Identify fraud risks in revenue cycle

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Reference no: EM133208349

Question 1. For accounts receivable, what are the more relevant assertions? Why should an auditor identify which assertions are more relevant?

Question 2. What steps should an auditor take identify fraud risks In the revenue cycle?

Question 3. Match the following assertions with their associated description: (a) existence/occurrence, (b) completeness, (c) rights and obligations, ((1) valuation or allocation, (e) presentation and disclosure.

1. Cash accounts are properly classified on the balance sheet and disclosed in the notes to the financial statements.

2. Cash balances exist at the balance sheet date.

3. The recorded balances reflect the true underlying economic value of those assets.

4. The company has title to the cash accounts as of the balance sheet date.

5. Cash balances include all cash transactions that have taken place during the period.

Question 4. Fraud related to cash often happens in nonprofit organizations because they tend to lack segregation of duties. Explain how an individual could steal cash from a nonprofit if the individual has responisbility for collecting cash, depositing cash, and recording journal entries

Reference no: EM133208349

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