__________are the systems used by an organization to manage risk and diminish the occurrence of fraud.      Internal Controls      assessments      Operational activities      informational programs

Q: Indicate which statements are true and which are false. The primary objective of internal control…

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

Q: The primary purpose of the internal auditors' evaluation of internal control is to

A: Internal auditor is responsible for providing his judgement on internal control operations of…

Q: Internal controls are critical for any organization's risk of fraudulent activity. Additionally, new…

A: This topic discusses how an advanced technology transaction processing system may assist any firm in…

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

A: D - Ensure objectives are met

Q: What type of fraud is this, and what controls can be implemented to prevent or detect the fraud?

A:

Q: The management fraud is committed by a top level management employee? Give an example of those top…

A: frauds committed by management ( top-level ) -   - management frauds are committed by top-level…

Q: Internal control system is effective in managing risk, who is responsible to ensure the…

A: Internal control system in an organisation means ensuring the fulfilment of objectives of the…

Q: COSO lists five components of internal control: control environment, risk assessment, control…

A: COSO:   It is framework that defines the internal control of an organization as an entity formed by…

Q: Indicate the COSO component that matches with each of the following internal control activities.…

A: Internal control activities COSO components a. Reporting of control effectiveness  Information and…

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: Refer to the given system flowchart, and we have discussed the control weakness and the risk…

A: Business risks are associated with the internal control systems that every company needs to follow.…

Q: Prevention and detection of fraud is the primary responsibility of: a. The Management b. The…

A: Prevention and detection of fraud is necessary to provide financial statement free of material…

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: Indicate the COOO component that matches with each of the following internal control activities.…

A: Internal control is a series of activities based on an organization's standard procedures that aim…

Q: What are objectives? What three categories of objectives are set forth in the COSO framework?

A: COSO ERM framework defines internal control in an organisation as “a. process, effected by an…

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: Which among the following is not a principle relating to control activities? a. Management designs…

A: Internal control procedures are those procedures which are implemented for the fulfilment of…

Q: Internal audit aims to conduct systematic scrutiny of records. Internal audit is described as…

A:

Q: When planning the audit of internal controls for an issuer, the audit team shoulda. Identify…

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: The underlying assumption of reasonable assurance regarding implementation of internal control means…

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

Q: Which preventive, detective, and/or corrective controls would best mitigate the following threat,…

A: A criminal remotely accessed a sensitive database using the authentication credentials (user ID…

Q: What do documentation procedures and independent internal verification procedures have in commor O…

A: Documentation procedures and independent internal verification procedures is part of internal…

Q: Entity level controls are designed and placed in the operation once auditors determine that Select…

A: Entity levels controls are those internal controls which help in ensuring that the management…

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

A: Internal controls are the principles, policies, procedures formed by the management of the Company…

Q: Distinguish management’s responsibility from the audit committee’s responsibility for designing and…

A: Anti-fraud programs and controls depict the actions taken by the management to prevent and mitigate…

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: nternal control should be designed to provide reasonable assurance that       a. Management’s…

A: Auditing refers to the procedure of evaluating and analyzing the books of accounts prepared and…

Q: The best way to enact a broad fraud prevention program is toa. Install airtight control systems of…

A: Fraud is the act of deliberately conducting false reporting of facts, to acquire funds or property…

Q: (a) Explain how the new internal audit department of Adom Hotels could assist the directors in…

A:

Q: Obtaining an understanding of internal control requires the auditor to reach a conclusion about the…

A: Ans.  Let us analyze the statements separately. Statement 1 says that obtaining an understanding of…

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: 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: 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: Define fraud and internal control

A: Fraud: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful…

Q: Discuss the potential for abuse and fraud in this system. Describe the         controls that should…

A: Fixed Asset: The asset held by company for more than one year is known as fixed asset. Fixed asset…

Q: Explain how to conduct a fraud risk assessment

A: A fraud risk assessment is a detective and preventive tool used by an organization to identify,…

Q: What types of physical controls are in place to protect company assets (assets include inventory,…

A: Hi, since you have posted multiple questions, we are solving the 1st question for you. To get the…

Q: Whistle-blowers have played a key role in fraud detection. There are several types of…

A: Whistle-blower can be defined as the person who is generally an employee who exposes information or…

Q: Explain the link between the opportunity to commit fraud and corporate governance systems.

A: Introduction: The set of rules, practices, and processes which guide and control a company is known…