Exam 11: Fraud Auditing

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The "tone at the top" provides a foundation upon which a more detailed code of conduct can be developed to provide specific guidance for the organization and its employees.Components of a code of conduct may include sections on 1)general employee conduct, 2)relationships with clients and suppliers and 3)conflicts of interest.Give a narrative description of what might be included in each of the above components of a code of conduct.

(Essay)

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Question 61

PCAOB Standard 5 states that fraud of any magnitude by senior management is at least a significant deficiency in internal controls.

(True/False)

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Question 62

Who is most likely to perpetrate fraudulent financial reporting?

(Multiple Choice)

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Question 63

Interrogative inquiry is often confrontational.

(True/False)

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Question 64

Which of the following best defines fraud in a financial statement auditing context?

(Multiple Choice)

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Question 65

Which of the following is least likely to uncover fraud?

(Multiple Choice)

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Question 66

Audit committee oversight also serves as a deterrent to fraud by senior management.

(True/False)

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Question 67

Fraud is more prevalent in large businesses than small businesses and not-for-profit organizations.

(True/False)

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Question 68

Most frauds are discovered via a tip.

(True/False)

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Question 69

Analytical procedures can be very effective in detecting inventory fraud.Which of the following analytical procedures would not be useful in detecting fraud?

(Multiple Choice)

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Question 70

Management is responsible for:

(Multiple Choice)

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Question 71

Determine from the following the factor that would most likely elevate the auditor's concern about the risk of financial statement fraud.

(Multiple Choice)

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Question 72

Misappropriation of assets is normally perpetrated at the lowest levels of the organization hierarchy.

(True/False)

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Question 73

The pressure to do "whatever it takes" to meet goals is one of the main reasons why financial statement fraud occurs.

(True/False)

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Question 74

Briefly discuss the brainstorming session required by current auditing standards.Be sure to include a list of ideas that should be addressed in the session.

(Essay)

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Question 75

Which party has the primary responsibility to oversee an organization's financial reporting and internal control process?

(Multiple Choice)

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Question 76

Fraud awareness training should be:

(Multiple Choice)

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Question 77

Fraud is more prevalent in smaller businesses and not-for-profit organizations because it is more difficult for them to maintain:

(Multiple Choice)

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Question 78

Which of the following would the auditor be most concerned about regarding a heightened risk of intentional misstatement?

(Multiple Choice)

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Question 79

Define fraud and distinguish between the two main categories of fraud.

(Essay)

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Question 80

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Exam 11: Fraud Auditing

PCAOB Standard 5 states that fraud of any magnitude by senior management is at least a significant deficiency in internal controls.

Who is most likely to perpetrate fraudulent financial reporting?

Interrogative inquiry is often confrontational.

Which of the following best defines fraud in a financial statement auditing context?

Which of the following is least likely to uncover fraud?

Audit committee oversight also serves as a deterrent to fraud by senior management.

Fraud is more prevalent in large businesses than small businesses and not-for-profit organizations.

Most frauds are discovered via a tip.

Analytical procedures can be very effective in detecting inventory fraud.Which of the following analytical procedures would not be useful in detecting fraud?

Management is responsible for:

Determine from the following the factor that would most likely elevate the auditor's concern about the risk of financial statement fraud.

Misappropriation of assets is normally perpetrated at the lowest levels of the organization hierarchy.

The pressure to do "whatever it takes" to meet goals is one of the main reasons why financial statement fraud occurs.

Briefly discuss the brainstorming session required by current auditing standards.Be sure to include a list of ideas that should be addressed in the session.

Which party has the primary responsibility to oversee an organization's financial reporting and internal control process?

Fraud awareness training should be:

Fraud is more prevalent in smaller businesses and not-for-profit organizations because it is more difficult for them to maintain:

Which of the following would the auditor be most concerned about regarding a heightened risk of intentional misstatement?

Define fraud and distinguish between the two main categories of fraud.

The Demand for Audit and Other Assurance Services

The Cpa Profession

Audit Reports

Professional Ethics

Legal Liability

Audit Responsibilities and Objectives

Audit Evidence

Audit Planning and Analytical Procedures

Materiality and Risk

Internal Control, Control Risk, and Section 404 Audits

The Impact of Information Technology on the Audit Process

Overall Audit Strategy and Audit Program

Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Audit Sampling for Tests of Details of Balances

Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

Audit of the Payroll and Personnel Cycle

Audit of the Inventory and Warehousing Cycle

Audit of the Capital Acquisition and Repayment Cycle

Audit of Cash and Financial Instruments

Completing the Audit

Other Assurance Services

Internal and Governmental Financial Auditing and Operational Auditing

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