What are some red flags that may indicate a cover- up or concealment of a fraud?
Answer to relevant QuestionsWhat is a cutoff bank statement? How do auditors use it?What computer- based files might auditors examine to find evidence of unrecorded sales? Of inadequate credit checks? Of incorrect product unit prices?Which audit procedures are usually the most useful for auditing the existence assertion?Revenues are normally considered to have been earned when \a. All possibility of return has expired. b. The company has substantially accomplished what it must to be entitled to the benefits. c. The cash is collected. d. ...Based on this information, the auditor is most likely concerned about a. Unrecorded costs. b. Improper credit approvals. c. Improper sales cutoff. d. Fictitious sales.
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