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FOR2601 Assignment 1 Semester 2 2024 (234942) - DUE 10 August 2024 R50,00
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Exam (elaborations)

FOR2601 Assignment 1 Semester 2 2024 (234942) - DUE 10 August 2024

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FOR2601 Assignment 1 Semester 2 2024 (234942) - DUE 10 August 2024 COMPLETE ANSWERS

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  • July 27, 2024
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FOR2601 Assignment 1
Semester 2 2024 (234942) -
DUE 10 August 2024
QUESTIONS AND ANSWERS




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[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 to Identify Fraud in an Organization




1. **Analytical Procedures**: Auditors use analytical procedures to compare financial data over

different periods or against industry standards to identify unusual trends or anomalies. Ratios and

trend analysis can highlight discrepancies that may indicate fraud.




2. **Data Mining and Analytics**: Advanced software tools can analyze large sets of data to

uncover patterns and outliers. Data mining techniques can help identify transactions that deviate

from the norm, signaling potential fraud.




3. **Internal Controls Review**: Evaluating the effectiveness of an organization’s internal

controls can help auditors identify weaknesses that could be exploited for fraudulent activities.

This includes assessing the segregation of duties, authorization processes, and access controls.

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