Multiple Choice
Organizations that fail to maintain accurate, relevant, and timely accounting records are most likely increasing which element of the fraud triangle?
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6. Internal Controls and Reporting Cash
Fraud and the Fraud Triangle
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Which term best describes an accountant who combines accounting expertise with investigative skills to detect and prevent fraud?
A
Management accountant
B
Cost accountant
C
Forensic accountant
D
Tax auditor
Verified step by step guidance1
Understand the role of each type of accountant mentioned in the problem: Management accountants focus on internal financial processes and decision-making, cost accountants analyze costs for budgeting and efficiency, tax auditors review tax compliance, and forensic accountants specialize in investigating financial fraud and disputes.
Recognize that the term 'forensic' refers to activities related to investigation and legal proceedings, which aligns with the task of detecting and preventing fraud.
Consider the investigative skills required to uncover fraudulent activities, which are unique to forensic accountants compared to other types of accountants.
Note that forensic accountants often work closely with law enforcement and legal teams to provide evidence and expert testimony in cases of financial fraud.
Conclude that the term 'forensic accountant' best describes an accountant who combines accounting expertise with investigative skills to detect and prevent fraud.
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