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"Financial Report":Financial Reporting Quality
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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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