has given vice…

Question 37 options: What is the name of the language for electronic communication of business data that allows companies to report financial informaitn in a sturctured, machine-readable format?

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Font Paragraph √ Assume that you are an audit senior in charge of planning the audit of an entity that your firm has audited for the previous four years. During the audit planning meeting with the manager and partner in charge of the engagement, the partner noted that the entity recently adopted an IT-based accounting system to replace its manual system. The manager and partner have limited experience with IT-based accounting systems and are relying on you to help them understand the audit implications of the entity's change. Consequently, they have asked you to respond to a few concerns regarding automated accounting systems. Required: a. In previous years, the audit firm has relied heavily on substantive procedures as a source of audit evidence for this entity. Given that the entity now has changed its accounting system, what are some of the factors that you should consider when deciding whether to move to a reliance strategy? b. Under what conditions should the audit firm consider…

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Question 1  Answer for (c)

ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways.Required:Identify and explain the five stages in audit process. Discuss three importance of audit planning. b) You are the audit senior in charge of the audit of Malaika Company and have been informed by your audit manager that during the year a fraud occurred at the client. A payroll clerk set up fictitious employees and the wages were paid into the clerk’s own bank account. This clerk has subsequently left the company, but the audit manager is concerned that additional frauds have taken place in the wages department.Required:i) Describe six procedures which should be undertaken during the audit of wages as a result of the manager’s assessment of the increased risk of fraud.

QUESTION 22 Match the term on the left with the appropriate definition or description on the left. A. A requirement of the Sarbanes-Oxley Act B. A group of measures intended to reduce or detect fraud C. A framework for assessing the risk of fraud D. The set of accounting rules that publicly traded companies must follow v Fraud triangle v Audited financial statements v Internal controls v Segregation of duties E. One specific measure taken to reduce the opportunity for fraud F. A licensing requirement for auditors of public firms v Cerified Public Accountant v GAAP

Discussion Questions on Fraud Prevention from Chapter 4 Fraud Examination 4th Edition 1. How do organizations create a culture of honesty, openness, and assistance? 2. What are different ways in which companies can eliminate opportunities for fraud? 3. What is the purpose of adopting a code of ethics throughout a company?

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ISA 250 paragraph 10 cover the aspects of ________ a. Audit Conclusion and Reporting b. General Principles and Responsibilities of auditor c. Law and regulation governing accounting and auditing d. Audit Evidence and audit risk

Question 2 Select the correct responses for below: The audit documentation shall include: (a) The overall audit strategy (b) The audit plan (c) Any significant changes made during the audit engagement to the overall audit strategy or the audit plan, and the reasons for such changes. Mettl Online Assessment © 2021-2031 Revisit Later B Need Help? Contact us: Attempted: 1/20 Select an option +1 (800) 265-6038 (a) and (b) (b) and (c) (a), (b) and (c) (a) and (c) +91 80471-89190

Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and World Com) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part b LO 4-6, 4-9 b. Select the three conditions that are generally present when fraud occurs: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Management or other employees have an incentive or are under pressure that provides a reason to commit fraud. Circumstances exist that provide an opportunity for a fraud to be carried…

Chapters 3.2 to 3.5 discuss four data analytics approaches                                                                (A. DescriptiveB. DiagnosticC. PredictiveD. Prescriptive                                                                                                                                           That may be used to address our accounting questions. Describe how each of the four data analytics approaches could be used by credit card companies to identify fraudulent credit card activity. You need to identify your potential questions and the corresponding analysis methods or tests to address your questions.

24 From the given schedule, you are required to match audit evidence with their appropriate descriptions: Sl. No. Audit evidence Sl. No. Descriptions 1 Verbal A Bill attached to vouchers. 2 External B Explanation from client staff 3 Documentary C Confirmation by third party a. [(2) (B), (1) (C) and (3) (A)] b. None of the options c. [(1) (B), (2) (C) and (3) (A)] d. [(1) (B), (3) (C) and (2) (A)]

Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and WorldCom) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part b LO 4-6, 4-9 b. Select the three conditions that are generally present when fraud occurs: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Management or other employees have an incentive or are under pressure that provides a reason to commit fraud. Circumstances exist that provide an opportunity for a fraud to be carried…

Question 5 a) List and briefly the main threats to independence and objectivity as identified in IESBA's Code of ethics for Professional Accountants, for each threat you should give an example. b) Briefly explain the fundamental principle of confidentiality and list the circumstances in which obligatory and voluntary disclosure of Information may be applicable. Professional accountants are often involved in many different types of work ranging from performing the external audit to providing wider assurance services. Where an external audit is carried out the auditor required to give an opinion as to whether the financial statements present fairly the activities of the business over a period of time. c) Explain the concept of true and fair presentation.

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