What items could indicate a significant risk of fraud in the acquisition and expenditure cycle (i.e., be red flags)?

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: What actions to be taken on error/fraud discovery?

A: An auditor is a person who is held responsible for fraud or error detection as he or she is auditing…

Q: How do you think Raju could have used Maytas assets to cover up the fraud?

A: We have to determine that how Raju could have used Maytas assets to cover up the fraud.

Q: ff

A: Organization Background:  Steinhoff International Holdings N.V is a worldwide retail holding…

Q: What is the primary difference between fraud and error infinancial statement reporting?a. The…

A: Financial statements are those statements which are prepared at the end of the period for the review…

Q: Explain why deficiencies in internal controls might not always result in significant misstatements…

A: Internal controls are the systems, rules, and processes implemented by a company to ensure the…

Q: What is the most important factor in the fraud triangle?

A: By adopting sturdy internal controls and processes, any company might cut back the danger of the…

Q: Which of the following is not an element of the fraudtriangle?a. Opportunityb. Control environmentc.…

A: Given: To determine the following is not an element of the fraud triangle given as,a. Opportunityb.…

Q: Errors/misstatements and fraud (meaning and characteristics)?

A: A misstatement is an error, either intentional or unintentional, that exist in a transaction or…

Q: Identify fraud risk factors or red flags.

A: The various fraud risk factors or red flags are: Inventory shrinkage: While it's natural to lose a…

Q: Identify potential fraud schemes related to long-lived assets.

A: The financial statements are sometimes misstated using some techniques. Such misstatement of…

Q: What is the best way to reduce financial statement fraud?

A: There are five basic types of financial statement fraud exist in the entity which are as…

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: 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: A weak internal control system is which element in the fraud triangle?a. Motiveb. Attitudec.…

A: Fraud:   Fraud can be defined as an act of dishonesty that can be performed by a worker or an…

Q: Indicate which statements are true and which are false. Internal control procedures should be…

A: Internal Control system is used by managers for monitoring and controlling business activities. It…

Q: what types are frauds are possible in revenue cycle?

A: Introduction: The revenue cycle is a method of defining and maintaining the processes used for the…

Q: Explain why collusion between employees and management in the commission of a fraud is difficult to…

A:

Q: incentives,

A: Fraud risk refers to the risk that is unexpected and related to the financial, material, or loss…

Q: What is economic extortion and what controls can be implemented to prevent or detect this kind of…

A: Economic extortion: It is a fraud that is done by the health inspector. Economic extortion is a kind…

Q: What are the objectives in doing a fraud audit? Explain.

A: Fraud audit is a detailed examination into the financial records of the business with the intent 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: Why is identification of risks, through a listing of assets and their vulnerabilities, so important…

A: Answer: One can never underestimate the importance of risk management that he is engaged in a…

Q: Decide for yourself which of the following statements is correct and which is incorrect. The…

A: Whether or whether a statement is true or untrue is determined by this information.

Q: Describe what is difference between errors and fraud.

A: Difference between fraud and error: Fraud refers to an intended attempt to misrepresent financial…

Q: Assume that the client’s internal controls over the recordingand classifying of fixed asset…

A: Fixed asset additions can be examine through supporting documents i.e. invoices and can conduct…

Q: What is the auditor's responsibility for detecting theft or fraud?

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: What should the audit team consider in its planning discussionabout fraud risks?

A: Fraud risk is the intentional misstatement in the financial statements by the management for the…

Q: What procedures can auditors perform to detect fraudulent entries made during the consolidation…

A: Auditor: Auditor is an accounting professional hired, to review the financial statements prepared…

Q: Define fraud and internal control

A: Fraud: Fraud can be defined as a deliberate and deceptive action of an employee to obtain unlawful…

Q: fraud assessment

A: Following the coronavirus outbreak, the businesses are becoming more and active and they try to…

Q: Why is identification of risks, by listing assets and their vulnerabilities, so important to the…

A: Risk management: Risk management is the process of recognizing risk, assessing its relative scale…

Q: Give an example of fraud and error?

A: Fraud is an intentional manipulation of a fact with the intention of misleading an individual or a…

Q: How is net worth analysis used to prove fraud?

A: Net worth: It is the difference between total value of asset and liabilities. If net assets exceed…

Q: What factors should the audit team take into consideration when discussing fraud threats during the…

A: Auditing involves an independent examination of financial records of the entity with a view to…

Q: What does fraud includes?

A: Fraud:   It is the practice of intentional misrepresentation of facts to make financial or personal…

Q: What is billing (or vendor) fraud?

A:

Q: How will this situation affect the evidence you should accumulate in auditing fixed assets as…

A: Fixed asset additions can be examine through supporting documents i.e. invoices and can conduct…

Q: ud audit?

A: Accounting fraud occurs when an entity, such as a company or government, deliberately falsifies its…

Q: Explain what is the scope of the fraud audit?

A: Audit is the examination or inspection of books of accounts by an auditor followed by physical…