Questions and Answers of Fraud Examination

Because of the ability to override internal controls, it is usually most difficult to prevent which type of fraud?a. Investment scams.b. Fraud committed by a company president.c. Employee fraud.d.
A method of classifying investigative approaches into testimonial evidence, documentary evidence, physical evidence, and personal observations is referred to as the:a. Investigative square of
Why might pursuing civil remedies be ineffective against employee fraud? When might civil actions be more useful?
Investigating fraud is the most cost-effective way to reduce losses from fraud. True/False
How many different Web sites can you find dealing with fraud auditing and detection? Try a few different search strings in Google, YouTube, the ACFE or another search engine and see what sites are
The internal control system of an organization is comprised of the control environment, the accounting system, and control procedures (activities). True/False
You have received a lip that the manager over the purchasing department of your company is taking kickbacks from one of your vendors. What fraud symptoms might you look for to determine if the
What is conversion?
1. The Vendor column contains the names of the vendors from which the purchases were made. Use a fuzzy matching algorithm to find any vendors with similar names. Do you suspect any purchases were
What are the differences between errors and fraud?
Using the financial information in the following tables, compute the required ratios list on the ratio analysis sheet and then complete the horizontal and vertical analyses worksheets. ABC COMPANY
What is Benford's Law?
1. Prepare a project plan for implementing the six-step data-driven approach. List the types of team members who should be involved in each step, how long each step will take, and cost estimates for
Large frauds can often be detected by performing financial statement analysis. Although such analysis can raise areas of concern, not all red flags are the result of fraudulent activities. Reasonable
Assuming you are an agent with the Federal Bureau of Investigation, do the following:I. Plan and coordinate an investigation in a manner that would not arouse suspicion fro m Cummings and Baptiste.2.
1 . As stated at the beginning of the chapter, it was discovered that the McDonald's Monopoly game was a fraud. Simon Marketing, which ran the game on behalf of McDonald's, was responsible for the
What are the steps involved in collecting electronic evidence?
As a recent college graduate, you land a job with a local accounting fum. The firm hired you because of your expertise in computer forensics (a skill you gained during school). Up to this point, the
Now that many companies are storing their data "in the cloud" it is easier to access the electronic data of suspected perpetrators. True/False
Today, many data analysis tools are available to provide assistance to fraud examiners when searching for possible fraudulent activities within a company. Visit the Association of Certified Fraud
Marlin Company has suspected something "fishy" forseveral months. It has noticed that its profits havebeen slowly decreasing, while reven ues have beenincreasing. After consulting with you, a fraud
What are different ways investigators can obtainhard-to-get documentary evidence?
Programs like IBM's i2 Analyst's Notebook and Xanalys Link Explorer perform link analysis. True/False
1. Calculate the 2017 and 2016 liquidity ratios identified using the ratio analysis table below. Also calculate the change and the percentage change for the ratios and complete the table. (Formulas
The Internet is a great place to find additional information about financial statement fraud. Using your favorite Internet search engine, try various word combinations to see what you can find about
Why are CEOs the most frequent perpetrators of financial statement fraud?
Mendoza is considering investing in IBM. However, he is captivated by IBM's growth. IBM had made a remarkable change from a struggling company to a leading company in the personal computer market.
The following information is provided for TechnoWorld, a company specializing in providing Internet technology assistance for clients:Perform a horizontal analysis of this balance sheet and identify
What are common-size financial statements?
Tool Co. is a medium-sized company that buys copper rod and plastic materials to produce insulated copper wiring. Tool Co. operates out of a single building of about 500,000 square feet that includes
How can comparing financial statement amounts with actual assets they are supposed to represent help determine if fraud is present?
The following two comparative balance sheets and statements of income are for XYZ Company for the years 2015-2017:Calculate all ratios needed to determine if XYZ is possibly under reporting accounts
ABCDE Technologies, Inc., designs, manufactures, and markets an extensive line of PC cards. The company sells its PC cards primarily to original equipment manufacturers (OEMs) for industrial and
On a beautiful spring morning in 2015, Stephen Lowber, chief financial officer of Cutter and Buck, Inc., slowly arose from his bed, walked across the bedroom floor, and gazed out the window. It was a
In November 2017, Wehav Funds, a profitable engineering firm, signed a Joan guarantee as a third party for No Certainty Company, a newly formed organization focused on pharmaceutical research and
Identity theft is the most frequent type of consumer fraud. True/False
Recently, Experience published the findings of an online survey about identity theft. Findings from the survey are found online at
In this chapter, we have discussed the GrammLeach-Biiley Act, which gives credit unions, savings and loans, banks, insurance agencies, mortgage companies, and other financial institutions the right
Using an Internet browser such as Google, type in telemarketing schemes or similar words. Find an example of a telemarketing scheme and answer the following questions about that scheme:a. How was the
Look up the U.S. Trustee Program's 2012 AnnualReport at http://www.justice.gov/ust/eo/public_affairs/annualreport/docs/ar2012.pdf.1. How is a trustee defined?2. What are the functions of the trustee
A "planned bankruptcy" is usually referred to as a bust-out. True/False
The U.S. Department of Treasury is a branch of the IRS. True/False
Identify a local company that conducts e-commerce, preferably one with whom you have previously done business or are otherwise familiar. Research the company and become knowledgeable in its basic
Conduct a random survey of at least 30 people. From the survey responses, draw several conclusions about attitudes of consumers toward e-commerce. Write a brief essay summarizing your
Together with other students from your class, identify a small, local company that does e-business and whose owner or manager is willing to talk with you about its operations. With your professor's
Refer back to the beginning of this chapter to the excerpt from a Los Angeles Times article about Reed Slatkin's fraud. The article insinuates that the FBI and IRS's raiding of Slatkin's office
You have recently been asked to be a damages expert witness in a large Ponzi scheme. The lawyers have asked you to calculate actual damages, what-if damages, and pre-judgment interest damages. How
It is usually the case that depositions for expert witnesses are much more difficult than the actual trial. Why do you think this is the case?

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