Describe the purpose and give examples of specific fraud detection procedures in the acquisition and expenditure cycle.
Level: Master in Accounting© BrainMass Inc. brainmass.com March 4, 2021, 11:18 pm ad1c9bdddf
Fraud is intentional misstatement that is designed to either report misstatements or misappropriate assets (steal or use for personal gain). Most of the typical audit procedures to look for unintentional errors are also procedures to find fraud (intentional errors). For example, counting inventory at period end, looking for unrecorded liabilities by looking at payment after year end and so forth.
For fraud, you are usually looking for "conditions" that tip you off that something isn't quite right. Here are some procedures to look for these:
1. Looking for fictitious vendors (no address, no EIN, missing details, and so forth)
2. Looking for fictitious ...
Your tutorial is 397 words and gives you 23 "fraud conditions" to look for during the audit.