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business
financial investigation and forensic accounting

Questions and Answers of Financial Investigation And Forensic Accounting

You are investigating possible hidden income in a divorce dispute involving an automobile repair shop with five bays. There are five mechanics, charging approximately \(\$ 60\) per hour for 7 hours
Go to the IRS's ATG for Gas Retailers and determine some initial interview questions to help a forensic accountant to accurately estimate the income from a service station.
Go to the IRS's ATG and obtain the definitions of these terms:- Assemblage [Construction industry]- Flooring Statement [Auto dealership]- Full IRS restaurant [Bars and restaurants]- The "Z" key [Bars
Go to the IRS's Bars and Restaurants ATG and review the 101 ways to steal from a restaurant. The IRS advises agents to focus on what three items? What is a point-of-sales system?
Using the ATG "Bars and Restaurants" guide, develop a checklist of items to observe while doing a walkthrough of a restaurant.
You are reviewing the books and records of a local restaurant trying to determine the reliability of the reported income. What are some appropriate audit procedures using the books and records?
Locate Big H. Ng, 73 TCM 2900, Dec. 52,067(M), TC Memo. 1997-248. What indirect method was used here by the IRS? Summarize the decision.
You determine the following information about a local bar:Determine the pouring cost percent. Determine gross receipts and gross profit. What are other variables to consider? Cost per liquor quart
Locate M. Cebollero, 60 TCM 1379, Dec. 47,018(M), TC Memo. 1990-618, aff'd CA-4, 92-2 uSTC \$150,327, 967 F2d 986. What indirect method was used here by the IRS? Summarize the decision.
Locate A.J. McQuatters, 32 TCM 1122, Dec. 32,197(M), TC Memo. 1973-240. What is the McQuatters formula?
While investigating a gas retailer, you compute the following ratios:What are some tentative conclusions? You may wish to refer to the IRS's ATG on Gas Retailers. COGS Gross profit All other expenses
While investigating a gas retailer, you notice some invoices for naphtha and alcohol. What should you do?
Using Internet resources, develop the revenue flow (walkthrough) for the slot operations of a casino.
Explain proactive auditing. Compare with reactive auditing. Give specific techniques.
You prepare a Cash \(T\) of an automobile dealer, as follows:Do you have any thoughts and what questions would you ask? CASH IN Gross receipt CASH OUT $5,000,000 Cost of Goods Sold $4,900,000 Sch. C
You prepare a comparative analysis of an automobile dealership. What questions should you ask 2004 2005 2006 Gross Receipt $3,000,000 $4,000,000 $5,000,000 Cost of Sales $2,800,000 $3,850,000
All income statement accounts are run through the balance sheet, but not all balance sheet accounts are run through the income statement. Analyze this statement. Give an example of a balance sheet
Refer to the IRS's ATG "Auto Dealership," and answer these questions.a. What is the difference between LIFO and non-LIFO inventory values called? What does it represent?b. What is a simple way to
While investigating an auto dealership you calculate the following [refer to the IRS's ATG on Auto Dealerships]:a. What entry should the dealer make initially and when the holdback is received?b.
Refer to the IRS's ATG on Auto Dealership.Suppose a dealer sells a car to a customer for the following:The dealer sells the note to a finance company who agrees to pay the dealer a 20 percent
What are some ways that a forensic accountant gathers evidence?
What are the requirements for a valid contract?
Why is it difficult to prove procurement fraud?
List some procurement fraud schemes. Which scheme is more common?
Describe the normal bribe/kickback scheme. What would be a sophisticated procurement fraud scheme? Why is cash a poor "something of value?"
What was the purpose for the passage of the Foreign Corrupt Practices Act of \(1977 ?\)
According to Wolfgang Schaupensteiner, what has been the motor for corruption in Germany
List some red flags of bribery and kickbacks.
List some red flags of phantom vendors.
What are some ideas to help prevent procurement fraud through phantom vendors?
How can a forensic accountant find and prove procurement fraud?
What is meant by:a. Duty to cooperateb. Audit rights
Which would be the best source for a forensic accountant to gather information and learn about a new industry?a. RIA Federal Tax Articlesb. Audit Technique Guidelinesc. Daubert Trackerd.
Which would not be a procurement fraud scheme?a. Bid riggingb. Phantom vendorsc. Cost mischargingd. Bill-and-holde. Split purchases
What famous U.S. Congressman resigned from Congress in 2005 after pleading guilty to taking \(\$ 2.4\) million in bribes?a. Armstrong Williamsb. William Jeffersonc. Vernon Jacksond. Peter Hartze.
What would probably not be helpful in trying to find and prosecute someone for accepting bribes and kickbacks?a. Audit right clauseb. Chain-of-custodyc. Duty to cooperated. Foreign Corrupt Practices
It is the usual accountant's story...a friend of yours (John Dough) has purchased a small business and knows that you are proficient at analyzing financial information. He has asked you to help him
The following is a list of alleged facts concerning Jeffrey K. Skilling.Your assignment is to verify whether the statements by Mr. Skilling are true. All of these questions have an absolute
Using the same instructions for problem 63, determine the accuracy of these facts about Frank Abagnale.a. I was born on June 27, 1948.b. I impersonated an airline pilot and attorney.c. I cashed
A major part of forensic accounting, auditing, or life is gathering evidence. Go out into the real world and start a conversation with a stranger (e.g., on a plane, at a store, party, library, etc.).
Obtain a copy of the first series of Fox's "Lie to Me." Watch several episodes and summarize some of the tips for catching lies.
Assume that you work for Able, Bold, and Cowing as an auditor, and you are auditing Texas Pizza, a chain located in and around Brownsville, Texas. Explain how important you think it is to account for
Explain the statement: Banks are part of the solution and part of the problem when it comes to money laundering.
What does it mean if a bank is described as a "virtual" bank?
A large cash donation has been made to Howard Tech University from a non-U.S. citizen whose son graduated from Howard Tech. Before accepting the donation, what 6 Minority Staff Report (February 5,
Name some techniques that can be used by money launderers to break the audit trail.
Discuss the conflict between the need for personal privacy and confidentiality in banking transactions and the need for the government to curtail money laundering activities.
Why is money laundering considered a serious criminal activity if it only involves the transfer of money from one location to another?
Go to the PayPal website and determine the requirements for setting up a PayPal account. Do you think PayPal could be useful to a money launderer?
Find an IP address that you use. Go to a traceroute service and trace the IP address. Print out all the information that is provided by the service. Bring the printed description to class with you.
Almost Over the Line? The accounting firm of Glofry and Tammar (G\&T) has been asked to arrange for a \(\$ 2\) million loan for Tang Enterprises by its client Ted Hoover at Hoover Company. Hoover
Over the Line? The Wang Consulting Group is headquartered in the United States with subsidiaries in Canada and the Cayman Islands. Proceeds from its Canadian subsidiary are sent directly into its
Leases. Betty Gosh runs ByGosh Realtors in Seattle, Washington. The company is a multi-million dollar agency, and the realty company has been in business for twenty years. Besides selling real
Correspondent Banking. Harold Macronic is a businessman in Zurich. He has three companies under his control. Select Gems (SJ) is a registered company in France run by his cousin Thomas. SJ was
Please Donate to My Favorite Charity. UARB is a charity based in the United States. Its mission statement states that UARB's goal is "to help the poor, sick and oppressed people of the world reach
What's the Balance in My Credit Card Account? Cavos Metdolas is a money laundering organization for a drug cartel in Wisconsin and Illinois. A money laundering method that Cavos Metdolas has been
International Inc. In the western provinces of Canada, the Mock-Lee drug ring owns a series of Dollar Stores in 10 mediumsized towns. It uses these stores to launder the money it collects from drug
Internet Exercise: Using Internet Explorer, visit at least two websites and then go to the following website http://network-tools.com to determine the information that can be collected about your web
Sell It to Me: Oakland Mortgage, Inc. has received funding from the BCCI Bank in Washington, D.C. for a housing development in Maryland's Eastern Shore. When completely finished, the condominium
How Big a Bag Do I Need? On November 8,2008 , within a 30 -minute period, dozens of criminal "cashers" in the United States, Hong Kong, and Russia withdrew \$9M from approximately 130 ATMs at
Mr. Thomas Oversight is the external auditor for I\&J Manufacturing. I\&J is a small manufacturer of metal trailers, horse trailers, and other tow-behind rigs. In the economic downturn, I\&J has been
What change in auditing may have caused Enron, WorldCom, Xerox, and the other fraudulent situations?
What two fieldwork stages gather audit evidence?
Define these terms:a. Materialityb. Control riskc. Inherent riskd. Detection risk
What does Lee Seidler say about external auditors? What overcomes the assumption that separation of duties prevents fraud?
Are the GAAS audit standards designed to catch fraud other than financial statement fraud? What is the expectation gap? Did SAS No. 99 close it?
What was significant with respect to the recommendations by "The Panel on Audit Effectiveness Report and Recommendations?"
What is the key question that an auditor should ask according to the Panel on Audit Effectiveness?"
What are some of the main points of SASNo. 99 ?
What is the Public Company Accounting Oversight Board (PCACOB)?
What is the Institute of Internal Auditors' definition of internal auditing?
What is the internal auditor's task with respect to fraud? Who has primary responsibility?
Why are Cynthia Cooper and Scott Sullivan significant in detecting financial reporting fraud?
What are some of the requirements for audit committees under the Sarbanes-Oxley Act?
Why might management be interested in forensic accounting services?
What are pro formas?
What is a red flag with respect to earnings?
How does a forensic accountant analyze inventories and receivables?
What is horizontal analysis?
The following information is taken from the accounting records of Donald Company:Average receivables \(\$ 700,000\)Cost of goods sold \(.2,900,000\)Sales \(8,000,000\)Average inventory
Using the facts in problem 21, the operating margin is:a. .1125b. .32c. 1.1d. 1.6e. None of the above
A forensic account determines the following facts about a company:Cash and equivalents. \(\$ 76,000\)Receivables 218,000 Current assets. 420,000 Current liabilities 240,000 Average inventory 310,000
Which statement is false with respect to SAS No. 99 ?a. SAS No. 99 supersedes SAS No. 82.b. An audit procedure to address the risk of management override would include examining journal entries and
Define these terms:a. Cooking the booksb. Cookie jar accountingc. Bottom lined. EBITe. EBITDAf. Off-balance-sheet financing g. Channel stuffing h. Bid rigging i. Big bath
A clerk works in a wholesale business that also operates several retail outlets. Thus, cash sales are common. This clerk is responsible for tallying the day's cash receipts and preparing the daily
During the Arthur Andersen obstruction of justice trial, Andersen's attorney Rusty Hardin told jurors that there is "no question David Duncan was a client pleaser." What is wrong with Duncan's
Which of these statements is false according to auditing standards?a. A high degree of competition accompanied by declining margins would be an example of an opportunity for fraudulent financial
What is meant by the expectation gap?
Forensic accounting is governed by the materiality concept. Analyze this statement.
What is meant by "more than remote?"
What are the seven investigative techniques available to a forensic accountant?
What public document reviews may be helpful to a forensic accountant?
What laboratory analysis may be helpful to a forensic accountant?
What could be key points of a company's anti-fraud program?
Based upon PCAOB Release 2004-001, what are some strong indicators of material weakness in internal control over financial reporting?
Explain the detective approach to solving a forensic problem versus the scientific approach.
What are the three major phases of a fraud? How can an accountant find fraud in each phase?
What can forensic accountants learn about top executives compensation
How could auditors have stopped Parmalat's deceptions?
How should auditors search for hidden liabilities?

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