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BartSMP [9]
2 years ago
8

One of the elements of the Fraud Triangle focuses on how easy or hard it is for the internal control system to prevent any fraud

from happening. 1) Briefly name and describe this part of the Fraud Triangle (4 pts - use about 3 sentences) 2) What are TWO procedures the Auditor would conduct in order to provide evidence about this part of the Fraud Triangle. (3 pts each - state the procedure and the evidence in about 2 sentences like... the procedure is X and the evidence is Y)
Business
1 answer:
olga55 [171]2 years ago
8 0

Answer: Opportunity

Explanation:

1. Opportunity - Given the fact that employees are granted access to very important documents, this might provide them the opportunity to commit theft. Employees who occupy top positions have access to classified information of the company which when manipulated can result to disastrous consequences. It now be holds on the employers of labour or the internal control system, to limit access to such information so as to make it hard for such fraud to be committed.

The procedures used by auditors to provide evidence are in two phases namely; the planning phase and execution phase.

1. The procedure for the planning phase is - Designing Appropriate Procedures : The evidence in this case could be a red flag noticed in the account records. The person who tried to commit the fraud could change figures in places that may not be noticeable.

2. The procedure for the execution phase involves - Implementing Appropriate Procedures : The evidence could be seen as an error. This error most likely results in wasteful spending.

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At the beginning of the year, your neighbor bought 250 shares of Nu-Tek Corporation and paid $104.32 per share. The share price
Vesna [10]

Answer:

Return on investment= 87.87 %

Explanation:

Dollar return on investment is the sum  of the capital gains and the dividend received all expressed as a percentage of the cost of the investment.

Total  cost = 250×104.32=26,080

Total capital  gain = (193.65- 104.32)× 250 = 22,332.5

Dividend = $2.34 per share×250 = 585

Dollar return on Investment = (585 +22,332.5) /26080 × 100

               = 87.87 %

8 0
3 years ago
Simply wearing a lap-and-shoulder belt combination can cut your chance of being killed by ____________.
DerKrebs [107]

50%

Explanation:

A. Safety belts are most effective when used properly. Each vehicle made today has a lap/shoulder belt combination. It should go over the shoulder and across the center of the chest. Lap belts should fit comfortably across the hips, not over the stomach. Don't make slack in your seat belt and don't tuck a shoulder belt under your arm or behind your back for any reason, including to defeat the seat belt alarm.

B. Seat belt has saved 14,668 people in 2016 in vehicle accidents.

C. The national use rate of lap and shoulder belt in America is 90.1 percent.

3 0
3 years ago
Read 2 more answers
Harding Company is in the process of purchasing several large pieces of equipment from Danning Machine Corporation. Several fina
sattari [20]

Answer:

Option-2 is best alternative

Explanation:

Option-1

Present value of lumpsum amount -1160000

Option-2

Annual paymentt for 10 yrs -94000

Annuity for 10 yrs at 8% 6.7101

Present value of outflowws -630749

Add: Initial amount paid -461000

Present value of outflowws -1091749

Option-3

Annual paymentt for 9 yrs -156000

Annuity for 10 yrs at 8% 6.24689

Present value of outflowws -974515

Add: Initial amount paid -156000

Present value of outflowws -1130515

Option-4

Amount paid after 5 yrs -1730000

PVF at 5 yrs at 8% 0.680583

Present value -1177409

Option-2 is best alternative

6 0
2 years ago
Bauerly Co. owned 70% of the voting common stock of Devin Co. During 2012, Devin made frequent sales of inventory to Bauerly. Th
kolezko [41]

Answer:

                                                                         $                            $

Net Income (137000*30%) (a)                                             41,100

Add:  

Unrealized gains in the beginning inventory 40,000  

Unrealized gains at the end of the year         25,000  

Difference                                                         15,000  

(NCI in Unrealized gain (15,000*30%) (b)                             4,500

Non-controlling interest's share of Devin's net income for 2012 ($41,100+$4,500)                                                                    45,600

Non-controlling interest's share of Devin's net income for 2012= $45,600

Explanation:

7 0
3 years ago
Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. The effect of g
DaniilM [7]

Answer: See explanation

Explanation:

We should note that microeconomics deal with a particular sector in the economy and not the whole sector. Macroeconomic deals with the whole economy and looks at ways by which the decisions of government have an effect on the whole economy.

Based on the above explanation, the answer is provided below:

• The effect of government regulation on a monopolist's production decisions= Microeconomics

• The effects of government tax policy on long-term economic growth = Macroeconomics

• The optimal interest rate for the Federal Reserve to target = Macroeconomics

4 0
2 years ago
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