Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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What are control risks related to bank balances?
  1. Bank confirmations
  2. Visit bank branches
  3. Verifying from bank’s manager
  4. All of the above
Explanation
Answer: A - Bank confirmations is one of the commonly used control risk methods used to mitigate fraud risk factors related to bank balances. Banks verify and confirm the balances from customers’ accounts. Verifying bank balances is pertinent. Bank confirmations can either be affirmative or negative.
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