define fraud how does it differ from an error what are the two types 243852

Define fraud. How does it differ from an error? What are the two types

of fraud? Give two examples of each and also prepare an internal control

procedure firstly to avoid and secondly to detect such cases of fraud.

Question 2 (4 marks) (400 words)

Describe the audit procedures typically used to test for out-of-period

liabilities (also referred to as the search for unrecorded accounts

payable).

Question 3 (4 marks) (400 words)

Discuss how fraud is possible by inflating the value of receivables. What

are the various audit procedures to avoid such misstatements?

Question 4 (4 marks) (400 words)

Identify the assertion(s) at risk in the following scenario and write an

audit procedure to verify that assertion:

The accountant didn’t record the cheques written in the last

few days of the year until the next accounting period to

avoid a negative cash balance in the financial reports.

Question 5 (4 marks) (400 words)

Explain the purpose of testing the client’s bank reconciliation, discuss

the major audit procedures involved and identify at least three

misstatements which might be detected during the audit/examination.

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Page 1 of 2 Subject Code and Name ACC 303 – Forensic Accounting Assessment Type Individual Assignment Due Date Friday of Week 5 14th December 2012 Weight 20% of the total assessment You are required to ANSWER THE FOLLOWING 5 QUESTIONS – each question is worth 4 marks and you’re expected to write approximately 400 words for each question. The assignment must be typed, and you must attach a cover sheet duly signed and dated. Students are reminded to follow the Plagiarism Guidelines, and any suspicious assignments would be further investigated. The lecturer will discuss the plagiarism guidelines during the semester. If the students need any assistance with regards to referencing, or understanding plagiarism, they should contact the lecturer directly. Any queries regarding this assessment task should be directed towards your lecturer. Page 2 of 2 Question 1 (4 marks) (400 words) Define fraud. How does it differ from an error? What are the two types of fraud? Give two examples of each and also prepare an internal control procedure firstly to avoid and secondly to detect such cases of fraud. Question 2 (4 marks) (400 words) Describe the audit procedures typically used to test for out-of-period liabilities (also referred to as the search for unrecorded accounts payable). Question 3 (4 marks) (400 words) Discuss how fraud is possible by inflating the value of receivables. What are the various audit procedures to avoid such misstatements? Question 4 (4 marks) (400 words) Identify the assertion(s) at risk in the following scenario and write an audit procedure to verify that assertion: The accountant didn’t record the cheques written in the last few days of the year until the next accounting period to avoid a negative cash balance in the financial reports. Question 5 (4 marks) (400 words) Explain the purpose of testing the client’s bank reconciliation, discuss the major audit procedures involved and identify at least three misstatements which might be detected during the…

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