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What are the two man areas in how to prevent fraud within an organization? What are the four elements under each of those two areas?

List at least four different common internal control fraud symptoms which can appear within an organization.

List the calculation for each of the six common ratios used to investigate fraud and analyze financial statements. What is the vertical analysis in regards to these ratios being applied to the financial statements? What are the four standard financial statement (a review from your first accounting class)?

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Jean Keeling
Jean KeelingLv2
29 Sep 2019

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List the calculation for each of the six common ratios used to investigate fraud and analyze financial statements. What is the vertical analysis in regards to these ratios being applied to the financial statements? What are the four standard financial statement (a review from your first accounting class)?

What are the two man areas in how to prevent fraud within an organization? What are the four elements under each of those two areas?

The fraud triangle is a framework designed to explain thereasoning behind one’s decision to commit fraud. The three stages;perceived pressure, opportunity and rationality (ACFE. 2017). Theprimary purpose of data analysis is to evaluate and test data usingthe logical reasoning of each component of information provided inrelations to what happened and when. When fraud occurs; you needsolid proof that will stand up in the court of law which includesan audit trail.

With today’s technology often “computer-assisted audittechniques (CATTs)” software such as ACL is used for frauddetection, prevention, and risk management (SNHU.edu. 2017). Theidea of fraud risk assessment will further help to identify thearea where fraud could occur within an organization and the relatedschemes such as inventory fraud, account payable fraud, payrollfraud, or cash receipts fraud and it was used to commit thecrime.

CAATs provides the ability to analyze, compute, and sort a massamount of data within an organization at one time throughcommands such as identifying duplication, gaps,cross-tabulating between sub-folders, dollar amountlimits, or cut-off date’s to mention a few. Each time anactivity is done a log is created within the project organized bydate; while indicating where additional information is neededwithin a folder header.

Audits continue to be conducted at periodic intervals andexpress opinions on historical data. To remain a valuable andrelevant service to investors, creditors, and others who useaudited financial statements, auditing must find a way to evolve.Software’s such as ACL are designed to identify irregularities orpatterns in transactions that could indicate the likelihood fraudor internal control weakness by identifying red flags.

Question :

How computer-assisted audit software such as Audit CommandLanguage (ACL) can assist in these investigations.

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