Chapter 3, Problem 2SC

Briefly explain what is meant by the risk of ‘Fraud in Revenue Recognition’ Is there always a presumed risk of ‘Fraud in Revenue Recognition’? Explain your answer (c)       Explain 4 Fraud Risk Factors that may heighten the risk of fraudulent financial reporting or misappropriation of assets. Answer in the table below:   Risk Factor 1   2   3   4

AC. 1. What kind of big data-based fraud prevention product can be used in fraud monitoring?   2. What kind of big data-based fraud prevention product can be used in fraud risk management?   Please explain with examples

1. How do you understand Fraud in your own words? Please provide explanation. 2. How do you understand the Fraud Triangle? Please provide explanation. 3. Favorite topic in Forensic Accounting? 4. What recommendations will you give to prevent fraud? 5. Will you consider becoming a Fraud investigator in the Future? Why or why not.

Outline two positive and two negative consequences that this might pose to the company in future fraud prevention

1) What was the ethical misconduct in the WorldCom case? 2) What management behaviors led to the financial fraud that was committed? 3) What would you do if you were faced with a similar situation?

1. Distinguish between exposure and risk. 2. Explain the characteristics of management fraud. 3. Why are the computer ethics issues of privacy, security, and property ownership of interest to accountants? 4. Explain why collusion between employees and management in the commission of a fraud is difficult to both prevent and detect.   Please provide me a correct answer and PLEASE NO PLAGIARSIM. Thank you.

Discussion Topic: What is Fraud? Forensic accountants and fraud examiners provide support for accusations of fraud. To be effective, they must understand the difference between fraud and abuse, and must understand the legal concept of fraud, as well as elements of fraud. How does fraud differ from abuse? Give an example of each. What are the legal elements of fraud? (Hint: there are four!); explain each element.

1. What does it mean to say that internal control has limitations and what are these limitations? 2. Provide an appropriate response based on the following scenarios. Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented?  Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented? 3. What is petty cash and what purpose(s) does it serve?  4. What types of controls should be in place to make sure people in the office don't just take from petty cash (for their own personal use) whenever they feel like it? In your opinion, what is an appropriate amount to have in petty cash?  5. Prepare the necessary journal entries for each of the following:         (a) On March 1, issued a check to establish a petty cash fund of $1,410         (b)…

Discussion Questions on Fraud Prevention from Chapter 4 Fraud Examination 4th Edition 1. How do organizations create a culture of honesty, openness, and assistance? 2. What are different ways in which companies can eliminate opportunities for fraud? 3. What is the purpose of adopting a code of ethics throughout a company?