FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Select the correct answer(s) for the following multiple-choice questions. Note that there may be more than one correct answer. Cyber sleuths need the following skills: a. Ability to do complex programming so they can develop their own software to examine corporate data and records. b. Ability to follow a trail, think analytically, and be thorough. c. Ability to use their computer engineering experience to evaluate the hardware used by the company d. Ability to think like a fraud perpetrator and use hacking tools and techniques. e. Ability to use their legal training to properly prepare the evidence needed to prosecute perpetratorsarrow_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_forwardFor this assignment, you are to construct a diagram of the Fraud Triangle and clearly label each component of the Fraud Triangle. For each of these three components, provide the following: An explanation (two to three paragraphs) of each of the three components, specifically addressing how it could contribute to fraud. For each component of the Fraud Triangle, provide the following: List and briefly discuss internal controls for each of the three components that could help to reduce the impact of potential frauds related to that component of the Fraud Triangle. Note: This means that you will have a total of 24 internal controls documented. A few of the internal controls might be common to each component but please tailor them to the component you are referring to and do not copy and paste the same eight internal controls for each component. While APA style is not required for the body of this assignment, solid academic writing is expected and in-text citations and references should be…arrow_forward
- The audit documentation are the connecting link between the client's accounting records, financial statements, and the auditor's report. TRUE OR FALSE? WHY?arrow_forwardCPAs may audit around or through computers in the audit of the financial statements of clients who use IT to process accounting data. d. How can the CPAs be satisfied that the computer programs presented to them for testing are actually those used by the client for processing accounting data?arrow_forwardPlease help ASAP. Clearly define the answers for the following questions. (use at least 10 sentences for each , thanks) Question 1: Explain and give examples of the use of a fraud theory. Question 2: Outline the Fraud Triangle and give two examples of each elementarrow_forward
- Explain how forensic accountants can use the so-called COFEE device?arrow_forwardCASE: You are a fraud expert and have been asked to investigate possible wrongdoing at a local nonprofit organization. You suspect that one of the workers, Stacey, has been embezzling money. After securing enough evidence to be very confident of Stacey's guilt, you speak with the president of the organization, Jamie. Jamie assures you that Stacey could be doing nothing wrong, that she has known Stacey for years, and Stacey is a good person. Further, she indicates that because of her relationship with Stacey, even if something were going wrong, no action would be taken with respect to the potential fraud. QUESTIONS: 1)How do you respond to Jamie? How do you explain to her what is at stake? 2) What monitoring and control systems should have been in place at Jamie's organization to prevent such a behavior? Explain. 3)Would you recommend an ethics audit to this company? Why?arrow_forwardExplain all the five steps involved in the information system based audits in your own words. How would an auditor verify the source documents while auditing accounting information systems where business is conducted fully online?arrow_forward
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