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FOR2601 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 (234942) - DUE 10 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. R47,79   Add to cart

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FOR2601 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 (234942) - DUE 10 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.

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FOR2601 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 (234942) - DUE 10 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.

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  • July 24, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
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FOR2601 Assignment
1 (COMPLETE
ANSWERS) Semester 2
2024 (234942) - DUE 10
August 2024 ; 100%
TRUSTED Complete,
trusted solutions and
explanations.




ADMIN
[COMPANY NAME]

, QUESTION 1 1.1 Discuss in your own words the detection
techniques that can be used by auditors to detect fraud in an
organisation. (10) 1.2 Discuss the basic considerations or tactical
steps you have to consider when starting a new investigation. (10)
[20]


1.1 Detection Techniques Used by Auditors to Detect Fraud in
an Organisation
1. Analytical Procedures: Auditors compare financial data
over different periods or against industry benchmarks to
identify inconsistencies or unusual trends that may indicate
fraud. Examples include ratio analysis, trend analysis, and
horizontal and vertical analysis.
2. Data Mining and Analysis: Using specialized software,
auditors can analyze large datasets to identify patterns,
anomalies, and outliers that could signify fraudulent
activities. Techniques such as regression analysis, clustering,
and classification can be employed.
3. Surprise Audits: Conducting unannounced audits can deter
fraudulent behavior and increase the chances of detecting
fraud since the perpetrators are not prepared to cover their
tracks.
4. Reconciliation: Auditors perform reconciliations between
various records, such as bank statements and financial
statements, to ensure consistency and detect discrepancies
that could indicate fraud.
5. Observation and Inspection: Physical inspection of assets
and observation of processes can reveal discrepancies

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