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business
financial investigation and forensic accounting

Questions and Answers of Financial Investigation And Forensic Accounting

Here is the letter written by Sherron Watkins, CPA. Is she a whistle-blower? Did she commit a discreditable act under AICPA Rule \(501 ?\)Dear Mr. Lay, Has Enron become a risky place to work? For
Using the Internet, find descriptions of recent fraud schemes based on SEC releases.
On the Internet, locate some current examples of external fraud.
Follow-up the careers of Sherron Watkins and Kenneth Lay using Internet and book resources.
Research on the Internet how many restatements of earnings occurred during 2006.
Check Internet descriptions about the \(\$ 18\) million McKesson Robbins fraud. Summarize the fraud scheme and describe how it was uncovered.
Read about the \(\$ 100\) million Equity Funding reinsurance fraud using the Internet. Summarize the fraud scheme.
What are Howard M. Schilit's seven financial shenanigans?
Research the Sarbanes-Oxley Act and read about the debate that led up to its passage. Based on your research:a. Is there consensus on whether Sarbanes is good law?b. What did you read about those who
The amount of financial reporting fraud in business seems staggering. What do you believe has contributed to financial statement fraud's growth?
If you were going to research financial reporting fraud what questions would you like to address?
Find the SEC's press release with respect to Rite Aid in 2002 and list the bag of tricks that the company used to cook the books. www. sec.gov/news/press/2002-92.htm.
When Krispy Kreme restated its 2004 earnings, what impact did the restatement have on the price of the stock?
Give some patterns or red flags of financial statement fraud.
How much are firms willing to sacrifice in income taxes in order to smooth earnings?
Do smaller firms tend to manage earnings when compared to larger firms?
On the Internet, find the SEC Staff Accounting Bulletin No. 101. What are the criteria for determining if revenue is realized or realizable and earned?
What is meant by alter ego?
Find the Internet site "The Fraud Farm." Prepare your own "Gallery of Weasels."
Find the Internet site "Bob Jensen's Enron Quiz Questions." Take the Quiz.
Explain why backdating the grant date of a stock option to a lower price cheats the corporation.
Search the Internet about the Apple stock option backdating scandal and decide whether CEO Steve Jobs should have gone to jail. Why did other executives go to jail and not Steve? Is politics
On the Internet find the 2008 Transparency International Corruption Perception Index and determine the ranking of these countries.a. United Statesb. Japanc. Chadd. Icelande. Denmark
Which is not a factor, according to the Australian Institute of Criminology, that can explain fraud?a. Rationalization or lack of integrityb. Supply of motivated offendersc. Availability of suitable
Which factor is in the fraud diamond that is not in the fraud pyramid?a. Motiveb. Capacityc. Attituded. Opportunitye. None of the above
What is generally the most difficult thing to prove in a fraud court case?a. A false representation or willful omission regarding a material factb. The fraudster knew the representation was falsec.
Which would not be a preventive control?a. Guardsb. Swipe cardsc. Fencesd. Data mining softwaree. Background checks
Which would not be a detective control?a. Drug testingb. Reconciliationsc. Surprise cash countsd. Counting inventorye. Reviews
Which would be a corrective control?a. Process redesignb. Drug testingc. Using document control numbersd. Job rotatione. Event notifications
Which fraud scheme did Sunbeam not do?a. Cookie-jar reservesb. Accelerated revenues from leasing equipmentc. Channel stuffingd. Guaranteed salese. Improper bill and hold
Which is not one of the three B's of fraud?a. Bucksb. Babesc. Boozed. Betse. \(B\) and \(C\) above
Which statement is false?a. A growing "days sales outstanding" figure is often a sign that receivables are impaired by channel stuffing.b. Backdating stock option exercise dates is not abusive
Motive to commit fraud usually will include all of the following except:a. Feelings of resentmentb. Alcohol, drug, or gambling addictionc. Financial pressures and personal habitsd. Inadequate
Which statement is false with respect to backdating of stock options?a. Steve Jobs, CEO of Apple, was involved with backdating.b. Manipulating a stock option exercise date to a lower price will
Which would not be an indicator of alter ego?a. Financial dependence behaviorsb. Confusion about corporate identityc. Risk assessmentd. Dominance and controle. None of the above
Is the Internal Revenue Code responsible for the backdating problem? Did Code Sec. 162(m), which restricts the deductibility of nonperformance-based executive compensation to \(\$ 1\) million, cause
Determine whether the following are preventive (P), detective (D), or corrective (C) controls.a. Trainingb. Bank reconciliationsc. Passwordsd. Surprise cash counte. Quality circle teamf. Job rotation
Go to the FBI internet site or search other sources and prepare a report as to the fraudulent activities in these companies. How did the people pull off the fraud?a. Quest Communication.b.
Go to the Securities and Exchange Commission's Internet site (sec.gov) and find a Litigation Release number that deals with each of the following issues. Give the Litigation Release number and write
How does a forensic audit differ from a regular audit?
Who may have been the earliest expert witness?
What impact did the IRS have on forensic accounting in the United States?
Who was Frank Wilson?
What country claims the genesis of the discipline of forensic and investigative accounting?
What early accountant issued a circular advertising his desire to engage in forensic-type accounting activities?
What may be the forerunner of forensic and investigative accounting?
Which state legislated the first CPA law?
What was the forerunner of the American Institute of CPAs?
The first volume of the Accountant's Index listed forensic-type articles under which categories?
Which country was the first to require the audit of corporations, England or the United States?
In the 1920s, what senior partner began giving speeches encouraging financial and industrial investigations?
What huge bankruptcy in 2001-2002 caused forensic accountants to become rising stars within the accounting profession?
When an accountant testifies in court, the testimony may fall into two broad classes. Discuss them.
Who was probably the first person to coin the phrase forensic accounting in print?
Which type of auditor ferrets out deception in financial statements?
Investigative accounting activities in the FBI grew dramatically during what 20th century. conflict?
In the 1960s, what legendary U.S. crime- fighter began to emphasize fraud detection in his federal government bureau?
What was the title and who was the author of the first forensic book?
Forensic accounting also may be known by another phrase, as indicated by the second forensic book published. What is the phrase and who published the book?
What book introduced the structural and behavioral consideration of fraud? What is the iceberg theory?
The modern role of forensic accounting has been defined by Wayne Bremser to include four elements. Which of the following is not one of the four:a. Pretrial supportb. Trial supportc. Expert
What situations did Wayne Bremser suggest are active areas for forensic accountants?
What unpredicted audit steps did the Panel on Audit Effectiveness suggest in 1998?
What is meant by the forensic-type fieldwork phase of an audit?
Common litigation services provided by CPAs while serving as expert witnesses would in- clude all except which of the following:a. Economic analysis.b. Computation based on market share of each
An AICPA Fraud Task Force suggests that if a forensic accountant is brought into an audit to conduct a separate investigation (and not an adjunct to an audit), what standards apply?
What subtle shift in external auditing occurred in the early 1980s?
Using the Internet, learn how Xerox pumped up its earnings.
Using the Internet, examine how WorldCom cooked its books.
Using the Internet, search for the terms "litiga- tion support" and "litigation services" and visit five or six sites that involve forensic accounting services. Also explore several sites involving
Using the Internet, visit the Kessler Interna- tional website and read some of the stories in "Kessler in the News." Who was the first "forensic auditor"?
Using the Internet, find several definitions of forensic accounting.
Using an advanced Google search (e.g., Larry Crumbley, forensic), learn about these forensic accountants:a. Jack Burkeb. Craig L. Greenec. Susan Henryd. Bruce Dubinskye. Howard Daviaf. Gerry Lagerberg
Using the Internet, find some universities that offer forensic accounting courses.
On the Internet find the KPMG India Fraud Survey Report, 2002.a. How many chief executive officers re- ceived the questionnaire?b. How many of the respondents do not have a written fraud policy?c.
Using the Internet, locate and review these sites:a. National Fraud Centerb. The Fraud Detectives Consultant Networkc. Milberg Weiss Bershad Hynes & Lerachd. Mark R. Simmonse. Communications Fraud
Using Google, determine the number of hits for these terms:a. Forensic accounting.b. Fraud auditing.c. Forensic auditing.d. Fraud examination.
Go to the Internet and peruse the AICPA's "Catch Me If You Can" online fraud game.
Search the Internet for the company MAX- IMA Group. List the main consequences of corporate fraud.
Search the Internet and learn about the AICPA's site on Business Valuation and Forensic/Litigation Services.
Search the Internet: Is plagiarism fraud?
On the Internet, compare the forensic account- ing programs at Florida Atlantic University and West Virginia University. What is your opinion with respect to getting a degree over the Internet? Does
On the Internet, locate the U.S. Dept. of Jus- tice, "Education and Training in Fraud and Forensic Accounting: A Guide for Education- al Institutions, Stakeholder Organizations, Faculty, and
Go to the Journal of Forensic Accounting Inter- net site. What approach does the publisher, James Edwards, take with respect to the defi- nition of forensic accounting? Is the narrow or broad
Who says a forensic audit is akin to a police investigation?
What is the AICPA's position with respect to a forensic audit?
Forensic accounting always involves which one of the following?a. Business valuationb. Investigating suspected fraudc. Testifying in the courtroom as an expertd. Using accounting techniques and
Who said "what the use of finger prints was to the 19th century, and DNA analysis was to the 20th, forensic accounting will be to the 21st century"?a. Joe Wellsb. Gordon Brownc. Gary Girouxd. Wyllie
Who is the father of the term forensic accounting?a. Max Lourieb. James McClelandc. Maurice E. Peloubetd. Robert Lindquiste. Someone else
The authors give whom the credit for being the first forensic accountant?a. James McClelandb. Doug Carmichaelc. Maurice E. Peloubetd. Joe Wellse. Robert Lindquist
Which is not one of the six main categories of the 1986 types of litigation services?a. Antitrust analysisb. Valuationc. Damagesd. Analysese. Fraud
What was WorldCom's main fraud strat- egy?a. Moving expenses into asset accountsb. Bill-and-hold strategyc. Big bathd. Channel stuffinge. Cookie-jar reserves
Which was one of the first groups/laws to encourage auditors to incorporate forensic techniques into audit programs?a. Sarbanes-Oxley Actb. PCAOBc. SAS No. 99d. Panel on Audit Effectivenesse. COSO
Which statement is false?a. The AICPA does not require auditors to carry out specific forensic techniques.b. The AICPA states that companies should not use the forensic services of their ex- ternal
Search the Internet and determine what hap- pened to these individuals.a. Robert Pfaff (KPMG).b. Adrian Dicker (BDO Seidman).
Using the Internet, write a paper about Ber- nard Madoff's ponzi scheme. Include Shawn Merriman and Andrew Hamilton Williams, Jr. in your discussion.
Search for the latest about Robert Allen Stan- fords' alleged ponzi scheme.
The field of criminology emerged with whom?a. Jeremy Benthamb. Cesare Beccariac. John Locked. Martin Luther
The felicific calculus theory means?a. The greatest good must go to the greatest number.b. Amount of punishment to deter crime.c. Punishment must match the crimed. Punishment must be public, prompt,
Criminaloids were defined as those with no physical or mental disorders but who engaged in criminal behavior. T or F

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