FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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(This is about Accounting Information System .)
1. Distinguish between ethical issues and legal issues.
2. When a company has a strong internal control structure, stockholders can expect the elimination of fraud. Comment on the soundness of this statement.
3. Distinguish between employee fraud and management fraud.
4. Discuss the Sarbanes-Oxley Act.
Please provide me a correct answer and PLEASE ANSWER ALL THE QUESTIONS NOT JUST ONE QUESTION. Thank you!
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- 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?arrow_forwardAccording to American Institute of Certified Public Accountants (AICPA) auditing standards,2 the primary responsibility for prevention and detection of fraud rests with those charged with governance and management. There are a number of strategies3 to help management and public officials navigate the challenges associated with prevention and detection of fraud. Explain some other fraud prevention methods in which it can be avoided? I need typed answer with explanation Narrow_forwardMatch definitions with vocabulary terms) Use theseterms to complete the statements that follow. You can use a term more than once or not at all.Bank reconciliation Firewall Misappropriation of assetsCash equivalents Fraud triangle Outstanding checkController Fraudulent financial reporting PhishingDeposits in transit Imprest system Remittance adviceFidelity bond Internal control Treasurerl. An insurance policy that reimburses a company for any losses due to employee theft isa/an .__________________________arrow_forward
- True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. j. Accounting internal control is synonymous to administrative internal control. k. Bookkeeping is always a part of financial accounting. m. Bookkeeping is sometimes a part of public accounting.arrow_forwardPlease ASAParrow_forwardIdentify at least four different areas where there could be potential accounting fraud in a company. Make sure you elaborate on your reasoning for why accounting fraud could occur as well as the financial implications on the organization.arrow_forward
- Explainarrow_forward4 Jamie is an auditor. While preparing to audit his client, FoodCourt, he finds a weakness in the company's internal control that might suggest that the company has a higher than normal risk, and revenue may have been recorded in the wrong period. Given this weakness, what information should be communicated to management? 5 What is the relationship between the internal control system and risk management with corporate governance? How can the internal control system enhance a company s corporate governance?arrow_forward27. An audit firm has been asked by a client to attend a meeting between the client and its bank where a new bank loan application is to be discussed. According to the Code of Professional Ethics for Accountants, what type of threat to objectivity will be created if the auditor attends this meeting? a. Self interest threat b. Intimidation threat c. None of the options d. Self review threatarrow_forward
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