Evaluate the difficulties associated with preventing and detecting payroll fraud.

Q: investigative techniques used  to uncover the fraud.

A: Fraud is defined as a false portrayal of the facts that cause the victim of the fraud to suffer harm…

Q: Frauds are often detected through the receipt of an anonymous tip, by management review, by internal…

A: Auditing is the process of checking and verifying books of accounts of the business in order to…

Q: ow to prevent and detect fraud, and make it less likely to occur in organization

A: Fraud is a serious issue that might bring down an organization, no matter its size. according to…

Q: How do you understand the Fraud Triangle? Please provide explanation

A: Fraud: Fraud is an act of deception committed by an individual intentionally against the company for…

Q: Expalin wether the tools used in the financial statement audit are employed in a fraud examination.

A: The tools used in a financial statement audit and a fraud examination share some similarities but…

Q: Describe the fraud triangle andidentify conditions for fraud.

A: The fraud triangle is a concept that is frequently used in auditing to describe why someone might…

Q: Why is internal controls important to prevent fraud?  Why would a proper control system prevent…

A: Internal controls refer to the policies, procedures, and practices implemented within an…

Q: How would you distinguish forensic accounting, fraud auditing, and investigative auditing from…

A: Auditing is the process of analyzing the financial statements, and look whether the financial…

Q: What feature of the acquisition and expenditure control would be expected to prevent an employee’s…

A:

Q: Which of the following IT controls would a company appropriately use to mitigate the risk of…

A: The unauthorized access to the system refers to the interference of the individual or the employee…

Q: Why must auditors distinguish between fraud committed by employees and management?  Are auditors…

A: It is one of the auditor's responsibility to obtain reasonable assurance that the financial…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: Control procedures are designed with a view to prevent the frauds and errors from occurring in the…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: A payroll register provides the information related to the pay of each employee during each pay…

Q: Define and explain the differences among several kinds of employee frauds that might occur at an…

A: Fraud - Fraud is an intentional act done by an employee involving the use of forgery of instrument,…

Q: What motivates individuals to engage in occupational fraud?

A: Occupational frauds occur when an employee, management, officer, or owner of a company commits fraud…

Q: When a fraud has occurred within an organization, management must decide what follow-up action (s)…

A: An organization usually does not take any legal action against the person who has done fraud as it…

Q: Which is NOT a source of fraud risk (from the Fraud Triangle)?  a) Fraud Tip Hotline b) Perceived…

A: According to the Fraud Triangle, all three elements - opportunity, motivation or pressure, and…

Q: Define fraud examination and describe various engagements performed by fraud examiners.

A: Although the investigation of fraud shares some attributes with forensic, it is not the same…

Q: List the supporting documents and records the auditorwill examine in a typical payroll audit in…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: What is the fraud scale, and how does it relate to pressure, opportunity, and integrity?

A:

Q: In fraud examiners’ terminology, what is predication?

A: Introduction: Fraud: The action of deceiving a performance for the purpose of generating illegal and…

Q: For the purpose of internal control, the same person who prepares payroll checks should also…

A: The segregation of duties is a fundamental principle in internal control, and it is designed to…

Q: Apart from the internal audit and whistleblowing functions, what other mechanisms can assist…

A: There are various methods to tackle fraud. Listed below are explained as under- 1. Background…

Q: Write a short note on "Accounting Frauds"

A: Accounting fraud is the deliberate manipulation of financial accounts to provide the impression that…

Q: Explain the elements of a good document of fraud..

A: Since documentary evidence makes up a large quantity of evidence in fraud cases, auditors must…

Q: Articulate when and how to report actual or suspected fraud

A: A fraud is when the actual activity or transaction differs from the stated or recorded transaction…

Q: What are the most common errors and frauds in the personnel and payroll cycle? Which control…

A: Payroll cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

Q: In an audit of cash receipts, fraud detection is often a primary focus. It's up to the auditor to…

A: In this audit, the auditor focuses on cash since it is the most liquid asset of the organization.…

Q: Advise the college on the weakness in its systems and procedures due to payroll fraud.

A: List of some actions to be taken by college on the weakness in its systems and procedures due to…

Q: Outline two positive and two negative consequences that this might pose to the company in future…

A: The question is asking to outline two positive and two negative consequences that a company might…

Q: Responsibility for prevention and detection of fraud?

A: Fraud: It is a sharp and clever practice of the person to deceive some intentionally to secure…

Q: Why do auditors need to differentiate between employee and management fraud? Is it the…

A: That the Company's financial statements are free of any substantial misstatements following…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: CONTROL PROCEDURES ARE THE SPECIFIC ACTIONS THAT MANAGEMENT TAKES TO MAINTAIN CONTROL AND TO ENSURE…

Q: The fraud triangle identifies incentives, opportunities, and rationalizations as the three elements…

A: FRAUD TRIANGLE: The fraud triangle is developed from Donald Cressey's hypothesis. The fraud…