Chapter 2: The Risk of Fraud and Mechanisms to Address Fraud: Regulation, Corporate Governance, and Audit Quality 1. The auditor is not responsible for the presentation of financial statements; therefore, the auditor has no responsibility for fraud in the financial statements. FALSE 2. An example of fraudulent financial reporting is the CFO intentionally overstating sales to boost profits. TRUE 3. The auditor is responsible for actively considering fraud risks in order to obtain
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more than doubled, while hitting the financial side with an estimated 40 percent increase. The cost of cybercrime study in 2012, conducted by Ponemon Institute, found that cybercrime costs to a random sample of organizations averaged 8.9 million dollars. This spike is estimated to have increased the cost of cybercrime by 6 percent from 2011 and 38 percent from 2010. Also during this study it was discovered that there had been a huge increase of cyber-attacks, approximately 48 percent, with around 102
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bases his finding on criminology specifically centered on regulatory and ethical issues. According to Poole (2002) “forensic accountant must also be open minded and skeptical. In most cases he/she will be instructed by one party or the other and will therefore be presented with that party’s perspective of their case. Forensic Accountant
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it stated the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting. 2. Under HIPAA, when is a health care provider required to notify all patients and the Department of Health and Human Services when a security breach is discovered? These individual notifications must be provided without unreasonable delay and in no case later than 60 days. 3. Which database is more secure: the Java-based Apache Derby or
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Before You Sue The Accountants Daniel J. Hurson Even if it looks like a strong case, be careful—there are some surprising defenses. IN THE WAKE OF the corporate accounting scandals that have dominated the business news for the last few years, as well as recurring announcements of large settlements in class action suits against major accounting firms, the prospect of a malpractice case against an accounting firm would at first glance seem attractive. Juries are presumably more predisposed to
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PART A: THE BUSINESS ORGANISATION, ITS STAKEHOLDERS AND THE EXTERNAL ENVIRONMENT Study Guide A1 The purpose and types of business organisation (a) (b) (c) (d) (e) Define ‘business organisations’ and explain why they are formed. Describe common features of business organisations. Outline how business organisations differ. List the industrial and commercial sectors in which business organisations operate. Identify the different types of business organisation: (i) (ii) (iii) (iv) (v) Commercial
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Board (PCAOB) of a national center to facilitate auditing firms’ and other market participants’ sharing of fraud prevention and detection experiences, practices, and data and innovation in fraud prevention and detection methodologies and technologies, and commission research and other fact-finding regarding fraud prevention and detection, and further, the development of best practices regarding fraud prevention and detection. a. Discuss three arguments in favor of the recommendation. Choose the three
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should be aware of various management and operational techniques, which includes all of the following except: Mental Models Spirituality Greenfielding 2. Question : (TCO F) Manually altering entries in an organization‘s books in order to conceal fraud is called: Shrinkage Forced reconciliation Padding the books Instructor Explanation:Wells, Chapter 9 3. Question : (TCO F) During an interview, when an interviewee repeatedly fiddles with a pen or picks lint from her clothing, he/she is giving
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“Current Issues in Accounting” SEC Charges Terex Corporation with Accounting Fraud Table of Contents Introduction ----------------------------------------------------- 3 Discussion ---------------------------------------------------- 4 Conclusion ------------------------------------------------------ 5 References ------------------------------------------------------ 6 Introduction Terex Corporation (Terex) is a global manufacturer of a broad range of machinery equipment for
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ASSURANCE CASE STUDY: Phase 2,3 & 4 PROBLEM BASED LEARNING PROCESS STAGES 1 PBL ACTION PROCESS Group Introduction students to PBL via experiential learning Setting Assign student with a course guide that consist of rationale, objective and content Define roles of facilitator and student Introduce members DOCUMENT & RECORD ASSIGN 2 Trigger Designation of work groups Establish ground rules Student confront a problem 4 groups (max 10 person per group) of student are given by case study Rancangan
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