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    Question

    Refer to the following information to answer the next 4 questions (Q23 to Q26) Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organisation. Audit can be done internally by employees or heads of a particular department and externally by an outside firm or an independent auditor. The idea is to check and verify the accounts by an independent authority to ensure that all books of accounts are done in a fair manner and there is no misrepresentation or fraud that is being conducted. All the public listed firms have to get their accounts audited by an independent auditor before they declare their results for any quarter.

    Which term is the synonyms term to full range of frauds committed by business and government professionals?

    A Blue collar crime Correct Answer Incorrect Answer
    B White collar crime Correct Answer Incorrect Answer
    C Yellow collar crime Correct Answer Incorrect Answer
    D Brown collar crime Correct Answer Incorrect Answer
    E Black collar crime Correct Answer Incorrect Answer

    Solution

    White collar crime is the synonym term to full range of frauds committed by business and government professionals. White-collar crime is generally non-violent in nature and includes public corruption, mortgage fraud, securities fraud, and money laundering, to name a few.

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