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Exercise 10.11

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themathkid's version from 2015-11-23 15:53

Section

Question Answer
Access to the asset or financial statements in order to carry out the fraudopportunity
Controls designed to discover fraud when it occurs and alert managementdetect
Includes misstating financial statements to meet earnings targetsfraudulent financial reporting
Includes illegal acts such as bribery, kickbacks, money laundering, and rigging bidscorruption
Knowledge or skills that permit the perpetrator to commit the crimemeans
Investigate and take corrective action to remedy harm causedcorrect
Reason for committing the fraud, such as financial difficultiesmotive
Involves theft of assets for personal gainmisappropriation of assets
Controls designed to prevent or reduce the likelihood of a fraud risk occurring prevent
memorize

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