, FOR2601 Assignment 1 (COMPLETE ANSWERS) Semester 2
2024 (234942) - DUE 10 August 2024 ; 100% TRUSTED
Complete, trusted solutions and explanations.
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]
Sure, let's break down each question:
1.1 Detection Techniques Used by Auditors to Detect Fraud in
an Organization
Auditors employ various techniques to detect fraud in
organizations. Here are some common ones:
1. Analytical Procedures: Auditors use analytical procedures
to compare financial information with expected values or
historical trends. This helps identify anomalies or unusual
fluctuations that may indicate fraudulent activities.
2. Internal Controls Evaluation: Evaluating an organization’s
internal controls helps auditors assess the effectiveness of the
control environment in preventing and detecting fraud. Weak
or ineffective controls can be a red flag for potential fraud.
3. Substantive Testing: This involves detailed examination of
financial transactions and balances to ensure they are
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