ACC 421 Midterm Explain in your own words how SOX has impacted financial s

ACC 421 Midterm Explain in your own words how SOX has impacted financial statement fraud.   What is the difference between financial audit and fraud audit?   Explain what the fraud triangle is. How can it help us prevent, detect, and respond to fraud?   Explain segregation of duties as it relates to fraud prevention. Why should we worry about it?   Elaborate and comment on two types of financial statement schemes. How do they work?   Comment on two types of asset misappropriation schemes. How do they operate?   What is the receivables lapping scheme?   What are the common red flags associated with financial statement frauds?   What are the red flags associated with corruption?   What are the red flags associated with fictitious revenues?   Name five red flags associated with a shell company (billing scheme).   What are the red flags associated with a ghost employee scheme?   What are the red flags associated with skimming?   What are three internal factors that enhance the probability of fraud, theft, and embezzlement?   Risk assessment is a critical starting point for audits in general. How can it be used as a tool for an entity’s antifraud program, in which the entity is trying to minimize its fraud risk?   What are some of the characteristics of a weak corporate governance structure that would promote fraud?   To have an effective antifraud culture, an entity should have policies and procedures that do what? (Include at least 5 items.)   Antifraud professionals agree that perception of detection is at the top of the list of fraud prevention measures. What are some of the things you would recommend to the owners of a manufacturing firm trying to prevent fraud?   What are some methods used to detect a shell company (billing scheme)? List at least five. Who are some of the key people on the fraud response team, and what are their role