Question: Question 1 20 points 1. How does Control Activities affect the internal control system? Please explain with your own examples (10 Points) 2. Please explain

Question 1 20 points 1. How does Control Activities affect the

Question 1 20 points 1. How does Control Activities affect the internal control system? Please explain with your own examples (10 Points) 2. Please explain the following figure with your own examples. (10 Points) Reporting Operations Compliance Control Environment Division Operating Unit Entity Risk Assessment Control Activities Information & Communication Monitoring Activities 2013, COSO. All rights reserved. Used by permission. Question 2 - 10 points Please explain the following risks using your own examples. 1. Control deficiency 2. Significant deficiency 3. Material weakness Question 3 30 points Using the fraud triangle, please answer the following questions 1. Explain the fraudulent financial reporting using the fraud triangle with your own examples. (10 points) 2. Explain the misappropriation of assets using the fraud triangle with your own examples. (10 points) 3. Consider that you are serving as a financial consultant and top management of your client company asked for an advice. What do you suggest top management in preventing fraud in their organization? (10 Points)

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