Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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Which of the following has the responsibility to detect fraud risk?
  1. Senior management
  2. Internal auditor
  3. External auditor
  4. All of the above
Explanation
Answer: D - All the above-mentioned have a responsibility to detect fraud risk. Senior management should monitor the financial environment of the entity. An internal auditor, although an employee of the entity, should report any instances of fraud to curb it at the initial level. An external auditor is inherently vested with the responsibility of detecting fraud risk.
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