FOR2601 Assignment
1 Semester 2 2024
(234942) - DUE 10
August 2024
QUESTIONS WITH COMPLETE ANSWERS
[School]
[Course title]
, FOR2601 Assignment 1 Semester 2 2024 (234942) - DUE 10 August 2024
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 Organization
Auditors employ a variety of techniques to detect fraud within an organization. Here are some
key techniques:
1. **Data Analysis and Analytics**: Utilizing specialized software to analyze large sets of data
to identify anomalies, trends, or patterns that could indicate fraudulent activity. Techniques
include statistical analysis, trend analysis, and Benford's Law analysis.
2. **Internal Controls Assessment**: Evaluating the effectiveness of internal controls designed
to prevent and detect fraud. Weaknesses or gaps in these controls can be indicative of potential
fraud risks.
1 Semester 2 2024
(234942) - DUE 10
August 2024
QUESTIONS WITH COMPLETE ANSWERS
[School]
[Course title]
, FOR2601 Assignment 1 Semester 2 2024 (234942) - DUE 10 August 2024
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 Organization
Auditors employ a variety of techniques to detect fraud within an organization. Here are some
key techniques:
1. **Data Analysis and Analytics**: Utilizing specialized software to analyze large sets of data
to identify anomalies, trends, or patterns that could indicate fraudulent activity. Techniques
include statistical analysis, trend analysis, and Benford's Law analysis.
2. **Internal Controls Assessment**: Evaluating the effectiveness of internal controls designed
to prevent and detect fraud. Weaknesses or gaps in these controls can be indicative of potential
fraud risks.
