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Identify if the scenario is a fraud risk factor relating

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Reference no: EM132322337

Question

Identify if the scenario is a fraud risk factor relating to misstatements arising from fraudulent financial reporting or fraud risk factors relating to misstatements arising from misappropriation of assets and the associated condition generally present when fraud occurs.For each of the scenarios in the question select from the options provided the appropriate risk factor.

Question 1 - Significant related-party transactions not in the ordinary course of business.

Opportunities Misstatements arising from misappropriation of assets

Incentives/pressures Misstatements arising from misappropriation of assets

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Opportunities Misstatements from fraudulent financial reporting

Question 2 - "Promotions, compensation, or other rewards inconsistent with expectations."

Opportunities Misstatements from fraudulent financial reporting

Incentives/pressures Misstatements arising from misappropriation of assets

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Opportunities Misstatements arising from misappropriation of assets

Question 3 - Significant bank accounts in tax-haven jurisdictions for which there appears to be no clear business justification.

Incentives/pressures Misstatements arising from misappropriation of assets

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Opportunities Misstatements from fraudulent financial reporting

Opportunities Misstatements arising from misappropriation of assets

Question 4- Large amounts of cash on hand or processed

Opportunities Misstatements arising from misappropriation of assets

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Opportunities Misstatements from fraudulent financial reporting

Incentives/pressures Misstatements arising from misappropriation of assets

Question 5 - Ineffective board of directors or audit committee oversight over internal control

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Opportunities Misstatements arising from misappropriation of assets

Incentives/pressures Misstatements arising from misappropriation of assets

Opportunities Misstatements from fraudulent financial reporting

Question 6 - "Inadequate physical safeguards over cash, investments, or inventory"

Incentives/pressures Misstatements arising from misappropriation of assets

Opportunities Misstatements arising from misappropriation of assets

Opportunities Misstatements from fraudulent financial reporting

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Question 7 - Excessive interest by management in maintaining or increasing the entity s stock price

Opportunities Misstatements arising from misappropriation of assets

Opportunities Misstatements from fraudulent financial reporting

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Incentives/pressures Misstatements arising from misappropriation of assets

Question 8 - Management has significant financial interests in the entity

Incentives/pressures Misstatements from fraudulent financial reporting

Opportunities Misstatements arising from misappropriation of assets

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Opportunities Misstatements from fraudulent financial reporting

Question 9 - "Inadequate monitoring of controls, including automated controls and controls over interim financial reporting"

Incentives/pressures Misstatements arising from misappropriation of assets

Opportunities Misstatements from fraudulent financial reporting

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Opportunities Misstatements arising from misappropriation of assets

Question 10 - Management failing to correct known significant deficiencies on a timely basis

Opportunities Misstatements arising from misappropriation of assets

Incentives/pressures Misstatements arising from misappropriation of assets

Attitudes/rationalizations Misstatements from fraudulent financial reporting

Opportunities Misstatements from fraudulent financial reporting

Reference no: EM132322337

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