When analyzing accounts for fraud risk,

[Drewster127]

Question 1

Two of the most useful warning signals that can indicate that revenue fraud is occurring are
◦ analytical procedures and documentary discrepancies.
◦ analytical procedures and misappropriation of assets.
◦ documentary discrepancies and vague responses to inquiries.
◦ missing audit evidence and vague responses to inquiries.

Question 2

When analyzing accounts for fraud risk,
◦ companies will generally attempt to overstate accounts payable and net income.
◦ the inventory account is generally not susceptible to fraud since the auditor must verify the existence of the inventory.
◦ payroll is rarely a significant risk for fraudulent financial reporting.
◦ fixed assets are rarely stolen because of their large size.

[ahardin89]

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[Drewster127]

Thanks for the timely response, appreciate it

[epscape]

Great answer, keep it coming