Explain how serious regulatory lapses in the system is one of the difficulties associated with the financial system.

Q: of financial scand

A: I present a historical overview of financial scandals and offer an explanation of their frequency…

Q: What are the bases of accounting? Describe how government accounting systems are structured. How do…

A: Government accounting is a technique used for collecting, processing and evaluating the economic…

Q: Explain the problems of adverse selection and moral hazard caused by asymmetric information. How can…

A: A financial institution is a corporation or person who acts as another go for different parties in…

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: Government policies that focus on the aggregate safety and soundness of the financial system are…

A: Answer: The correct answer is option A. Macro-prudential supervision.

Q: Business damages, as a result of financial fraud, directly impact the operations of any company.…

A: Fraud is an intentional act which is committed in order to defraud a group of people for the purpose…

Q: Information is immaterial if omitting it or misstating it could influence decisions that users make…

A: Materiality  is determined  by considering  both quantitative and  qualitative factors.

Q: What is management’s responsibility for reporting on internal control over financial reporting?

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: The role of regulators in mitigating Earnings Management activities

A: Earnings management refers to the practices undertaken by corporate management to intentionally…

Q: Why is there a need for regulation of the financial system?  What are the objectives of the FMA and…

A: In order to direct savings and investment resources to the areas of the economy that need it most,…

Q: Why is the auditor to be concerned about the financial crisis

A: Audit can be defined as verification and evaluation of financial statements of the company.…

Q: Analyse the consequences of financial management and failure to adhere to regulations, including…

A: Financial management is a critical aspect of running any business or organization, and failing to…

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: Explain Poor supervision by Central Banks with examples

A: Central banks play major role in the country’s economy. Some of the main function of these banks are…

Q: Which one of the following is not an advantage of internal controls? Select one: a. It safeguards…

A: Internal control is an auditing and accounting tool that ensures operational efficiency and…

Q: ounting information systems aid in the prevention of fraud? Do legislative activities such as the…

A: The accounting information system (AIS) is a programme that gathers data, processes it, and…

Q: Accounting fraud is the intentional manipulation of financial statements to create a false…

A: Meaning of Accounting Fraud: Accounting fraud refers to intentional manipulation of financial…

Q: Uncertainty is a significant problem in Financial Reporting but the current version of IAS 37…

A: IASs provides guidance to deal with particular event or situation. Different IASs give direction on…

Q: Describe the Sarbanes Oxley Act and its impact on internal controls and financial reporting.

A: Internal Control  Internal control is a procedure for ensuring that an organization's objectives in…

Q: hat is the authoorative status of the Conceptual Framework?   a. to provide the foundation for…

A: Answer: Concept: Conceptual framework deals with financial reporting.

Q: What special problem do off-balance-sheet activities present to bank regulators, and what have they…

A: Off- Balance sheet activities or items includes the resources and obligations which are not recorded…

Q: Describe the difference between errors and fraud in financial statements.

A: Definition: Auditor: The auditor is an accounting professional hired by a company to review the…

Q: Increased compliance and regulatory requirements have no impact on a Bank's noninterest expense…

A: Bank's noninterest expense, also referred to as operating expenses, are the costs associated with…

Q: ecognize the difference between dishonest financial reporting and the misuse of property. Compare…

A: Answer: Fraudulent and forgery activities are done to manipulate numbers in financial statements

Q: Answer the following questions to ponder: 1. What is the purpose of internal controls? 2. What…

A: An internal control is a plan of organisation for your business. It co-ordinates all systems used in…

Q: the Anti Money Laundering Council existence is to protect the integrity of the Financial and Non…

A: There will be systematic, broad based and far reaching implications in case there is no Money…

Q: factor that could explain why the falsifying of financial statements is occurring so frequently.

A: The practice of utilizing innovative accounting procedures to make a firm's financial statements…

Q: What is an example of an organization that has not maintained proper financial management

A: Financial management is the controlling and monitoring of the financial resources of an organization…

Q: Which one is not the fraudulent financial reporting? Select one: a. Cash shortage b. Lack of working…

A: Fraudulent financial reporting :              The fraud practices which hinders the objective of…

Q: What is the ethical value of applying the Fraud Triangle to assess the risk of material…

A: Fraud Triangle:   A fraud triangle refers to a framework that is used in auditing to explain the…

Q: Discuss weaknesses in the public sector accounting and finance in the usage of resources that might…

A: Accounting in the public sector is a distinct specialty with its own set of qualifications. The…

Q: What are some of the most typical accounting blunders?

A: These are the errors in accounting entries, choosing wrong accounts or principles which results in…

Q: he importance of internal control is to protect against all of the following EXCEPT     integrity…

A: Internal controls: Internal controls are the controls which are defined for the purpose of Auditing…

Q: Which of the following factors creates an opportunity for fraud to be committed in an organization?

A: Corporate fraud consists of illegal, deceptive actions committed either by a company or an…

Q: The probability that, in the absence of internal controls, material errors or frauds could enter the…

A: Inherent risk :       As the name suggests, it is the risk which is inherent in the omission or…