Which of the following statements best describes the act of collusion?
A)Collusion is caused by an overstatement of ending inventory.
B)Collusion is an intentional act of two or more employees to accomplish theft of company assets.
C)Collusion is one of the necessary outcomes of a system of internal control over financial reporting.
D)Collusion is enhanced by an effective system of independent reconciliations and other checks on recorded amounts.

Question

Quizplus · Accepted Answer

Collusion is an intentional act of two or more employees to accomplish theft of company assets. It involves individuals working together to deceive or manipulate a system for their own gain. It often involves co-conspirators who work together to commit fraud, embezzlement, or other illegal activities.

Which of the Following Statements Best Describes the Act of Collusion