Explain how erroneous journal vouchers may lead to litigation and significant financial losses for a firm.

Q: Which of the following is false about accounting information systems?A. They provide reports that…

A: Accounting is the process of recording, classifying and summarising accounting information in order…

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 is NOT likely to be considered as a management function? 1.Creating a…

A: The functions of management briefly refers to process of planning, controlling, staffing,…

Q: Which of the following statements is incorrect? A bank providing a loan to the entity is not a…

A: D) An entity needs to disclose if it has a common director with another entity because there might…

Q: CPA not to accept a new audit engagement

A: A CPA may not accept new audit engagement if he suspects that there will be a restriction in scope…

Q: Which of the following losses can be considered as operational risk losses? a) A counterparty going…

A: Operational risk is defined by the Bank for International Settlements (BIS) as the risk of loss…

Q: Explain fraudulent financial reporting.

A: The examples of fraudulent financial reporting are:  • Modifying the time of recording sales to…

Q: Thinking further of the Going Concern and the Disclosure principles, discuss how management should…

A: Going concern: Going concern is one of the principles of accounting. It states that a company goes…

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: Why might adverse opinions on internal control over financial reporting prompt Daily Journal to…

A:

Q: Assume that a corporate officer or other executive asks you, as the accountant for the company, to…

A: As per the Securities and Exchange Act of 1934 directives, the professional accountants and auditors…

Q: When a company has a strong internal control structure, stockholders can expect the elimination of…

A:

Q: Audit independence in fact is most clearly lost whena. A public accounting firm audits competitor…

A: Audit independence means while doing audit of various firms, auditor should be independent.

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: Which of the following is not a purpose of internal controls?     Guarantee profits     Protect…

A: Internal control can be defined as a system to follow the rules and mechanism in the organisation so…

Q: Sell-Soft is the defendant in numerous lawsuits claiming unfair trade practices. Sell- Soft has…

A:

Q: Companies set up internal controls to protect against fraud and waste.  Select one: True False

A: Internal control, as characterized in accounting and auditing, is a procedure for guaranteeing…

Q: When a database eliminates companies that cease to exist because of a merger or bankruptcy, this can…

A: Introduction: The merger is described as the mechanism by which one corporate entity merges its…

Q: Companies set up internal controls to protect against fraud and waste. true or false

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Which of the following is an example of a self-interest threat to the fundamental principles? The…

A: Self interest threat is the threat of auditor that holds a direct or indirect financial interest in…

Q: What practical difficulties are encountered by a trader due to incompleteness of accounting records?

A: Some practical difficulties are encountered by a trader due to incompleteness of accounting records…

Q: A company limits access to computerized accounting records. What can be said of this procedure? a.It…

A: Limited Access Control: Limited access control is a type of control that provides limited access to…

Q: what happen when the company do not do audit in their financial statement?

A: Auditing: Independent examination of the financial information of the organisation.

Q: List and discuss at least four types of fraudulent practices  or methods companies use in…

A: Financial statements that describe a company's operations and financial performance.   Financial…

Q: True or false: the purpose of an independent public accounting firms auditing and financial…

A: solution : True or false: the purpose of an independent public accounting firms auditing and…

Q: earch a company that had a fraud event happen due to inadequate accounting procedures. Review the…

A: Accountiing control is implemented to ensure the validity and accuracy of financial statements ie…

Q: Refer to the Focus on Fraud feature Common Types of Earnings Management Techniques Involving…

A: Earning Management Techniques This technique is used the company to improve the quality of the…

Q: Under IFRS, a voluntary change in accounting method may only be made by a company if * a. A new…

A: Accounting policies are principles adopted by the management for the preparation and presentation of…

Q: Internal control does not consist of policies and procedures that a. ensure employees and managers…

A: Internal control consists of policies and procedures which is implemented in the organisation so…

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: Do you think there are any circumstances when you should go outside the company to report financial…

A: Being the Ethical Professional Practice includes a confidentiality standard requires we should not…

Q: nswer this question, focus on the understandability and usefulness of the disclosures to the users…

A: Answer: Typically, the balance sheet displays the historical cost of assets and liabilities. Certain…

Q: f In addition to the risk factor identified in the preceding question, another risk factor relating…

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

Q: Vendor invoices are recorded for items that were never ordered by the company. Which of the…

A: If the invoices are recorded for items that were never ordered by the company then such an issue can…

Q: What consulting or nonaudit services are prohibited for auditors of public companies? What other…

A: Some non audit services are prohibited for the auditors of public companies. These consulting or non…

Q: Which of the following finance options is given to businesses by their suppliers? O Commercial Paper…

A: Ques1 : Trade Credit Trade credit is a business-to-business (B2B) agreement in which a customer can…

Q: Why is it important for companies to analyze revenue and accounts receivable? How can these areas…

A: Revenue is commonly referred to as the income received from business operations. It includes…

Q: How can adjustments to the standardized financial statements be made in order to undo these…

A: Accounting distortions are differences between the data shown in financial statements and actual…

Q: describe accounting warning signs and methods for detecting manipulation of informationin fi nancial…

A: Accounting warning signs are the indication that the financial statements are going to manipulation…

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: Consider each of the following independent situations which have come to your attention. Ineach of…

A: On the grounds of contractual secrecy the management of Surf Ltd. declined to disclose a few,…

Q: A company’s management has uncovered events that indicate that substantial doubt exists that the…

A: Definition: Financial statements: Financial statements are condensed summary of transactions…