Answered: Fraud is an ________ act by any person…

Fraud is an ________ act by any person to conceal the truth, deceive and obtain illegal advantage. a. Unintentional b. Honest c. Intentional d. True and fai

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 2CYBK

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

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Fraud is an ________ act by any person to conceal the truth, deceive and obtain illegal advantage. a. Unintentional b. Honest c. Intentional d. True and fai

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What is an example of rationalization as one of the three elements causing a person to commit fraud?
Which of the following would a fraudster perceive as a pressure? A. lack of management oversight B. everyone does it C. living beyond ones means D. lack of an internal audit function
What is an example of perceived opportunity as one of the three elements causing a person to commit fraud?
Which of the following is NOT a possible legal risk that can arise because of a fraud investigation conducted in an improper manner? A. Forcible entry and detainer. B. Invasion of privacy. C. Defamation. D. Malicious prosecution.
The fraud triangle asserts that the following three factors must exist for a person to commit fraud.A. Opportunity B. Pressure C. RationalizationIdentify the fraud risk factor (A, B, or C) in each of the following situations. A worker feels that fellow employees are not honest.
In most fraud cases, ____________ is the most difficult element to prove, yet it is also the most important element. A. Concealment. B. Deception. C. Intent. D. Materiality.
Which of the following items is not true about fraud?a. It can cause injury or damage to another party.b. It is an intentional misrepresentation of facts.c. Its damages must exceed a threshold of $150,000.d. It is designed to persuade another party to act in a way that causes injury or damage tothat party.
Opportunity, is a fraud risk factor, that is within the control of the company. FALSE TRUE
Fraud consists of some deceitful practice or willful device, resorted to with intent to deprive another of his right. Fraud is generally categorized as follows: Asset Misappropriation a) May include employee theft – typically cash, physical assets (computers), or intellectual property. b) May encompass a variety of wrongful acts, such as, among others, bribes or kickbacks. c) Deliberate misrepresentation of the financial statements.
During the interview of a suspect in an embezzlement case, several common themes are developed that make the offense seem morally acceptable to the suspect. Which of the following is NOT commonly used with embezzlers and other fraud offenders? A. “Borrowing” versus “stealing” B. “Did it for the family” C. “Not being paid enough” D. “Protesting an unjust law”
Which of the following is a way to prove that a fraud was intentional? A. Show that the suspect repeatedly engaged in activity of an apparent wrongful nature (pattern evidence). B. Show that the suspect did not personally gain anything from the fraudulent act. C. Show that the suspect had a legitimate motive for their actions at issue. D. Show that the suspects failed to conceal evidence of the fraud.
If committing unethical practices and fraudulent activities are considered "subjective," cite two factors or reasons why a person or a group of persons commit such bad behavior.