Fraud Examination
6th Edition
ISBN: 9781337619677
Author: Albrecht, W. Steve, Chad O., Conan C., Zimbelman, Mark F.
Publisher: Cengage,
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When a fraud has occurred within an organization, management must decide what follow-up action (s) to take. Briefly describe the three follow-up alternatives available to organizations?
7-Who among the following are primarily responsible for prevention and detection of frauds?
a. Nomination committee is primarily responsible for prevention and detection of fraud
b. All the options
c. Management and TCWG are primarily responsible for prevention and detection of fraud
d. Auditor is primarily responsible for prevention and 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 9 Fraud risk factors are events or conditions that indicate which of the following? An opportunity to carry out fraud An attitude or rationalization that justifies a fraudulent action. An incentive or pressure to perpetrate fraud. All of the answers provided.arrow_forward{Auditing} 27. Who among the following are secondarily responsible for prevention and detection of frauds? a. Management is secondarily responsible for prevention and detection of fraud b. Auditor is secondarily responsible for prevention and detection of fraud c. All the options d. Nomination committee is secondarily responsible for prevention and detection of fraudarrow_forward41 Who among the following are secondarily responsible for prevention and detection of frauds? a. Auditor is secondarily responsible for prevention and detection of fraud b. Management is secondarily responsible for prevention and detection of fraud c. All the options d. Nomination committee is secondarily responsible for prevention and detection of fraudarrow_forward
- 9. Procedures that can be used in obtaining a sufficient understanding of Internal Control include the combination of any of the following procedures, except; a. Inquiry of the profile and appropriateness of the client's personnel b. Future engagement plan with the client c. Review of the accounting manuals and organizational structure of the client d. Observation of the activities of the client e. Previous experience with the clientarrow_forwardThe impact of weak internal controls can affect an employee’s fraud behavior. The role of information technology (IT) controls facilitate and help detect fraud. Design a method from the accounting information system (AIS) readings to help eliminate such employee fraud activity. Chapter 3 in your textbook discusses the need for a code of ethics and internal controls.arrow_forwardQuestion 7 Z scores are: A. Used to evaluate the quality of imaged files B. Used to identify outliers in data C. A fraud score based on ISO standards D. Issued by the SEC to identify public companies that are experiencing risk assurance problem ReplyForwardarrow_forward
- Outline two positive and two negative consequences that this might pose to the company in future fraud preventionarrow_forwardWrite a one-page memo analyzing the relationship between fraud and internal controls. Explain the principles underlying these approaches. Include a note on the limitations of internal controls.arrow_forward32. Which of the following statements best describes the competency requirement for an auditor regarding fraud risks encountered in an engagement execution? Group of answer choices The auditor must be able to have an appreciation of the fundamentals of fraud detection and investigation techniques. The auditor is not expected to have any competency requirement regarding fraud since the role of investigating and detecting fraud belongs to other functions in the organization. None of the choices The auditor must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization. The auditor should be able to have comparable competencies of a person whose primary responsibility is detecting and investigating fraud.arrow_forward
- 14-Which of the following statements is not true? a. Internal control system reduces the errors and fraud b. Management fraud is more difficult to detect than employee fraud c. All of these statements are true. d. The auditor’s main duty is the detection and prevention of fraudarrow_forwardFRAUD-MOTIVATING FACTORSResearch has shown that situational pressures and opportunity are factors that contribute to fraudulent behavior. Requireda. Identify two situational pressures in a public company that would increase the likelihood of fraud.b. Identify three opportune moments that would increase the likelihood of fraud.arrow_forward
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