41Who among the following are secondarily responsible for prevention and detection of frauds?a.Auditor is secondarily responsible for prevention and detection of fraudb.Management is secondarily responsible for prevention and detection of fraudc.All the optionsd.Nomination committee is secondarily responsible for prevention and detection of fraud

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

Answered: b. Management is secondarily…

Business

Accounting

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

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter2: The Auditor’s Responsibilities Regarding Fraud And Mechanisms To Address Fraud: Regulation And Corporate Governance

Section: Chapter Questions

Problem 15CYBK

See similar textbooks

Related questions

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: Question No. 1. What are fraud audits and why have they become more common?

A: Fraud is intentional work deception to unfair or undue advantage. Fraud is committed for give…

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: f the auditor believes that a misstatement is or might be intentional and the effect on the…

A: Auditor: The auditor is the professional person who is appointed to conduct the official scrutiny of…

Q: 7-Who among the following are primarily responsible for prevention and detection of frauds? a.…

A: Fraud is term which is used when person or the management deliberately alters the data in the…

Q: plain the responsibilities of both management and auditors with regard to the prevention and…

A: 1. Following measure the Auditor’s responsibilities here:Obtain affordable assurance that the…

Q: 4. a) The primary responsibility for the prevention and detection of fraud rests with both those…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: 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: Which of the following control objectives would be least likely be considered by the internal…

A: Option 1 This will be considered by the auditor in drafting the audit procedures as it can lead to…

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: secondarily responsible for prevention and detection of frauds

A: Option a is wrong because management is primarily responsible for prevention and detection of fraud.…

Q: Q10 Which of the following best describes the reason why independent auditors report on financial…

A: Auditing: It is the independent examination of book of accounts of the company to ensure quality…

Q: ISA 240 the Auditor’s responsibilities relating to Fraud in an audit of financial statements,…

A: Part (i): The purpose is what distinguishes fraud from error. In s imple terms, fraud is a…

Q: An auditor's engagement letter most likely would include a statement regardıng: 1. Conditions under…

A: Auditing involves an independent examination of financial records of an entity with a view to…

Q: A transaction level internal control activity is best described as: An action taken by…

A: A transaction-level internal control activity can be labeled as action taken by customer personnel…

Q: Audit evidence can come in different forms with different degrees of persuasiveness. Which of the…

A: This question is answered as per Generally Accepted Auditing Standards - AICPA.

Q: Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects.…

A: Given descriptions are: 1. Requires the SEC to pay whistleblowers.2. Examines whether financial…

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: ISA 240 the Auditor’s responsibilities relating to Fraud in an audit of financial statements,…

A: As auditor there are two types of auditing one can be engaged in the practice, internal and external…

Q: AU-C 240 points to three conditions that enable fraud to occur. Briefly describe each condition. How…

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: Fraud risk factors are events or conditions that indicate which of the following? An…

A: MANAGEMENT IS RESPONSIBLE FOR LOOKING AND RESPONDING TO FRAUD RISK FACTORS .

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: a m

A: In order for tips to be independently investigated, it is desirable they go directly to an…

Q: What are the defining characteristics of (a) white-collar crime, (b) employee fraud, (c)…

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: 14-Which of the following statements is not true? a. Internal control system reduces the errors and…

A: Internal controls square measure outlined broadly speaking because the measures a corporation takes…

Q: Question 18 According to the PCAOB, during the audit of internal controls for an issuer (public…

A: Introduction: An impartial service that evaluates an organization's internal controls, corporate…

Question

Who among the following are secondarily responsible for prevention and detection of frauds?

Auditor is secondarily responsible for prevention and detection of fraud

Management is secondarily responsible for prevention and detection of fraud

All the options

Nomination committee is secondarily responsible for prevention and detection of fraud

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Federal Law, Integrated, Performance and Other Audits

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

7-Who among the following are primarily responsible for prevention and detection of frauds? a. Nomination committee is primarily responsible for prevention and detection of fraud b. All the options c. Management and TCWG are primarily responsible for prevention and detection of fraud d. Auditor is primarily responsible for prevention and detection of fraud
{Auditing} 27. Who among the following are secondarily responsible for prevention and detection of frauds? a. Management is secondarily responsible for prevention and detection of fraud b. Auditor is secondarily responsible for prevention and detection of fraud c. All the options d. Nomination committee is secondarily responsible for prevention and detection of fraud
32. Which of the following statements best describes the competency requirement for an auditor regarding fraud risks encountered in an engagement execution? Group of answer choices The auditor must be able to have an appreciation of the fundamentals of fraud detection and investigation techniques. The auditor is not expected to have any competency requirement regarding fraud since the role of investigating and detecting fraud belongs to other functions in the organization. None of the choices The auditor must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization. The auditor should be able to have comparable competencies of a person whose primary responsibility is detecting and investigating fraud.
40-In accordance with ISA 315, the auditor shall identify and assess the risks of material misstatement due to fraud at which one of the following level s of management assertions? O a. All the levels O b. Assertion level for classes of transactions O c. Financial statements level assertions O d. Account balances level assertions
15. Discuss who perpetrates fraud and why it occurs, including the pressures, opportunities, and rationalizations that are present in most frauds.
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
6 Discuss deterrence, prevention, and detection in governmental fraud. What do you think is the best aapproach and why?
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):
AU-C 240 points to three conditions that enable fraud to occur. Briefly describe each condition. How does one’s propensity to act ethically, as described by Rest’s model of morality, influence each of the three elements of the Fraud Triangle?
Ma2. According to American Institute of Certified Public Accountants (AICPA) auditing standards,2 the primary responsibility for prevention and detection of fraud rests with those charged with governance and management. There are a number of strategies3 to help management and public officials navigate the challenges associated with prevention and detection of fraud. Explain some other fraud prevention methods in which it can be avoided?
11. The primary purpose of the internal auditors' evaluation of internal control is to: Group of answer choices Determine if management has planned and implemented activities needed to attain goals and objectives. Determine the extent of tests of controls needed during field work. Identify areas for fraud investigation. Determine if employees have incompatible duties that have compromised the control environment.
32-Which among the following is untrue in respect of segregation of duties? a. Deliberate fraud is more difficult because it requires consent of two or more persons, b. It is the basic, key internal control system in an organization c. Single individual doing different jobs can’t carry out and conceal errors easily d. No single individual should have control over two or more phases of a transaction Clear my choice