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MMLU / While performing an audit of the financial statements of a company for the year…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

While performing an audit of the financial statements of a company for the year ended December 31, year 1, the auditor notes that the company’s sales increased substantially in December, year 1, with a corresponding decrease in January, year 2. In assessing the risk of fraudulent financial reporting or misappropriation of assets, what should be the auditor’s initial indication about the potential for fraud in sales revenue?

choices

  1. There is a broad indication of misappropriation of assets.
  2. There is an indication of theft of the entity’s assets.
  3. There is an indication of embezzling receipts.
  4. There is a broad indication of financial reporting fraud.

subject

professional_accounting

Discussion

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Source and history

task_id
6f9284de-7ef6-5ba1-b957-f68aa03d7df8
task_key
all--test--6f9284de-7ef6-5ba1-b957-f68aa03d7df8
task_revision_id
1
config / split
all / test

Official source

initial import