Fraud

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Which regulatory body is looking closer at the work of audit firms for crypto companies?

FTX

SEC (correct)

CFTC

CPA

What has led to firms dropping crypto clients?

Increased oversight

Risk of lawsuits

Damage to reputation

All of the above (correct)

Which of the following is NOT a common problem faced by many crypto companies?

Emerging industry

Lack of effective internal controls

Limited SEC experience

Lack of understanding of the business environment (correct)

According to the text, who believes that crypto firms should be required to comply with existing rules?

Gary Gensler Signup and view all the answers

What is the main reason why many CPA firms are parting ways with crypto companies?

Risk of lawsuits Signup and view all the answers

According to the text, what is the main reason for the collapse of FTX?

Classic fraud Signup and view all the answers

What are the three basic elements of fraud according to the Fraud Triangle?

Incentive, Opportunity, Rationalization Signup and view all the answers

According to the text, what are the problems faced by auditors in the FTX case?

Lack of internal controls, Emerging industry, Limited SEC experience, Lack of understanding of the business environment Signup and view all the answers

What is the main reason why auditors can never obtain complete assurance in detecting fraud?

Human error Signup and view all the answers

What is one of the keys to success mentioned in the text for auditors?

Knowing the kinds of fraud committed over the years Signup and view all the answers

Fraud

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Questions and Answers

Which regulatory body is looking closer at the work of audit firms for crypto companies?

What has led to firms dropping crypto clients?

Which of the following is NOT a common problem faced by many crypto companies?

According to the text, who believes that crypto firms should be required to comply with existing rules?

What is the main reason why many CPA firms are parting ways with crypto companies?

According to the text, what is the main reason for the collapse of FTX?

What are the three basic elements of fraud according to the Fraud Triangle?

According to the text, what are the problems faced by auditors in the FTX case?

What is the main reason why auditors can never obtain complete assurance in detecting fraud?

What is one of the keys to success mentioned in the text for auditors?

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