Fraud Examination
6th Edition
ISBN: 9781337619677
Author: Albrecht, W. Steve, Chad O., Conan C., Zimbelman, Mark F.
Publisher: Cengage,
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Case 1: Fraud examination
Karen, a friend of yours, recently started her own busi- ness, The Bike and Boulder Company (B&B). B&B specializes in the sales of mountain bikes and rock- climbing equipment. Karen is putting the finishing touches on her company policies and procedures. She knows you are taking a fraud class and asks you to review what she has completed thus far. You quickly notice that Karen has neglected to address fraud and fraud prevention in her policies and proce- dures. What policies and procedures would you suggest Karen implement to prevent and detect fraud at B&B?
Answer the following from Chapter 7 of the textbook (write a one page response for each question):
Discussion Question 37: Explain why Benford's Law is useful to auditors in the detection of fraud.
Discussion Question 37: Explain why Benford's Law is useful to auditors in the detection of fraud. (write a one page response for each question):
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- Question 3 Which of the following IT events would create the most serious risk to financial reporting? A. Employees writing down passwords on sticky notes B. Using software on the company network that has been downloaded from a warez website C. Finding an employee running a personal business on company computers D. Unauthorized access to the corporate networkarrow_forwardCharles Hart, an accounts payable clerk, is an hourly employee. He never works a minute past 5 PM unless the overtime has been approved. Charles has recently found himself faced with some severe financial difficulties. He has been accessing the system from his home during the evening and setting up an embezzlement scheme. As his boss, what control technique(s) discussed in this chapter could you use to help detect this type of fraud?arrow_forwardMatch each situation with the fraud triangle factor (opportunity, financial pressure, or rationalization) that best describes it. (a). An employee has check-writing and -signing responsibilities for a small company, and is also responsible for reconciling the bank account. (b) An employee earns minimum wage at a firm that has reported record earnings for each of the last five years. (c) An employee has an expensive gambling habit. (d) An employee's monthly credit card payments are nearly 75% of her monthly earningsarrow_forward
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