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Question - The following situations may raise a suspicion of fraud on an audit engagement.
Required - Explain how each situation could indicate a fraud risk and how the auditor could confirm or dispel it.
a. An employee can authorize medical insurance claims and enter them into the system for payment without supervisory review. What might happen?
b. The inventory warehouse manager was also responsible for making the physical inventory observation and reconciling discrepancies to the perpetual inventory records. What might happen?
c. The petty cash custodian was replaced and the frequency of fund reimbursement decreased from every two days to every four days. What might you suspect?
d. There are no formal control procedures for bank reconciliations. They are rarely performed, and when they are, they are never reviewed.
e. A company may have recorded fictitious sales. What account could you audit to determine whether this has happened?
Assume that 41,000 shares were originally issued and 3,800 were subsequently reacquired. What is the amount of cash dividends to be paid
baker is an auditor for abc company. as part of a proactive fraud audit baker runs the following tests 1 a review of
The manufacturers want to ensure that the same quantity of glue goes into each tube so they monitored the process from the past three weeks (when there were no production problems) and calculate the mean and standard deviation weight from 50 tubes..
Budgeted sales and merchandise purchases for the three most recent months follow. (1) Prepare the merchandise purchases budget for the months of July, August, and september.(2) Compute the ratio of ending inventory to the next month's sales for ea..
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romano corporation allocates administrative costs on the basis of staff hours. short-run monthly usage and anticipated
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