Credit Corporation Ltd., an NBFC, has established email-based approval processes for urgent fund transfers. During the course of audit, it was…
CA Final · Advanced Auditing, Assurance and Professional Ethics · MTP · May 2026
Credit Corporation Ltd., an NBFC, has established email-based approval processes for urgent fund transfers. During the course of audit, it was observed that the Managing Director received a “Highly Confidential” email appearing to be from the Chairman, seeking immediate authorisation for an overseas wire transfer. Upon further investigation, it was identified that the email was fraudulent. This is an example of:
Suggested Answer and Working Notes:
Correct Answer: Option (C)
Whaling
Topics: Standard on Auditing (SA), Quality Control
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