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CA Final Accounting Scandal — practice questions — page 2

Explore 50 free Accounting Scandal questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Accounting Scandal questions and exercises with answers

Showing questions 31–50 of 50.

A 2010 survey estimated that a typical organisation loses what share of annual revenue to fraud?Read the answer and worked solution →The case that showed the value of forensic accounting involved income tax evasion by:Read the answer and worked solution →A forensic accountant, unlike an auditor, mainly aims to:Read the answer and worked solution →The fraud cycle begins with planning, then the act, and ends with:Read the answer and worked solution →The J-score forensic rating model in India was developed in response to which scandal?Read the answer and worked solution →J-score emphasises cash flows because it presumes cash flows are:Read the answer and worked solution →Forensic accountants are often used in court as:Read the answer and worked solution →The quantitative approach in forensic accounting searches financial data for:Read the answer and worked solution →Which opinion is called a clean opinion because the auditor has no significant reservation?Read the answer and worked solution →An adverse opinion is issued when financial statements are materially misstated and the misstatements are:Read the answer and worked solution →Failure to consolidate a material subsidiary would likely lead the auditor to give:Read the answer and worked solution →An auditor's report is mainly:Read the answer and worked solution →An auditor watching staff count stock in a warehouse is using which audit procedure?Read the answer and worked solution →An auditor re-adds the totals of a sales ledger. This procedure is:Read the answer and worked solution →A reply received directly from a customer about a balance is audit evidence by:Read the answer and worked solution →Audit evidence is appropriate when it is:Read the answer and worked solution →The quantity of audit evidence needed rises when the risk of material misstatement is:Read the answer and worked solution →Auditors using AI on large data sets must still rely on human judgment and:Read the answer and worked solution →Payroll shows names of workers who do not exist. Which type of fraud is this most likely?Read the answer and worked solution →Forensic accountants performing an audit of a company should remain:Read the answer and worked solution →

Worked practice questions

A 2010 survey estimated that a typical organisation loses what share of annual revenue to fraud?

  1. Five per cent
  2. One per cent
  3. Twenty per cent
  4. Forty per cent
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Correct answer: A. Five per cent

The Association of Certified Fraud Examiners survey put the typical loss at five per cent of annual revenue.

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The case that showed the value of forensic accounting involved income tax evasion by:

  1. Al Capone
  2. Bernard Madoff
  3. Harshad Mehta
  4. Nick Leeson
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Correct answer: A. Al Capone

Frank Wilson's analysis of Al Capone's records led to his conviction for tax evasion.

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A forensic accountant, unlike an auditor, mainly aims to:

  1. Certify true and fair view
  2. Detect fraud and name culprit
  3. Prepare the tax return
  4. Design chart of accounts
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Correct answer: B. Detect fraud and name culprit

The forensic accountant's role is to detect instances of fraud and identify who is behind them.

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How to practise

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More Auditing topics

Auditor's ReportOverview of Audit of Public Sector UndertakingsInternal AuditStandards on Auditing and Professional EthicsInternational Ethics Standards Board for AccountantsRisk Assessment and Internal ControlSpecial Features of Audit of Banks and Non-Banking Financial CompaniesAuditor's Report on Financial Statements