Question Tag: Fraud

Search 500 + past questions and counting.

AAA – May 2016 – L3 – Q5 – Ethical Issues in Auditing

Identify and discuss fraud and error in the audit of Badagry Yachting and Marina.

Question

Badagry Yachting and Marina (BYM) have a marina on the West Coast of Nigeria and a large sales operation dealing in yachts and speedboats. You are responsible for the audit of BYM and have found some potential causes of concern that could indicate fraudulent activity or financial misconduct within the company. In particular:

(i) 30% of the yachts on sale by BYM are supplied through one of the major international boating companies with a special finance arrangement deal. However, BYM have also obtained separate finance on these yachts, which are therefore in effect being ‘double financed’.
(ii) Ten yachts shown as assets by BYM cannot be located, with no explanation other than that they have not been sold. These yachts are worth approximately N50 million.
(iii) Long delays have occurred in performing reconciliations, with the last four months of reconciliations still not completed. At the time of the last reconciliation, material differences had been identified upon which no action appears to have been undertaken.
(iv) Sales have been overstated by N100 million in the current financial statements.
The finance director has been off sick with stress for the last five months and therefore has not been available to discuss any of the issues identified.

Required:

a. Explain the difference between fraud and error and how the issues shown here could be categorised as fraud or error. (6 Marks)
b. Discuss the role of management and the role of the auditor in the prevention and detection of fraud and error. (3 Marks)
c. Describe what steps you would take to further investigate and then report on the matters referred to above. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Error, Financial Misconduct, Fraud, Investigation
Level: Level 3

Topic: Ethical Issues in Auditing

AAA – Nov 2013 – L3 – AII – Q2 – Audit Evidence

Audit Evidence, Balance Confirmation, Reporting Dates, Discrepancy, Fraud

Question

A reported difference in a confirmation of balances by a debtor to a client due to different reporting date but not due to misstatement or fraud is known as………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Balance Confirmation, Discrepancy, Fraud, Reporting Dates
Level: Level 3

Topic: Audit evidence
Series: MAY 2013, NOV 2013

AAA – Nov 2012 – L3 – SB – Q1 – Ethical Issues in Auditing

This case examines ethical issues in auditing related to fraudulent practices in a company involved in human trafficking.

Question

You have just been appointed the Auditor of Sheerahmog Manufacturing Company Limited, which manufactures 2.0 ml syringes specifically used by veterinary doctors. Recently, it was discovered that the 2.0 ml syringes are used on human beings due to the shortage of syringes for human use.

The Federal Government has decided to phase out the 2.0ml syringe in the next three years. In order to diversify into production of carbonated water, the Finance Director suggested that the company approach a bank for a complementary N1.26 billion required to finance the diversification program.

In spite of their proposal and cashflow to Bank of Akowonjo Plc, which was described as being fantastic, their loan application was not granted. As a result, the company is likely to go into liquidation with its numerous staff disengaged, if viable alternative is not provided to raise the required fund.

In carrying out the analysis of the sources of funds at the end of the year under review, you found that the company made much money from human trafficking to enable it accomplish the proposed plan of diversification.

At the next meeting with management of the company, you brought your findings to their knowledge and threatened to disclose it as an extraordinary item in the income schedule. Management frowned at it and were considering reviewing your appointment including fee which is currently 52% of your annual income.

Required:
a. Identify the ethical issues involved as they relate to the auditor. (2 Marks)
b. What are the THREE elements of fraudulent practices presented in this case? (6 Marks)
c. What are the safeguards for the ethical issues identified? (4 Marks)
d. List the issues that should be brought to the attention of the company by the auditors as regards the disclosure of the illegal act. (3 Marks)
(Total 15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditing, Disclosure, Ethical Issues, Fraud, Legal Issues
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2012

BL – Nov 2020 – L1 – SB – Q6a – The Nigerian Legal System

List tests to determine intent to steal during taking or conversion.

Question

Taking or conversion with intent to defraud is an element of stealing.

Required:
State FIVE tests of determining whether or not an accused has an intention to steal at the time of taking or converting a thing.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conversion, Criminal Intent, Criminal Law, Fraud, Theft
Level: Level 1

Topic: The Nigerian Legal System
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q7 – Law of Tort

Objective question testing understanding of legal terms related to fraudulent taking.

Question

7. A person who fraudulently takes anything for his own use is guilty of
A. Trespass
B. Stealing
C. Conversion
D. Hijacking
E. Trickery

Answer

Find Related Questions by Tags, levels, etc.

Tags: Criminal Law, Fraud, Legal Terminology, Theft
Level: Level 1

Topic: Law of Tort
Series: NOV 2020

PSAF – Nov 2016 – L2 – Q4a – Government Expenditure

This question identifies various sources of loss of public funds in the public sector, focusing on misappropriation and fraud.

Question

Loss or shortage of public funds is depletion in government funds at a given time.

Enumerate SIX sources through which loss of funds may arise in the public sector.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial management, Fraud, Losses in Public Sector, Misappropriation, Public Funds
Level: Level 2

Topic: Government Expenditure
Series: NOV 2016

AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

Question

Explain the limitations of internal controls.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Fraud, Human Error, Internal Controls, Limitations
Level: Level 2

Topic: Internal Control Systems
Series: NOV 2020

BL – Nov 2015 – L2 – SB – Q4c – Business Ethics and Corporate Governance

List three items that may constitute fraudulent false accounting under Nigerian laws.

Question

statement prepared by him and should not engage in any fraudulent false accounting.

Required:

Enumerate THREE items that may constitute fraudulent false accounting under Nigerian laws.
(6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Ethics, False Accounting, Fraud, Nigerian Law
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2015

BL – Nov 2015 – L2 – SB – Q3a – Law of Contract

Explain three types of fraud-related offences under the Criminal Code.

Question

The Criminal Code does not create a single general offence of fraud, instead, there are a number of offences that are fraud related.

Required:

Explain briefly THREE offences of fraud.
(15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Criminal Code, Fraud, Fraudulent Acts, Offenses of Fraud
Level: Level 1

Topic: Law of Contract
Series: NOV 2015

MI – Nov 2015 – L1 – SB – Q6a – Information Systems

Identifies areas where computers serve as instruments and targets of crime.

Question

a. In a computer environment, it is a common occurrence that data is lost, manipulated, or tampered with by unauthorized individuals for selfish reasons.

Required:
Enumerate FOUR areas where computers are used as instruments of crime and FOUR areas as targets of crime. (8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Computer Crime, Cybercrime, Data Theft, Fraud, Hacking, Information security, Information Systems
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2015

AAA – May 2016 – L3 – Q5 – Ethical Issues in Auditing

Identify and discuss fraud and error in the audit of Badagry Yachting and Marina.

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Error, Financial Misconduct, Fraud, Investigation
Level: Level 3

Topic: Ethical Issues in Auditing

AAA – Nov 2013 – L3 – AII – Q2 – Audit Evidence

Audit Evidence, Balance Confirmation, Reporting Dates, Discrepancy, Fraud

Question

A reported difference in a confirmation of balances by a debtor to a client due to different reporting date but not due to misstatement or fraud is known as………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Balance Confirmation, Discrepancy, Fraud, Reporting Dates
Level: Level 3

Topic: Audit evidence
Series: MAY 2013, NOV 2013

AAA – Nov 2012 – L3 – SB – Q1 – Ethical Issues in Auditing

This case examines ethical issues in auditing related to fraudulent practices in a company involved in human trafficking.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditing, Disclosure, Ethical Issues, Fraud, Legal Issues
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2012

BL – Nov 2020 – L1 – SB – Q6a – The Nigerian Legal System

List tests to determine intent to steal during taking or conversion.

Question

Taking or conversion with intent to defraud is an element of stealing.

Required:
State FIVE tests of determining whether or not an accused has an intention to steal at the time of taking or converting a thing.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conversion, Criminal Intent, Criminal Law, Fraud, Theft
Level: Level 1

Topic: The Nigerian Legal System
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q7 – Law of Tort

Objective question testing understanding of legal terms related to fraudulent taking.

Question

7. A person who fraudulently takes anything for his own use is guilty of
A. Trespass
B. Stealing
C. Conversion
D. Hijacking
E. Trickery

Answer

Find Related Questions by Tags, levels, etc.

Tags: Criminal Law, Fraud, Legal Terminology, Theft
Level: Level 1

Topic: Law of Tort
Series: NOV 2020

PSAF – Nov 2016 – L2 – Q4a – Government Expenditure

This question identifies various sources of loss of public funds in the public sector, focusing on misappropriation and fraud.

Question

Loss or shortage of public funds is depletion in government funds at a given time.

Enumerate SIX sources through which loss of funds may arise in the public sector.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial management, Fraud, Losses in Public Sector, Misappropriation, Public Funds
Level: Level 2

Topic: Government Expenditure
Series: NOV 2016

AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

Question

Explain the limitations of internal controls.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Fraud, Human Error, Internal Controls, Limitations
Level: Level 2

Topic: Internal Control Systems
Series: NOV 2020

BL – Nov 2015 – L2 – SB – Q4c – Business Ethics and Corporate Governance

List three items that may constitute fraudulent false accounting under Nigerian laws.

Question

statement prepared by him and should not engage in any fraudulent false accounting.

Required:

Enumerate THREE items that may constitute fraudulent false accounting under Nigerian laws.
(6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Ethics, False Accounting, Fraud, Nigerian Law
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2015

BL – Nov 2015 – L2 – SB – Q3a – Law of Contract

Explain three types of fraud-related offences under the Criminal Code.

Question

The Criminal Code does not create a single general offence of fraud, instead, there are a number of offences that are fraud related.

Required:

Explain briefly THREE offences of fraud.
(15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Criminal Code, Fraud, Fraudulent Acts, Offenses of Fraud
Level: Level 1

Topic: Law of Contract
Series: NOV 2015

MI – Nov 2015 – L1 – SB – Q6a – Information Systems

Identifies areas where computers serve as instruments and targets of crime.

Question

a. In a computer environment, it is a common occurrence that data is lost, manipulated, or tampered with by unauthorized individuals for selfish reasons.

Required:
Enumerate FOUR areas where computers are used as instruments of crime and FOUR areas as targets of crime. (8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Computer Crime, Cybercrime, Data Theft, Fraud, Hacking, Information security, Information Systems
Level: Level 1

Topic: Information Systems Development and Security
Series: NOV 2015

Question Tag: Fraud

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AAA – May 2016 – L3 – Q5 – Ethical Issues in Auditing

Identify and discuss fraud and error in the audit of Badagry Yachting and Marina.

Required:

AAA – Nov 2013 – L3 – AII – Q2 – Audit Evidence

Audit Evidence, Balance Confirmation, Reporting Dates, Discrepancy, Fraud

AAA – Nov 2012 – L3 – SB – Q1 – Ethical Issues in Auditing

This case examines ethical issues in auditing related to fraudulent practices in a company involved in human trafficking.

BL – Nov 2020 – L1 – SB – Q6a – The Nigerian Legal System

List tests to determine intent to steal during taking or conversion.

BL – Nov 2020 – L1 – SA – Q7 – Law of Tort

Objective question testing understanding of legal terms related to fraudulent taking.

PSAF – Nov 2016 – L2 – Q4a – Government Expenditure

This question identifies various sources of loss of public funds in the public sector, focusing on misappropriation and fraud.

AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

BL – Nov 2015 – L2 – SB – Q4c – Business Ethics and Corporate Governance

List three items that may constitute fraudulent false accounting under Nigerian laws.

BL – Nov 2015 – L2 – SB – Q3a – Law of Contract

Explain three types of fraud-related offences under the Criminal Code.

MI – Nov 2015 – L1 – SB – Q6a – Information Systems

Identifies areas where computers serve as instruments and targets of crime.

AAA – May 2016 – L3 – Q5 – Ethical Issues in Auditing

Identify and discuss fraud and error in the audit of Badagry Yachting and Marina.

Required:

AAA – Nov 2013 – L3 – AII – Q2 – Audit Evidence

Audit Evidence, Balance Confirmation, Reporting Dates, Discrepancy, Fraud

AAA – Nov 2012 – L3 – SB – Q1 – Ethical Issues in Auditing

This case examines ethical issues in auditing related to fraudulent practices in a company involved in human trafficking.

BL – Nov 2020 – L1 – SB – Q6a – The Nigerian Legal System

List tests to determine intent to steal during taking or conversion.

BL – Nov 2020 – L1 – SA – Q7 – Law of Tort

Objective question testing understanding of legal terms related to fraudulent taking.

PSAF – Nov 2016 – L2 – Q4a – Government Expenditure

This question identifies various sources of loss of public funds in the public sector, focusing on misappropriation and fraud.

AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

BL – Nov 2015 – L2 – SB – Q4c – Business Ethics and Corporate Governance

List three items that may constitute fraudulent false accounting under Nigerian laws.

BL – Nov 2015 – L2 – SB – Q3a – Law of Contract

Explain three types of fraud-related offences under the Criminal Code.

MI – Nov 2015 – L1 – SB – Q6a – Information Systems

Identifies areas where computers serve as instruments and targets of crime.

Our offerings

Contact Info

Customer

Get In Touch