What is inadequate risk management department in the financial system?

Q: Explain management’s responsibility for ethical financial reporting and describe the basic…

A: Management is liable for coverage and business the monetary data attributable to the subsequent…

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: Government policies that focus on the aggregate safety and soundness of the financial system are…

A: Answer: The correct answer is option A. Macro-prudential supervision.

Q: What is an engagement to attest on internal control over financial reporting? (

A: Internal control seems to be a procedure formulated and constructed by those in command of…

Q: During financial statement audit, auditors seek to restrict which type of risk?   Control risk,…

A: Discovery hazard is the opportunity that an inspector will neglect to discover material misquotes…

Q: Difference between business risk and audit risk?

A: Risk is the chances that actual will differ from expected results.

Q: Why do auditors use a business risk approach ?

A: The factors that prevent or hinder the organization to achieve its goal or objectives, are termed as…

Q: Internal control is concerned with the reliability of financial information. True or False

A: Internal control is a procedure which will ensure completion of objectives along with safguarding…

Q: Relationship between IT Control and Financial reporting

A: Information Technology (IT) control can be defined as the specific activities that are performed by…

Q: What is the usefulness of using the Fraud Triangle to evaluate the risk of major misstatements in…

A: This question explains about the usefulness of using the Fraud Triangle to evaluate the risk of…

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: 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: Identify fraud risk factors or red flags.

A: The various fraud risk factors or red flags are: Inventory shrinkage: While it's natural to lose a…

Q: what type of MIS tools are currently being used in Financial management? What MIS Application are…

A: The acronym MIS stands for the management information system. In terms of finance, this system…

Q: What is the best way to reduce financial statement fraud?

A: There are five basic types of financial statement fraud exist in the entity which are as…

Q: Explain Poor supervision by Central Banks with examples

A: Central banks play major role in the country’s economy. Some of the main function of these banks are…

Q: Wiredcard AG Scandal

A: Wiredcardscandal refers to the scandal of accounting results in the wiredcard insolvency of a…

Q: The prudential oversight of the financial system is clearly needed to prevent financial crises,…

A: Introduction : Financial crises refers to the situation in which significant amount of assets of an…

Q: Explain the connection between business risk and Audit risk model (inherent risk x control risk x…

A: Inherent risk is the risk which is present in the organization before applying any control. Audit…

Q: of internal financial controls.

A: Internal financial controls are policies and procedures adopted by a company to ensure the orderly…

Q: Responsibility for prevention and detection of fraud?

A: Fraud: It is a sharp and clever practice of the person to deceive some intentionally to secure…

Q: How can SPEs be used to manipulate financial statements? Give one real case example on the misuse of…

A: Special purpose entities are the subsidiaries created for a specific purpose. These are used to…

Q: What is the relationship between CSR and accounting fraud?

A: CSR or Corporate Social Responsibility refers to the management principles which tries to integrate…

Q: What is serious regulatory lapses in the system as difficulties in the financial system?

A: Financial system is the system where all the players are involved and exchange funds & money…

Q: How CSR related to accounting fraud?

A: CSR or Corporate Social Responsibility refers to the practices and policies implemented by corporate…

Q: When assessing the danger of substantial falsification of the financial accounts, what is the…

A: An ethical value is the value what is perceived by a person about what is correct and what is wrong…

Q: tch the type of risk with the related definition. A. Detection risk B. Control risk C. Inherent risk…

A: Solution:- 1. The probability that an auditor will give an inappropriate opinion on financial…

Q: What is the ethical value of applying the Fraud Triangle to assess the risk of material…

A: Fraud Triangle:   A fraud triangle refers to a framework that is used in auditing to explain the…

Q: Why is identification of risks, through a listing of assets and their vulnerabilities, so important…

A: Answer: One can never underestimate the importance of risk management that he is engaged in a…

Q: How can we reduce this risk in financial reporting process? "Are redundant and out-of-date…

A: Financial reporting is a typical accounting approach that uses financial statements to convey a…

Q: What are the risk management happened in the Scandal of Fraud about Wiredcard AG

A: Here discuss about the details of the Scandal Which are incurred in the Wiredcard AG and its effect…

Q: Does a qualified opinion on management’s assessment of internal controls over the financial…

A:

Q: Define business risk

A: A business risk is an inherent risk arising due to the economic activities performed by the…

Q: Why is identification of risks, by listing assets and their vulnerabilities, so important to the…

A: Risk management: Risk management is the process of recognizing risk, assessing its relative scale…

Q: Give examples of tests of controls to test the operating effectiveness of internal controls in the…

A: The procedures which help the audit staff working on the engagement to test the operating…

Q: How is net worth analysis used to prove fraud?

A: Net worth: It is the difference between total value of asset and liabilities. If net assets exceed…

Q: Why might fraud examiners’ attitudes about control systems and materiality differ from that ofother…

A: Materiality is the planning and performing the audit procedures in which certain misstatements,…