14-Which of the following statements is not true? a. Internal control system reduces the errors and fraud b. Management fraud is more difficult to detect than employee fraud c. All of these statements are true. d.   The auditor’s main duty is the detection and prevention of fraud

Q: The fraud triangle asserts that the following three factors must exist for a person to commit…

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: Members of the audit engagement team are required to discuss the susceptibility of the entity's…

A: Audit frauds are conducted to hide the actual position of the financial statements of the company to…

Q: hich of the following would be a red flag that internal auditors should look at for the possibility…

A: Controller is responsible all accounting matters and he is responsible for the cash and payments.

Q: an audit firm is mainly focusing on one major client business and they are receiving excessive fees…

A: If an audit firm is mainly focusing on one major client business and they are receiving excessive…

Q: dicate which statements are true and which are false. Bonding key employees helps reduce risk of…

A: Basic Concept of Audit and Assurance

Q: 1)An auditor’s engagement letter most likely will include A.A request for permission to contact the…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: Discuss who perpetrates fraud and why it occurs, including the pressures, opportunities, and…

A: Fraud- Fraud is an intentionally carried out event that is illegal and unethical, but the…

Q: 8 Answer is not complete. a. Evaluating the effectiveness of the client's internal control in…

A: Risk Assessment: The  client’s internal  control  is evaluated to get the effectiveness of it. It is…

Q: In accordance with ISA 315, the auditor shall identify and assess the risks of material misstatement…

A: ISA 315 -IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT THROUGH UNDERSTANDING…

Q: . Identify from the following the situation/s where auditors are removed by the client. a. All the…

A: Solution: Following are the situations where auditors are removed by the client: 1. Involve in fraud…

Q: 32. Which of the following statements best describes the competency requirement for an auditor…

A: Auditor is the person who is responsible for examining and verifying books of account and financial…

Q: 1. What is the implications of management refusal to sign management representation letter.

A: If management refuses to sign the representation letter, it means that they are not willing to stand…

Q: QUESTION 22 Match the term on the left with the appropriate definition or description on the left.…

A: An audit is when an auditor examines or inspects numerous accounting records, accompanied by a…

Q: 1. LO 8.1 Which of the following would a fraudster perceive as a pressure? A. lack of management…

A: Here we can discuss about the option given in question Q1 ) A Fraudster perceive as a pressure , in…

Q: 23. Management fraud occurs when the top executives of a company deliberately deceive stockholders,…

A: Fraud is an intentional act by the management , TCWG or employees or external stakeholders of  an…

Q: Internal controls play an important role in reducing the risks of fraudulent activities in any…

A: Hello, since your question has multiple parts we will solve the first question for you. If you want…

Q: 35. S1. Internal audit does not have responsibility for the prevention or detection of fraud and…

A: Auditing is the detailed process of checking and verifying all financial statements and books of…

Q: Collusion is an intentional act of two or more employees to accomplish theft of company assets.…

A: Internal controls main objective is to safeguard assets and records and to ensure that policies…

Q: 2. The auditors who find that the client has committed an illegal act would be most likely to…

A: When auditors discover that a client has engaged in illegal activity, they are more likely to leave…

Q: plain the three special characteristics of management fraud: a. The fraud is perpetrated at levels…

A: Answer: a. The fraud is perpetrated at levels of management above the one to which internal control…

Q: 32-Which among the following is untrue in respect of segregation of duties? a. Deliberate fraud is…

A: Segregation of duties- It states that entity should divide the work, duties or responsibilities of…

Q: b. Management is secondarily responsible for prevention and detection of fraud

A: The following factors are responsible for fraud to occur in an organization: Pressure- Pressure can…