Organizations are encouraged to take every precaution possible to protect their information systems so that potential for fraud and any resulting losses can be significantly minimized.” Required: Critically explain any three motives behind the cheque fraud scheme. What to do if someone has deposited a fake cheque into your bank account?

Q: Answer the following questions and give an example for each case: In which areas can the…

A: What are Embezzlement scheme?  Embezzlement schemes can be defined as misuse or misappropriation 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: ecutives would commit fraud and how understanding the motive for fraud can assist an auditor in the…

A: Corporate fraud refers to the illegal and unethical activities undertaken by an individual who is…

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: The Perfect Crime. Embezzlers often try to cover up by removing canceled checks theymade payable to…

A: Embezzlement: Embezzlement is a type of fraud, which is classified under employee fraud. It…

Q: The Sarbanes-Oxley Act was enacted to combat fraud and curb poor reporting practices. What are some…

A: Sarbanes-Oxley Act: This is the act passed by the government for safeguarding investors from…

Q: a. Identify the type of fraud that took place. (e.g. misappropriation of assets o fraudulent…

A: a. The type of fraud that took place, in this case, is Misappropriation of assets. In this Case,…

Q: Select the correct answer(s) for the following multiple choice questions. Note that there may be…

A: Computer Fraud: A computer fraud is an unlawful act committed by the employees in an organization…

Q: of the three elements of the fraud triangle is not present, can fraud still b

A: The three elements of the fraud triangle are as follows: Pressure: Pressure acts as a base and…

Q: In thinking about overcoming the negative publicity and securities fraud fines related to revenue…

A: The aim of every company will be to increase the profits of the company. The profits of the company…

Q: Punjab National Bank – fraud using Swift. Students should find out what went wrong, especially from…

A: Inspection of SWIFT reveals that the way banks use SWIFT, and the business processes they have in…

Q: Investigating a Fraud. Suppose you are auditing cash disbursements and discover severalpayments to a…

A: Audit Procedures:  The particular and specific procedures undertaken by auditors to procure evidence…

Q: Many credit card fraud offenders are now becoming more organized than before, resulting in higher…

A: As you have posted multipart questions, we will answer the the very first three questions for you as…

Q: FRAUD-MOTIVATING FACTORSResearch has shown that situational pressures and opportunity are factors…

A: a.Factors of FraudIn the public company, Following are the two stational pressures that Would rise…

Q: Forensic Accounting: Assurance Engagement 1: Expenditure Analysis. Expenditureanalysis is used when…

A: Revenues from other areas include the leftover profits accounted in other (unknown) revenue heads

Q: The best protection for a company against telemarketing scams is:

A: When money is being transferred to people who are not known or personal or financial information is…

Q: ounting information systems aid in the prevention of fraud? Do legislative activities such as the…

A: The accounting information system (AIS) is a programme that gathers data, processes it, and…

Q: What is the purpose of a bank confirmation and why are bank confirmations an important piece of…

A: The revenue cycle is defined as the accounting process by which a corporation keeps track of the…

Q: Explain the role of the risk manager in fraud detection ?

A: Fraud detection refers to a series of operations aimed at preventing money or property from being…

Q: The impact of weak internal controls can affect an employee’s fraud behavior. The role of…

A: An internal control system is the sum of a large number of activities comprising of policies,…

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: Match each situation with the fraud triangle factor (opportunity, financial pressure, or…

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

Q: Why would a financial institution’s PEP customers be required to provide documentation to evidence…

A: Given, Political Exposed Persons (PEPs) are characterized as high-risk clients who have better…

Q: Indicate whether the statement is true or false. Internal control procedures should be designed to…

A: In accounting and auditing perspective, Internal control means fulfilling organisational objectives…

Q: Why is it that Bank Deposit Secrecy became a highly-sensitive issue with respect to the…

A: Anti-money laundering (AML) represents an attempt that financial institutions do in order to meet…

Q: What category does inventory related fraud fall into?

A: Inventory fraud refers to the fraud related to the theft of the physical items of inventory as well…

Q: Types of Cyber Crimes. The following situations are similar, but each represents a variation of a…

A: a) The act is phishing. It is a cyber crime in which the targets are contacted through either…

Q: the Anti Money Laundering Council existence is to protect the integrity of the Financial and Non…

A: There will be systematic, broad based and far reaching implications in case there is no Money…

Q: Do you think it is possible for depositors to discipline bank managers who are tempted to take…

A: The funds of the depositors are used by the bank managers in a manner that they consider best and…

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

A: Given situation is: A worker sees other employees regularly take inventory for personal use.

Q: risk management and internal control

A: Wirecard scandal refers to the accounting scandals that relate to the insolvency of the German…

Q: The fraud scheme that is similar to the ‘‘borrowing from Peter to pay Paul’’ scheme is a. expense…

A:

Q: Critically elaborate on any four (4) implications of credit card fraud?

A: Credit card fraud refers to the unofficial or unapproved use of the card individual or person in…

Q: 1. How may an employee embezzle funds by issuing an unauthorized sales credit memo if the…

A: Embezzlement refers to a form of crime in which an individual or entity misappropriates the assets…

Q: A lockbox plan is   a. used to speed up the collection of checks received.     b. used to protect…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: What is a key prerequisite for using electronic bank account management (eBAM) to reduce paperwork?…

A: Electronic Bank Account Management (eBAM): When banks use an automation system to open, maintain and…

Q: An accounting manager, who has full access to a Company’s accounting system also has access to the…

A: Internal control helps management to maintain and control the business operations so that business…

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: Many credit card fraud offenders are now becoming more organized than before, resulting in higher…

A: Credit card fraud is a type of fraudulent activity wherein fraudsters use credit card account  of…

Q: The following scenarios are taken from actual fraud cases. For each scenario, categorize as…

A: Following will be the categorization of the given situation

Q: Where does identity theft fraud happen often?  Explain any five steps that victims should need to…

A: Identity theft often take place in form of financial fraud where the bank information is leaked to…

Q: (a) Prepare briefing notes to be used at your training session in which you: i. Explain the term…

A: As there is no accounting of black money, the government doesn't get a single penny of tax.…

Q: Some strategies in management can use to implement controls to ensure the integrity and existence of…

A: Lapping fraud involves an employee who adjusts accounts receivable accounts and thereby hides the…