Discuss the potential for abuse and fraud in this system. Describe the         controls that should be implemented to reduce the risks.

Q: Explain the characteristics of management fraud.

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

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: ow to prevent and detect fraud, and make it less likely to occur in organization

A: Fraud is a serious issue that might bring down an organization, no matter its size. according to…

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: What is management fraud?

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

Q: Compare the designs of your choice of two internal controls. Determine which is the preferred design…

A: Preventive control is the most important control out of the other internal controls because it…

Q: __________are the systems used by an organization to manage risk and diminish the occurrence of…

A: Introduction: Fraud: Fraud is a intentional deception resulting loss to other party. Fraud can be of…

Q: What are the issues that need to be considered before implementing keystroke monitoring?

A: Keystroke monitoring means recording the client's keystrokes and the reaction of the framework. This…

Q: What rules or policies should be developed to avoid ethical fraud issues?

A: Accounting Fraud:   Intentional manipulation of financial statement to create false financial heath…

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: Discuss the weaknesses in COSO’s internal control framework that led to the development of the COSO…

A: Enterprise risk management is a formal program or frame work that is implemented to mitigate the…

Q: One way of identifying inadequacies in risk control measures is to conduct a safety audit. A health…

A: An audit is a process conducted by an organization in order to check the financial statements of the…

Q: ERNAL CONTROL Examine the flowchart below and determine any control threats. Specifically discuss…

A: Internal Control: Internal control can be defined as the rules, policies and mechanisms enforced by…

Q: Which of the following is not true concerning control activities? a.Control procedures is another…

A: Control activities relate to those activities designed to reduce the chances of risk and failure…

Q: For each of the internal controls: a. Describe the risks that the above-mentioned internal control…

A: For prevention of fraud, theft, and manipulation of records, control over the internal…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

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: Determine the similarities and differences between the detective and preventive internal controls…

A: Every company requires an effective internal control system to achieve its organizational goals.…

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: Articulate when and how to report actual or suspected fraud

A: A fraud is when the actual activity or transaction differs from the stated or recorded transaction…

Q: How do you design a fraud prevention programme?

A: A fraud is the intention of a person to deceive(mostly financially) another person or an…

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

A: Frauds in sales department are as follows: Recording fake invoices Misrepresenting the excessive or…

Q: risk management ideas, common reaction strategies, and IT system recovery issues

A: Some of the important risk management ideas are listed below: Keep an eye on changes in your…

Q: Internal controls are perhaps the most important tools for managing operational risk. What are…

A: Internal control refers to the rules, policies, processes developed by the management which need to…

Q: The following questions/inquiries can be used in determining risk, EXCEPT: CHOICES: A)What is the…

A: A risk is something that could affect the entity from achieving its goals and objectives. For the…

Q: incentives,

A: Fraud risk refers to the risk that is unexpected and related to the financial, material, or loss…

Q: To guard against fraud and waste, businesses use internal controls. correct or incorrect

A: This question explains about to guard against fraud and waste, businesses use internal controls.

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: Recognize specific fraud riskareas and develop proceduresto detect fraud.

A:

Q: In the framework of audit and assurance, we are investigating the consequences of expectation gaps…

A: Auditing is the examination of a company's financial records to establish if the documents are…

Q: one of the components of internal control is the control activities;which are the policies and…

A: Control activities- These are the rules and processes that assist management in attaining its…

Q: A business wishes to establish sound internal controls. What rules and processes can you recommend…

A: This question explains about sound internal controls.

Q: What should the audit team consider in its planning discussionabout fraud risks?

A: Fraud risk is the intentional misstatement in the financial statements by the management for the…

Q: A company wants to implement good internal control. What are the policies and procedures you can…

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

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: Why risk management process is essential

A: Risk management:- Risk management is the method of planning, organizing, directing, and dominant the…

Q: do COSO Internal Controls prevention fraud?

A: Internal controls are the policies and procedures put in place to protect your company's assets,…

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 factors should the audit team take into consideration when discussing fraud threats during the…

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

Q: the system in risk analysis and internal control

A:

Q: What is the auditor’s strategy for detecting

A: Answers: Auditor and the risk of fraud: Auditor always be skeptical while auditing the financial as…

Q: What is the major goal of the brainstorming session on fraud?

A: This question tells about the major goal of the brainstorming session on fraud.

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.