Understanding of fraud risk assessment

Assignment Help Financial Accounting

Reference no: EM131250425

Consult Paragraphs 65-66 of PCAOB Auditing Standard No. 12. Based on your understanding of fraud risk assessment, what three conditions are likely to be present when fraud occurs (the fraud triangle)? Based on the information provided in the case, which of these three conditions appears to have been the most prevalent at Qwest, and why?

Reference no: EM131250425

Questions Cloud

Calculate the cost of preferred stock-cost of common stock : Calculation of individual costs and WACC Dillon Labs has asked its financial manager to measure the cost of each specific type of capital as well as the weighted average cost of capital. The weighted average cost is to be measured by using the follow..

Point of publication metod of accounting : Consider the role of an upper manager at Dex. Do you believe that a "point of publication" metod of accounting is allowable under Generally Accepted Accounting Principles?

Do you think this is a wise investment of ibm human resour : If you calculate the person-hours devoted to IBM's team projects, they amount to more than 180,000 hours of management time each year. Do you think this is a wise investment of IBM's human resources? Why or why not?

Stockholders equity section of the balance sheet : The stockholders’ equity section of Nilsson Corporation’s balance sheet as of December 31, 2014 is as follows: Make all necessary journal entries for Nilsson to account for the transactions affecting stockholders’ equity. Prepare the December 31, 201..

Understanding of fraud risk assessment : Consult Paragraphs 65-66 of PCAOB Auditing Standard No. 12. Based on your understanding of fraud risk assessment, what three conditions are likely to be present when fraud occurs (the fraud triangle)? Based on the information provided in the case, wh..

Disclosure of its nonrecurring revenue : Consult Paragraph 67 of PCAOB Auditing Standard No. 12. Do you believe that Qwest had established an effective system of internal control over financial reporting related to the presentation and disclosure of its nonrecurring revenue? Why or why not?

What would be the expected impact on the economy : What are the alternative tax system proposed to replace the current US tax system. What would be the expected impact on the economy, the IRS and other factors?

Prepare the journal entry to recognize the transfer of units : Kao Tiles is a specialized producer of ceramic tiles. Its production process involves highly skilled workers and top-quality ceramic crafters. Work in Process is relatively large because each tile is in process for up to 3 weeks because of art, mold ..

Prepare journal entries to record the retirement : Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The bonds were issued on December 31, 2012 at 95, with interest payable on June 30 and December 31. (Use straight-line amortization.) On ..

User Account

All Pages