"Financial Report":Financial Reporting Quality

来源: 正保会计网校编辑：小鞠橘桔 2020/10/27 09:52:57　字体：大小

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Questions 1:

Which of the following conditions conducive to issuing low-quality financial reports is most likely a result of poor internal controls?

A、 Rationalization

B 、Opportunity

C、 Motivation

Questions 2:

Which of the following approaches will most likely reveal manipulation of financial reporting?

A、 Using EBITDA to adjust for non-recurring items

B 、Evaluating potential warning signals in isolation

C 、Comparing a company’s methods and policies to those of its peers

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. Poor internal controls provide opportunities for errors or fraud to be incorporated in financial reporting without being detected.

A is incorrect. Rationalization takes place after the low-quality reporting act has taken place and is a psychological process used by individuals to justify their actions. Poor internal controls are not a psychological process.

C is incorrect. Motivation results from personal pressures or corporate pressures to report on a low-quality basis. Poor internal controls provide the vehicle through which low-quality reporting can be concealed, 解析

【Answer to question 2】C

【analysis】

C is correct. An investor should compare a company’s policies with those of its peers to determine whether its approaches match or differ from industry norms; if a company is the only one in its industry following a particular approach, a red flag is raised.

A is incorrect because companies may construct or report their own version of EBITDA. Thus, adjusting EBITDA for a non-recurring item, in and of itself, does not reflect or reveal manipulation or financial reporting.

B is incorrect because investors need to evaluate warning signals cohesively, not on an isolated basis.

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