Reference no: EM133155200

Question - Explain the following briefly.

Q1. What are the risk factors that relate to fraudulent financial reporting? What types of common schemes should auditors look for?

Q2. Contrast management fraud with employee fraud.

Q3. Why are the computer ethics issues of privacy, security, and property ownership of interest to accountants?

Q4. According to common law, there are five conditions that must be present for an act to be deemed fraudulent. Name and explain each.

Q5. How does the auditor's judgements about the risk of material misstatements affect the audit?

Q6. Four principal types of corruption are discussed. Name all four and explain at least two.

Q7. Misappropriation of assets can involve various schemes: expense reimbursement fraud, lapping, and payroll fraud. Explain each and give an example.

Q8. Distinguish between skimming and cash larceny. Give an example of each

Q9. Explain why collusion between employees and management in the commission of a fraud is difficult to both prevent and detect.

Q10. Discuss what an auditor should look for in testing for payments to fictitious vendors and how ACL can be used to assist the process.

Q11. Explain the problems associated with lack of auditor independence.

Q12. Explain the problems associated with lack of director independence

Q13. Explain the problems associated with Questionable Executive Compensation Schemes

Q14. Explain the problems associated with inappropriate accounting practices.

Q15. Computer fraud is easiest at the data collection stage. Why?

Q16. Describe the factors that constitute the fraud triangle. Why is it important to auditors?

Q17. Distinguish between errors and irregularities. Which are of greatest concern to auditors?