1.) SAS 99 requires auditors to identify risks that need further examination in

Question

1.) SAS 99 requires auditors to identify risks that need further examination in order to determine the full extent of a possible fraud. (a) Name three of these risks and give examples of each. (b) If after conducting a thorough audit, the auditor believes there is a likelihood of misstatements that could be material to a company’s financial statements, what should the auditor do? Name the four items.

2.) The Sarbanes-Oxley Act of 2002 enhanced corporate governance and accountability and stated implications for non-compliance of public companies.

(a) Name the six items of improved corporate governance
(b) Give a brief definition of each of the above six items

1. (TCO 1)What is meant by the “Chutzpah Defense”? Is this type of defense considered an option today? (Points : 11)

Question 2.2. (TCO 2) What are the three major categories of occupational fraud? (Points : 11)

Question 3.3. (TCO 3)What aspect of a company’s operations is involved in corporate governance? Name at least five. (Points : 11)

1. (TCO 1)What is meant by the “Chutzpah Defense”? Is this type of defense considered an option today? (Points : 11)

Explanation / Answer

1.) SAS 99 requires auditors to identify risks that need further examination in

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