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Auditing: Peregine Fraud Case Assignment

Review attached documents and answer questions in Microsoft Word please. 1 Identify the fraud risk factors at Peregrine, especially control environment factors and the tone at the top, using the fraud triangle. 2 What are the primary procedures used to audit cash balances? What significant inherent and control risks present at Peregrine would impact the nature and extent of the procedures to be performed? 3 Peregrine was audited by a one-person CPA firm. How did this play a role in the failure to detect the fraud in this case? Should this have been a red flag for regulators? Why or why not? 4 The fraud was revealed when regulators moved to electronic confirmation of bank balances. What are the advantages of electronic confirmations? 5 What are the risks associated with electronic confirmations? How can an auditor gain confidence in the reliability of responses received electronically? 6 Should electronic confirmation of cash balances be required? Why or why not? Could standard written bank confirmations have been effective in detecting the fraud at Peregrine? Explain your answer. 7 Given the relatively small number of electronic confirmation providers, how will auditors be impacted if: a an electronic confirmation provider’s server goes down for an extended time or if the server is compromised by hackers? b an electronic confirmation provider experiences financial problems or goes out of business?
Review attached documents and answer questions in Microsoft Word please. 1 Identify the fraud risk factors at Peregrine, especially control environment factors and the tone at the top, using the fraud triangle.
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Assignment ID
52560
Discipline
CREATED ON
22 October 2016
COMPLETED ON
25 October 2016
Price
$40
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