Exam (elaborations)
FOR2601 Assignment 1 Semester 2 2024 (234942) - DUE 10 August 2024
- Course
- FOR2601 (FOR2601)
- Institution
- University Of South Africa
FOR2601 Assignment 1 Semester 2 2024 (234942) QUESTIONS WITH ANSWERS
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[Date]FOR2601 Assignment
1 Semester 2 2024
(234942) - DUE 10
August 2024
QUESTIONS AND ANSWERS
, 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]
Question 1
1.1 Detection Techniques Used by Auditors to Detect Fraud in an
Organisation
Detecting fraud in an organization requires a combination of techniques and a keen
understanding of both the organization's operations and the potential areas where
fraud could occur. Here are some common techniques used by auditors:
1. Analytical Procedures: Auditors use analytical procedures to compare
financial data across different periods, segments, or against industry
benchmarks. Significant deviations or unusual trends may indicate potential
fraud.
2. Data Mining and Analytics: Advanced data mining and analytics tools help
auditors identify patterns, anomalies, and relationships in large datasets that
may indicate fraudulent activities.
3. Internal Control Evaluation: Assessing the effectiveness of internal
controls helps auditors identify weaknesses that could be exploited for fraud.
This includes reviewing control activities, information processing, and
monitoring mechanisms.
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