Auditors ensure that financial records are accurate and that corporate procedures are being followed. It’s an important role in the business world. In their work, auditors scrutinize the details and look for warning signs — or red flags — that might point to larger concerns, like inappropriate reporting practices, fraudulent behavior, or other forms of corporate malfeasance.
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Can you identify the red flags in these scenarios?
(Derived from a sample exam created by the Association of Certified Fraud Examiners originally published in the Journal of Accountancy in November 2018.)