1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Crazy boy [7]
1 year ago
9

Identify a recent business trend that could be contributing to the increased number of collusive frauds.

Business
1 answer:
kolezko [41]1 year ago
4 0

Supplier alliances are occurring more frequently, and suppliers and customers are getting to know one another better.

Fraud Collusion Dangers.

The standard acknowledges the dangers of collusion as well as the increased risk for the auditor in expressing an incorrect opinion, or "audit failure."

The issues with asset misappropriation and financial statement misstatement are brought up by the amended standard for auditors to consider.

Employees, suppliers, customers, and other parties must enlist the help of their co-conspirators in the first type of fraud, or at the very least work together to plan it. This is not a simple task, as it will be discussed below; in an asset theft scheme, coordination and recruitment demand a certain level of risk from the participants.

Know more about suppliers visit:

brainly.com/question/9379790

#SPJ4

You might be interested in
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identifica
Dahasolnce [82]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

For specific identification, ending inventory consists of 390 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

We weren't provided with enough information to answer the requirement. But, I can give you the answer using simulated numbers.

<u>Under specific identification, the company calculates the ending inventory and cost of goods sold with the exact units that were sold or remain in inventory.</u>

For example:

Beginning inventoy= $15 per unit

Jan. 30: $17 per unit

Jan. 20: $16 per unit

Ending inventory= 370*17 + 5*16 + 15*15= $6,595

4 0
2 years ago
Professional auditing standards identify the principal "management assertions" that underlie a set of financial statements. The
faust18 [17]

Answer:

Before we treat the question, lets examine the key words:

> Management assertions: this refers to claims made by members of management of a company with respect to certain aspects of a business. The concept is primarily used in regard to the audit of a company's financial statements, where the <em>auditors rely upon a variety of assertions</em> regarding the business. The auditors are required to test the validity of these assertions by conducting a number of audit tests.

> Occurrence Assertion: This belongs to one of the categories of claims usually made by management. Occurrence Assertion arises in two instances:

i. <em>Business transactions</em>, mostly in regard to the <em>income statement</em>. Here occurrence claims refer to the assertion that the business transactions recorded in the income statement actually took place.

ii. Occurrence assertion also arises when the authenticity of the information related to the presentation of information within the financial statements is being considered.

Section 31 of the Statements on Auditing Standards requires that these assertions be investigated, supported or verified using procedures and or other reasonable methods outside of the system providing these assertions.

The question indicates that at least three steps in this direction was taken:

  • ZZZZ Best's auditors obtained third-party confirmations;
  • they reviewed available documentation and performed analytical procedures to evaluate the legitimacy or the integrity of the revenues recorded on the contract
  • they visited selected restoration sites (most likely for direct observation)

     

The questions suggests that the evidence availed by these procedures are not without limitations. In order words, irrespective of the rigor involved with same, it is not fail proof.

Here are reasons why.

Explanation:

1. Absolute Proof may not be possible.

Fallacious and fraudulent assertions may be designed such that other evidencing documentation support the fraudulent position asserted

2. Third-Party confirmations are not fail proof. With sufficient motivation, they may be designed or influenced to support a fraudulent assertion. In a similar case-study, the restoration sites visited was fraudulently selected and stage-managed to give the appearance of an ongoing restoration work.

3. Some assertions are not material:  Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy. If the assertion is of no significance then the judgement arrived at by the audit process will carry same weight.

4. Limitations of Time and Cost of verifying assertions:

This must be considered as accounts must be prepared within a certain time scale and the auditor may have to do with less than perfection and ideal evidence may be too expensive to obtain. In the example referred to above, It was later discovered that the restoration site was bogus. The informant had contacted the audit firm in April 1987 and asked for $25,000

in exchange for information proving that one of the firm’s clients was engaging in a massive fraud.

In summary, when presented with assertions, it is not sufficient to obtain third party confirmations. Third party confimations ought to be investigated.

Cheers!

4 0
3 years ago
One of the three basic questions: concerned with the distribution of goods and services
Harman [31]
How to transport the goods ie by truck, plane or train for example for goods like vegetables and fruits from California to Canada and for services like consulting services it could be if they are available and at what cost.
4 0
3 years ago
Amal is preparing a report about a planned wave of layoffs at the plant where she works. she wants to use the inductive method.
Zarrin [17]
In inductive reasoning, the premises are seen as supplying strong evidence for the truth of the conclusion. The conclusion is definite, but the truth may be probable, based on the available evidence. So she might say, that based on the past history of the company involved, whenever the company is losing money for a given length  of time, there are layoffs, so in these similar circumstances it is probable that these planned layoffs will occur.
4 0
3 years ago
Read 2 more answers
Pat manages the customer care department of her firm. She is very happy with her team of 15 customer care representatives​ who'v
Serggg [28]

Answer:

Motivation

Explanation:

<em>Motivation in work is when employees are incentivized due to their good performance</em>, this happens when they provide the company a greater value. There are two kinds of motivation:

  • Internal: it includes emotions and thoughts, <em>in the exercise given this internal motivation is letting the team know that they are doing good</em>
  • External: includes salary and work environment, <em>in the case given the bonuses are the external motivation</em>

I hope you find this information is useful and interesting! Good luck!

3 0
2 years ago
Other questions:
  • Curtis created his own restaurant equipment company, supplying the greater Denver area, five years ago. Until now, he has, never
    6·1 answer
  • A new mall will be constructed in a large city. Why are business owners most likely viewing a topography map before construction
    5·1 answer
  • Carla will graduate from her business program next month. She is happiest in jobs where she doesn’t know what will be waiting fo
    8·1 answer
  • GKM, Inc. is a manufacturer of furniture. At the beginning of​ February, it was estimated that each unit of Let the Light In wou
    11·1 answer
  • Each of the following statements is justified by a fundamental quality or an enhancing of quality accounting. Match the letter n
    10·1 answer
  • If Compu-Globo established a merit pay program, which of the following would be true?
    14·1 answer
  • Your firm uses half debt and half equity. The shareholders need to earn 20%. The firm can borrow at 5%. The risk free rate is 2%
    10·1 answer
  • Assume the following information: Amount Per Unit Sales $ 300,000 $ 40 Variable expenses 120,000 16 Contribution margin 180,000
    12·1 answer
  • Reasons for looting<br>​
    13·1 answer
  • Renee is going to buy a new car that has a list price of $19,675. She will be responsible for $1,420 in vehicle registration fee
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!