Fraud and Errors
10 important questions on Fraud and Errors
What are the 5 characteristics of fraud?
- False statements of representation or disclosure
- Material fact that induce the person
- Intent to deceive
- Justifiable reliance
- Injury or loss suffered by the victim
What is treadway commission recommendation for reducing F/S fraud?
- Establish an organization environment that contribute to the overal integrity
- Identify and understand the factors that lead to F/S fraud.
- Assess the risk of fraudulent F/S in the firm
- Design and implement internal controls
What is investment fraud?
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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According to SAS.99, what are auditors responsibilities to detect fraud?
- Understand fraud
- Discuss the risks of material fraudulent misstatements
- Obtain information
- Identify
- Evaluate the results of their audit tests
- Documentation and communicate findings
- Incorporate a technology focus
How can a company makes fraud less likely to occur?
- Due diligent
- Training
- Rotation of duties
- Reward good behavior
- Punish fraudster adequately
How can a company increase the difficulty of committing fraud?
- Internal controls
- Establish an organization culture base on integrity
- Whistle-Blowers
- Authorization & Authentication
- Independent ext Audit
What are the financial pressure that can lead to Employees fraud?
- Unreasonable financial target
- Excessive debt
- Tax evasion
- Bad Investment
- Economic recession
What are the lifestyle pressure that can lead to employee fraud?
- Excessive drink/alcohol
- Family/peer pressure
- Gambling habit
- Excessive sexual relationship
- Living above your means
What are the emotional pressure that can lead to employee fraud?
- Excessive Greed, Pride
- Challenge to beat the system
- Need to prove loyalty to management
- Excessive Ambition
- Job dissatisfaction
What are the financial pressure that can lead to F/S fraud?
- Liquidity problem
- Tax Evasion & avoidance
- Bad financial Investment
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
