In refrence to accounting fraud What do you see as the potential challenges to the indirect...

In refrence to accounting fraud

What do you see as the potential challenges to the indirect method of tracing illicit transactions? Do you think this method is just as reliable as the direct method?

Expert Solution

A. A fraud response plan should be complex and extremely detailed to ensure its effectiveness.

B. A fraud response plan enables management to respond to suspected incidents of fraud in a consistent manner.

C. A fraud response plan should be flexible and allow appropriate responses based on the particular event.

D. A fraud response plan can send a message that management takes fraud seriously.

A response plan will allow management to respond to suspected and detected incidents of fraud in a consistent and comprehensive manner. By having a response plan in place, management will send a message that it takes fraud seriously.

A response plan should not be unduly complicated; for a response plan to work in high-pressure and time-sensitive situations, it must be simple to understand and administer.

While the appropriate response will vary based on the event, management should include a range of scenarios in the response plan.

Organizations without a fraud response plan might not be able to respond to issues properly, and will likely expend more resources and suffer greater harm than those that have such a plan in place. Having a response plan puts an organization in the best position to respond promptly and effectively.

Yes INdirect mathod is reliable as direct mathod.

ekkarill92 answered 2 years ago

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