When comparing the auditor's responsibility for detecting employee fraud and for detecting errors, the profession has placed the responsibility Select one: a. on the senior auditor for detecting errors and on the manager for detecting employee fraud b. more on discovering employee fraud than errors c. equally on discovering errors and employee fraud d. more on discovering errors than employee fraud

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: Which of the following best describes the operational audit? Select one: a. It requires the constant…

A: Operational audit is the examination and verification of all the operations of the business…

Q: The management fraud is committed by a top level management employee? Give an example of those top…

A: frauds committed by management ( top-level ) -   - management frauds are committed by top-level…

Q: Based on the above article, discuss the role of public sector auditing in the process of ensuring…

A: Public sector auditing based on public sector auditing standards help determine the financial…

Q: In a fraud examination, original documents must be protected from damage and tampering toa.…

A: Fraud examination: Wrongdoing checks require attempts to address claims or signs of wrongdoing where…

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: Which of the following statements is characteristic of monitoring activities within the internal…

A: Internal controls system includes a set of rules, policies, and procedures an organization…

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 is the primary objective of the fraud brainstorming session?a. Determine audit risk and…

A: Brainstorming Session:   The brainstorming sessions are the ones in which critical audit areas are…

Q: A conceptually logical approach to the​ auditor's evaluation of internal control consists of the…

A: Please see Step 2 for required information.

Q: Incompatible duties exist when an employee is in a position tlo penetrate and conceal errors of…

A: Fraud means intentional concealment of facts or wrongful action resulting in financial or personal…

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: Prevention and detection of fraud is the primary responsibility of: a. The Management b. The…

A: Prevention and detection of fraud is necessary to provide financial statement free of material…

Q: John Wells, CPA, is planning the audit of CVG Services Inc. As a result of his risk assessment…

A: Events or situations that imply an incentive or motivation to conduct fraud or give a chance to…

Q: The objectives of internal control are to a. prevent fraud and promote the social interest of the…

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: Who are the professional organizations who are in charge of fraud auditing? Birefly elucidates.

A: This question explains about the professional organization of fraud auditing

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: Internal auditors are individuals from outside CPA firms that come into your business to perfom an…

A: Auditors: These are the persons who are appointed by the company in case of internal audit and…

Q: When obtaining an understanding of the entity and its environment, including its internal control,…

A: The audit of the financial statement is required to be conducted so as to ensure that the financial…

Q: When it comes to control systems and materiality, why may fraud examiners' perspectives be different…

A: Auditor : He is a firm employee tasked with conducting an audit, verifying all of the company's…

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Intimidation Threat :- An intimidation threat occur if the professional accountant is intimidated by…

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: 32. Which of the following statements best describes the competency requirement for an auditor…

A: Auditor is the person who is responsible for examining and verifying books of account and financial…

Q: Describe the elements necessary for a successful fraud examination and explain the differences in…

A:

Q: “fraud   triangle

A: Fraud triangle theory explains the reasons for committing fraud.

Q: The auditor’s primary consideration is whether, and how, internal control prevents, or detects and…

A: Auditors are appointed to audit the financial statements of the company to check whether the…

Q: whom should the auditors contact when they suspect a fraud? a. senior management b. audit…

A: Auditors are the persons who examine the financial statements of an entity to check the accuracy and…

Q: With respect to fraudulent financial reporting, which one of the following statements is not…

A: Auditor can obtain reasonable assurance only, not an absolute assurance.

Q: What is the concept behind separation of duties in establishing internal control? a. Employee fraud…

A: Answer:   Option a

Q: Which of the following statements is not true? a. The auditor’s main duty is the detection and…

A: The auditor has to ensure whether the financial statements represent true and fair view and as well…

Q: nternal control should be designed to provide reasonable assurance that       a. Management’s…

A: Auditing refers to the procedure of evaluating and analyzing the books of accounts prepared and…

Q: What examples can be explained as the type of technical training and proficiency auditors must have…

A: The auditor must have adequate technical training and proficiency to perform the audit. the…

Q: Employee Embezzlement via Cash Receipts and Payment of Personal Expenses.Assume you have received a…

A: Since multiple questions are posted only the first three questions will be answered. Kindly resubmit…

Q: Analytical procedures are one of many financial audit processes which help an auditor understand the…

A: Introduction:- Analytical procedures are one of many financial audit processes which help an auditor…

Q: After fieldwork audit procedures are completed, a partner of the CPA firm who has not been involved…

A: As per Standard of Auditing the main focuses of Second Review is Confirmation of Financial…

Q: Regarding auditor remuneration, a self-interest threat to professional competence and due care is…

A: The auditor would require to provide the service with his full competence and due care. But if he…

Q: Which of the following is TRUE about Internal Audit? Internal audit is described as the verification…

A: The role of internal audit is to provide independent assurance that an organization’s risk…

Q: If auditor maintains high degree of independence, it will result in _________ a. Attention of media…

A: Independence of auditors means when auditor is not biased while analysing and reviewing financial…

Q: The risk of not detecting a misstatement resulting from fraud is greater than that resulting from…

A: Audit is the process of verifying books of accounts and financial statements of business and it…

Q: (1) indicate whether you believe the scenario reflects negatively on management integrity, and…

A: Management Integrity is the inbuilt quality of the managers to follow the code of ethics defined for…