Reference no: EM132804306
Problem 1: Risk factors that relate to misstatements arising from misappropriation of assets are classified according to the three conditions generally present when fraud exists: incentives/pressures, opportunities, and attitudes/rationalization. Which of the following is not among the examples of risk factor classified as "opportunities"?
A. Inventory items that are small in size, of high value, or in high demand
B. Fixed assets which are small in size, marketable, or lacking observable identification of ownership
C. Promotions, compensation, or other rewards inconsistent with expectations
D. Large amounts of cash on hand or processed
Problem 2: Which of the following is an appropriate consideration in auditor's selection of sample size?
A. The auditor may select a voided or cancelled document in a sample. If the document has been properly voided, treat the item as deviation.
B. If the auditor encounters missing documents and he is unable to determine whether control has been properly performed, replace the document with another sample item.
C. The auditor may select a voided or cancelled document in a sample. If the document has been properly voided, replace the document with another sample item
D. If the auditor encounters missing documents and he is unable to determine whether control has been properly performed, treat the item as deviation and replace the document with another sample item.
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