ACC 544 Week 6 Reporting Options, Evaluation Criteria, and Information Technology Controls

May 8th, 2015
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ACC 544 Week 6 Reporting Options, Evaluation Criteria, and Information Technology Controls

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What are several conditions that may lead to fraud? To what type of fraud may these conditions lead?One of the key expectation gaps related to audit is the idea that auditors are responsible to identify fraud irrespective of materiality or pervasiveness. The truth is that auditors' prime responsibility is something else: plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement irrespective whether it is due to error or fraud. That is auditors are responsible to identify material frauds. Nevertheless, the increasing number of corporate scandals prompted various regulators and professional bodies to reinforce the importance of questioning mind set, the "professional skepticism" and help to design audit procedures which can assist auditors to be able to identify fraud. Among other professional bodies, AICPA contributed to this effort by issuing SAS No. 99, Consideration of Fraud in a Financial Statement Audit (SAS99) which became effective practically in calendar year 2003. While it covers several other concepts from management override of controls to importance of journal entry testing, one of the key concepts AICPA introduced was the so called "Fraud Triangle". The Fraud Triangle is the visualization of the three conditions, which are usually present when fraud occurs: Incentive/Pressure, Opportunity, and Attitude/ Rationalizations.The first bullet point, Incentive/pressure, is the concept I have

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