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- Management can expect various benefits to follow from implementing a system of strong internal control. Which of the following benefits is least likely to occur?a. reduction of cost of an external auditb. prevention of employee collusion to commit fraudc. availability of reliable data for decision-making purposesd. some assurance of compliance with the Foreign Corrupt Practices Act of 1977e. some assurance that important documents and records are protectedIf one of the three elements of the fraud triangle is not present, can fraud still be perpetrated? Explain. Identify factors (red flags) that would be strong indicators of opportunities to commit fraud. Is the ability to rationalize the fraud an important aspect to consider when analyzing a potentially fraudulent situation? What are some of the common rationalizations used by fraud perpetrators? Define and illustrate kiting. What controls should the client institute to prevent it?Describe a checks an balance scenario that allows for whistleblowing and prevents retaliation to the informant?
- When a fraud has occurred within an organization, management must decide what follow-up action (s) to take. Briefly describe the three follow-up alternatives available to organizations?Which of the following is an inherent limitation of any client's internal control? Multiple Choice • Procedures designed to assure the execution and recording of transactions in accordance with proper authorizations are effective against frauds perpetrated by management. • Procedures whose effectiveness depends on separation of duties can be circumvented by collusion. • The competence and integrity of client personnel provide an environment conducive to control and provides assurance that effective control will be achieved. • The benefits expected to be derived from effective internal controls usually do not exceed the costs of effective internal controls.When the risk of material misstatement due to fraud is considered high in a particular area, which of the following is a likely response? Perform tests on an interim basis throughout the period. Obtain more reliable evidence by expanding tests to include all transactions. a. b. C. d. Obtain additional corroborative information. Design tests of controls to substantiate weaknesses.
- Which of the following actions would be considered as self-interest threats? Select which two options are correct. Select one or more: A. A member of the assurance team is a director of the client. B. An auditor acts as an advocate on behalf of an assurance client. C. An auditor has potential employment with an assurance client. D. One client provides a high percentage of total audit fees.Do you think the new revenue recognition standard introduced by the FASB-IASB can reduce the likelihood of similar fraud cases caused by improper revenue recognition?Understanding what constitutes fraud and understanding the framework are a part of developing an internal control program. The fraud triangle is a framework that is used to understand and explain what the motivation could be when a person decides to commit fraud. Thinking about the fraud cases that you are aware of, how would the fraud triangle explain fraudulent behavior?
- Which of the following internal control policies, when absent, would increase the opportunity for fraud A. Mandatory vacations for employees with access to assets B. The absence of any of the given choices increases the opportunity for the fraud C. Job applicant screening for employees with access to assets D. Appropriate segregation of duties or independent checks 2. Whom should the auditors contact when they suspect a fraud? A. Either the senior management or the audit committee B. Senior management C. Audit committee of the board of directors D. Expected perpetrators of the fraudIn order to eliminate ethical fraud concerns, what procedures or policies should be implemented?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?