(Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility?

Q: Section 301 of the Corporations Act requires companies to have their financial reports audited.…

A: Auditing: Auditing refers to an independent examination of financial information of any…

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: state how it is intended to help to address the risk of fraud in publicly traded organizations.

A: Corporate governance is a very important activity for the businesses. It is used to denote all the…

Q: Question 1 (i) Which of the following will NOT be a likely ground to blow the whistle? A. When…

A: Whistle blower means a person who has insider information that some thing is going wrong in the…

Q: Which of the following combinations is a good way to conceal employee fraud but an ineffective means…

A: The management fraud alludes to an intentional misleading by the executives to collect monetary…

Q: “The public's perception of corporate ethics changed dramatically with the revelation of the…

A: Fraud refers to the manipulation of the financial records of the company or misrepresenting the…

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: According to the AICPA Code of Conduct, which of the following acts is generally forbidden to CPAs…

A: According to the AICPA Code of Conduct, the following acts is generally forbidden to CPAs in public…

Q: The Sarbanes-Oxley Act a. created the Private Company Accounting Board. b. allows accountants to…

A: Sarbanes – Oxley act: The Sarbanes-Oxley act is enacted to keep an oversight on the public companies…

Q: Why do you think the SEC requires companies to disclose fees paid to independent accountingfirms for…

A:

Q: What steps need to be taken before interviewing a person that is not suspected of committing fraud…

A: “Since you have posted a many question, we will solve first question for you. To get the remaining…

Q: vestigations into the corporate scandals of the recent past revealed that the accountant did not…

A: Accountants and auditors are put in place so that they can give assurance that the company is…

Q: Business damages, as a result of financial fraud, directly impact the operations of any company.…

A: Fraud includes activities such as theft, corruption, conspiracy, bribery etc. Fraud can occur in any…

Q: a. Boards need to consist of at least independent directors or 1/3 of the board which is higher.

A: Corporate governance is a very important activity for the businesses. It is used to denote all the…

Q: susceptibility of fraud r

A: Option a is wrong because susceptibility denotes the possibility of fraud, not the occurrence of…

Q: Fraudulent financial reporting is most likely to be committed by whom? Select one: a. company…

A: Ans. Fraudulent Financial Reporting is a kind of intentional misrepresentation of the financial…

Q: Section 401) How does this section relate to the Enron fraud? (Section 404) How do the management…

A:

Q: Section 301 of the Corporations Act requires companies to have their financial reports audited.…

A: Auditing:- An auditing is carried out by the auditor who checks whether the company has prepared its…

Q: Which of the following best describes the main goal of any audit or due diligence project? A. Make…

A: Due diligence refers to review, investigation as well as audit which is performed to confirm the…

Q: When an entity uses a trust company as custodian of its marketable securities, the possibility of…

A:

Q: The Securities and Exchange Commission’s mission is to regulate the securities markets by requiring…

A: Securities and Exchange Commission is an independent federal agency which is responsible for…

Q: which of the following does the audit committee have unconditional authority to do? Audit the…

A: The audit is the process of examining and checking the accounting books so as to know whether the…

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: Which of the following services is not an example of a nonassurance service? OA The auditor examines…

A: Non-assurance services :            The accounting professionals are allowed to perform both types…

Q: Who is affected when a corporation fails to manage financial fraud risk? How can exposure to…

A: Financial fraud risk refers to the possibility of fraudulent activity in relation to the company's…

Q: Each of the following scenarios is based on facts in anactual fraud. Categorize each scenario as…

A: Auditing- Auditing is the independent review of financial data from any company, regardless of size…

Q: What are the Possible sanctions (Financial penalties) Against company who break the rules of ACCA or…

A: IFRS is a collection of accounting regulations for public firms' financial statements that aims to…

Q: “Audit committees do not prepare financial reports, nor do they conduct audits. But they have an…

A: An audit committee is an independent committee to ensure that the company is run ethically and…

Q: SOX legislation calls for sound internal control practices over financial reporting and requires…

A: Preventive Control:   Preventive controls are the controls which are used to keep a loss or an error…

Q: Assume that you are interviewed by a student newspaper regarding the nature of accounting fraud. The…

A:

Q: e. Of the following, the most significant risk factor relating to the risk of misstatement arising…

A: The question is based on the concept of Financial Accounting.

Q: 14. Paul Schmidt, a representative for Westby Investments, is explaining how security analysts use…

A: The audit report makes a reasonable investigation of the financial transactions of a company. It…

Q: or each situation below identify the threat and one fundamental principle that is comprised. a) An…

A: There are 5 type of threats in respect of auditing  1_ Self interest threat  This arise when auditor…

Q: Below are several statements about the Sarbanes-Oxley Act (SOX).1. SOX represents legislation passed…

A:

Q: Which of the following is not a Sarbanes-Oxley Actrequirement intended to reduce fraud…

A: SOX or Sarbanes- Oxley Act came into force in 2002 after the biggest accounting scandal. The purpose…

Q: An auditor working with a publicly traded client learns that the client has been completing stock…

A: The answer for the question on the insider trading is discussed hereunder : What is insider trading?…

Q: The only way to prevent fraud in companies is strong corporate governance mechanism. The basic…

A: Auditing is an important process, that every company should carry on. The financial statements may…

Q: Explain one way the external auditor's responsibilities regarding a public company's system of…

A: Auditor is the independent personnel who is responsible to evaluate and check the accuracy and…

Q: One writer recently noted that 99.4 percent of all companies prepare statements that are in…

A: Generally Accepted Accounting Principles (GAAP): A set of accounting principles, practices and…

Q: Which of the following actions did the Treadway Commission recommend to reduce fraudulent financial…

A: Option (a) It recommends creating an organizational environment that helps the integrity of the…

Q: After certain high publicity frauds occurred, congress passed legislation that required auditors to…

A: Publicly traded companies are those companies whose shares can be owned by general public. These…