Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 2, Problem 5TFQ
To determine

Introduction:Fraudulent financial reporting is referred to as manipulating financial statements to achieve certain objectives. Fraudulent financial reporting is conducted by higher level management and affects various stakeholders.

To explain:Whether one of the ways in which Company E covered up the fraud is by shifting the debts to a special purpose entity.

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If a company reported fi ctitious revenue, it could try to cover up its fraud by: A . decreasing assets.
If a company reported fi ctitious revenue, it could try to cover up its fraud by: B . increasing liabilities.
How can fraud be detected in the financial statements?
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