Answered: How is Benford's Law used to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is an accountant’s duty of care? What is GAAP and GAAS? Discussion Topic Two: Do some quick internet research and fine a case that deals with an accountant that has been found to have breached the duty of care. Provide a brief summary of the facts of the case, and provide the court's analysis. Be sure to use a reference
6 Who has the responsibility to carry out the Fraud Risk Assessment (FRA)? And what skills should an individual/team have in conducting FRA?
dentify and explain the three conditions(i.e., the fraud triangle) that often exist whena fraud occurs.
What is the ethical value of applying the Fraud Triangle to assess the risk of material misstatements in the financial statements?
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AU-C 240 points to three conditions that enable fraud to occur. Briefly describe each condition. How does one’s propensity to act ethically, as described by Rest’s model of morality, influence each of the three elements of the Fraud Triangle?
What are three primary points about fraud investigation and timing?
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Answer 4 of the following questions: 1 - What are the critical aspects of surveillance required for the method to be effective? 2 - How is the threshold for predication determined? 3 - What are the challenges associated with proving intent by a fraudster? 4 - What constitutes evidence? 5 - What three types of evidence may be offered at trial? 6 - What is meant by invigilation? 7 - How do witness interviewing and interrogation differ? 8 - How might documents be altered? 9 - What are some ways that may be used to hide assets? 10 - When is it appropriate to use an indirect method for income reconstruction? 11 - Where can fraud examiners and forensic accountants find data?
If one of the three elements of the fraud triangles is not present, can fraud be still perpetrated? explain
6 Discuss deterrence, prevention, and detection in governmental fraud. What do you think is the best aapproach and why?
Illumination Corporation operates one central plant that has two divisions, the Flashlight Division and the Night Light Division. The following data apply to the coming budget year Budgeted costs of operating the plant for 2,000 to 3,000 hours: Fixed operating costs per year Variable operating costs Budgeted long-run usage per year Flashlight Division Night Light Division Practical capacity $500,000 OA. $500,000 B. $625.000 OC. $600,000 D. $650,000 $500 per hour 2,000 hours 1,000 hours 4,000 hours Assume that practical capacity is used to calculate the allocation rates Actual usage for the year by the Flashlight Division was 1,500 hours and by the Night Light Division was 800 hours If a dual-rate cost-allocation method is used, what amount of operating costs will be budgeted for the Night Light Division?

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How is Benford's Law used to investigate cases of fraud