C254 - Study guides, Class notes & Summaries

C254 WGU Practice Review Rated 100% Correct!!

WGU C254 Fraud & Forensic Accounting, Questions and answers, 100% Accurate. VERIFIED

C254 WGU PRACTICE REVIEW QUESTIONS WITH CORRECT ANSWERS In the past (early 20th century time-frame), what was the general consensus of the principal purpose of audits (including among auditors)? To detect fraud To certify for the public that management is qualified to run the entity To evaluate that companies, follow GAAP Investigative and analytical purposes CORRECT ANSWER To detect fraud Why has there been so much frustration between the general public and auditors regarding fr...

(Economic downturn 2008 to 2013) Most economists agree that __________ and _________ were the root causes of the economic downturn. - - sub-prime mortgages - other risky financial instruments Financial statements prepared by organizations play an important role in keeping America's markets efficient, what do financial statements provide? - - meaningful disclosures of: ---where a company has been ---where it is currently ---where it is going Financial statement fraud is also refer...

C254 WGU Practice Review, Questions and answers, 100% Accurate. VERIFIED. In the past (early 20th century time-frame), what was the general consensus of the principal purpose of audits (including among auditors)? To detect fraud To certify for the public that management is qualified to run the entity To evaluate that companies follow GAAP Investigative and analytical purposes - -To detect fraud Why has there been so much frustration between the general public and auditors regarding fra...

In the past (early 20th century time-frame), what was the general consensus of the principal purpose of audits (including among auditors)? To detect fraud To certify for the public that management is qualified to run the entity To evaluate that companies follow GAAP Investigative and analytical purposes - To detect fraud Why has there been so much frustration between the general public and auditors regarding fraud detection? The auditors were not sufficiently trained in GAAP rules and re...

C254 WGU Practice Review Rated 100% Correct!!

(Economic downturn 2008 to 2013) Most economists agree that __________ and _________ were the root causes of the economic downturn. - ANS - sub-prime mortgages - other risky financial instruments Financial statements prepared by organizations play an important role in keeping America's markets efficient, what do financial statements provide? - ANS - meaningful disclosures of: ---where a company has been ---where it is currently ---where it is going Financial statement fraud i...

Section 404 of the Sarbanes-Oxley Act of 2002, provided for increased scrutiny over which area of corporate governance: - Internal controls design, implementation and effectiveness. Section 404 of SOX is probably the most well-known section of Sarbanes-Oxley that requires management to select an internal control framework and then assess the effectiveness and report annually on both the design and operational effectiveness of that framework. The five COSO framework areas - ...

C254 WGU Practice Review Rated 100% Correct!!