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Which of the following is a factor that relates to incentives/pressures to misappropriate assets? Select one: a
Which of the following is a factor that relates to incentives/pressures to misappropriate assets? Select one: a. management's practice of making overly aggressive forecasts O b. significant personal financial obligations c. weak internal controls O d. anger and fear Which of the following is not a factor that relates to opportunities to misappropriate assets? Select one: a. presence of large amounts of cash on hand b. inadequate internal controls over assets c. adverse relationships between management and employees d. inappropriate segregation of duties or independent checks on performance
Expert Solution
Insufficient and Inadequate control over the assets of entity may increase the chances of misappropriation of the assets of entity, misappropriation of assets may occur due to below mentioned reasons -
Lack of mandatory vacations for employees performing key control functions, Inadequate recordkeeping of assets, Lack of complete and timely reconciliations of assets, Inadequate segregation of duties or independent checks on performances, Inadequate physical safeguards over cash, investments, inventory, or fixed assets, Weak Internal control , etc.
Hence answers of
1) C
2) C
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