Question: Section B-Answer all questions Question 01 Fraud is a serious offence which can cause not only financial loss but can leave an even bigger

Section B-Answer all questions Question 01 Fraud is a serious offence which

Section B-Answer all questions Question 01 Fraud is a serious offence which can cause not only financial loss but can leave an even bigger negative impact on a company's reputation. Criminologist Donald Cressey argued that there should be existence of three elements to be able to commit the fraud. Explain the three elements of the fraud triangle with suitable example. (25 marks, Maximum 400 words) Question 02 On April 20, 2015, PricewaterhouseCoopers (PWC) agreed to pay $65 million to settle claim over its audits of the failed investment company MF Global. According the original complaint filed, MF Global charged PWC with professional malpractice, breach of contract and unjust enrichment in connection with its concerning, and approval of the company's off-balance- sheet accounting of its investments. Discuss reasons for auditors held legally liable when they advise clients on matters related to the company's finance that turn out to be wrong (your answer should include the discussion on Auditors responsibilities and auditors' legal liabilities under Sarbanes -Oxley Act 2002) (25 marks, Maximum 400 words)

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