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business
financial investigation and forensic accounting

Questions and Answers of Financial Investigation And Forensic Accounting

A mid-sized company has a standard sales contract, but sales personnel frequently modify the terms of the contract. The nature of the modifications can affect the timing and amount of revenue
A large company has a standard sales contract, but sales personnel frequently modify the terms of the contract. Sales personnel frequently grant authorized and unrecorded sales discounts to customers
During the assessment of internal control over financial reporting, management identified the following deficiencies. Based on the context in which the deficiencies occur, management and the external
In order to determine how risky a particular company is that you are auditing, you prepare these five ratios along with the same ratios of this company's peers:What are your thoughts about the risk
You are provided the following information about a company for two years (in millions):a. Days Sales in receivable indexb. Gross margin indexc. Sales growth index Any thoughts about this company?
Go to the Association of Certified Fraud Examiners' website and find the 2004 Report to the Nation on Occupational Fraud and Abuse.a. How long does the average fraud scheme last?b. Applied to the
Suppose you are fired because you would not "cook the books." Do you have any regress? Check out some whistle-blowers websites, especially the Office of Special Counsel.
Find the Panel on Audit Effectiveness report by the Public Oversight Board (August 31, 2000) and outline the panel's major recommendations concerning forensic techniques (pp. 1 and 2).
Search on the Internet for discussions that distinguish an interview from an interrogation.
Using the Internet or print media, find some examples of off-balance sheet ideas.
Find websites describing "big bath" situations.
On the Internet, find sites describing examples of the bill-and-hold technique.
Read about the ZZZZ Best Carpet Cleaning fraud. What schemes did the fraudsters use?
Search the Internet for the improper transactions incurred by the A.I.G. What happened to the chairman Maurice R. Greenberg?
Search the Internet for Thomas M. Coughlin, former Wal-Mart vice-chairman. What was he accused of in April 2005? What was his annual compensation in 2004?
Search the Internet for the outcome of these courtroom scandals:a. Walter Forbesb. Ken Layc. Jeffery Skillingd. Mark Swartze. Sam Waksal
Using the Internet, learn what type of fraud was found at McKesson \& Robbins in the 1930s. How large a fraud?
What internal control framework is used most often in the United States?a. Auditing Standard No. 2b. SAS No. 99c. COBITd. \(\operatorname{COSO}\)e. Some other framework
In baseball analogy, who would be the auditee?a. Pitcherb. Catcherc. Managerd. Umpiree. Some other answer
Which would not be one of the six legs on the six-legged table of financial statements?a. The IRSb. Managementc. External auditorsd. PCAOBe. Board of Directors
Who is responsible for internal controls?a. External auditorsb. Internal auditorsc. Managementd. Audit Committeee. Board of Directors
Which statement is false?a. Waste Management made top drawer entries.b. Richard Scrushy of Tyco was never convicted.c. Adelphia used special purpose entities to commit their fraud.d. Rationalization
Which statement is false?a. SASNo. 99 does not prohibit clients from preparing confirmations.b. Enron issued \(\$ 1.2\) billion of stock to an SPE and recorded a \(\$ 1.2\) billion notes
"Remote" for purposes of material and control deficiencies refers to:a. One out of 20b. One out of 25c. One out of 30d. One out of 40e. Some other description
What forensic technique was used by CocaCola to prosecute the secretary who was convicted for attempting to sell product information to Pepsi?a. Invigilationb. Interviewsc. Videotaped. Net worth
The \( \qquad \) theory says that covert aspects of fraud may be as important as overt aspects.a. Backdatingb. Invigilationc. Graphologyd. Iceberge. Game
\( \qquad \) refers to a company pulling revenues into the distribution channel fraudulently.a. Constructive intentb. Channel stuffingc. Gaming strategyd. Big bathe. Double play
Which statement is false?a. SAS No. 99 does not mention forensic accounting.b. SAS No. 99 does not require auditors to make inquiries of "others" as opposed to management.c. Many of the companies
What would not be an abusive earnings management scheme according to the SEC?a. A big bathb. Channel stuffingc. Postponing repairs and maintenance expensesd. Cookie-jar accountinge.a. andc. above
What is not required by SOX companies?a. CEO may not be chairperson of BOD.b. Auditors must report to audit committee on a timely basis.c. Rotation of lead auditor every five years.d. Internal
What would not be a red flag with horizontal analysis?a. Accounts receivable is rising faster than revenue.b. Cash flow is increasing faster than net income.c. Deferred revenues remain steady.d.
Which statement is false with respect to the PCAOB?a. PCAOB issues standards describing auditor's attestation requirements.b. D.W. Squires was a former chief auditor of PCAOB.c. PCAOB is a
Which statement is false with respect to Section 404 of SOX?a. The section requires management's assessment of internal control over financial reporting.b. The auditor's report on internal control
According to the SEC, which is not a sign of a possible fraudulent companya. Insiders having greater than 50 percent control of the BOD.b. CEO also being chairman of the BOD.c. CEO being the
Which statement is false?a. Significant deficiencies need only be reported to the BOD.b. Material deficiencies must be publicly reported.c. The most common area of material weaknesses has been
Select five of these alleged fraudsters and prepare a two-paragraph discussion of them. Outline their modus operandi. 1. Frank Abagnale 2. Jack Abramoff 3. Kobi Alexander 4. Eddie Antar 5. Jim Bakker
Prepare a one-hour action pack T.V. episode with the main character a forensic accountant or auditor. The main character should be called Dane Striker or Sloane Striker. Your project can include a
Develop a reality T.V. show involving accountants (e.g., forensic accountants).
You are hired to perform a forensic audit of a movie (e.g., College). Prepare a short term paper on production accounting for a movie or T.V. production.
Define misappropriation of asset. What are other terms for this concept?
How may misappropriations be accomplished?
Multiplier, Inc. has a 25 percent gross profit margin during a year when there is a skimming scheme which reduces the bottom-line by \(\$ 1,200,000\). What increase in revenue is needed to replace
SAS No. 99 gives what ways assets may be misappropriated?
Define these terms:a. Skimmingb. Kitingc. Lappingd. Kickbacks
What are the three conditions for misappropriation of assets in SAS No. 99 ?
Review the generalizations that Gwynn Nettler provides about fraud perpetrators.
What four discrepancies are outlined in SAS No. 99 that indicates the presence of fraud?
What statement(s) is false?a. Personal financial obligations may create pressure on an employee and encourage fraud.b. Disappearance or dissatisfaction toward a company may allow an employee to
What are four fraudulent disbursement schemes?
What are some ways to steal cash? What can help to prevent cash and check thefts?
Why do fast food restaurants have two windows at the drive through lanes? At many cafeterias, why do you pay after you eat and not when you get food?
If there is a substantial increase in bad debts, what might this mean?
Missing inventory may indicate what is happening in a grocery store?
You find short time lags between deposits and withdrawals and large deposits made on Fridays. What should you suspect?
What is called "robbing Peter to pay Paul?" How do you catch it?
What is meant by "white-collar crime?" Who first coined the term?
What are some audit steps to catch skimming and money-laundering schemes?
What is kiting? How can one spot a kiting scheme?
What is not especially helpful for spotting kitinga. Confirming accounts receivables.b. Look for frequent deposits and checks in the same amount.c. Check for large deposits on Fridays.d. Look for
What is meant by "washing checks?"
Describe a lapping scheme and an audit step to discover lapping.
What is a cut-off bank reconciliation?
Outline the typical kickback scheme.
What is a land flip?
What is money laundering? How do you catch it?
What is the most common response to the discovery of fraud by an organization? How often does an organization report a fraud to a law enforcement agency?
What should an organization avoid when a fraud is discovered?a. Hiring an external fraud investigator.b. Check the target's personal computer.c. Discuss with as few people as possible.d. Remove
List the things that should not be done in a fraud investigation.
What three conditions are normally present when misappropriation occurs?
What are some incentives or pressures to misappropriate assets?
Which risk factor should be considered an incentive or pressure per SAS No. 99 ?a. Significant related party transactions.b. Unstable organizational structure.c. High turnover of senior executives.d.
Is an auditor likely to know the attitudes or rationalizations of employees or executives that may cause misappropriation of assets
Which factor would not be an opportunity for misappropriation of assets?a. Personal financial obligation (e.g., wife is sick).b. Inventory items are small in size and valuable.c. Inadequate physical
List some principles to follow to stop fraud and abuse.
The 2004 Wells Report found which two measures to be more effective in preventing fraud?
Should forensic accountants engage in covert surveillance?
Do not-for-profit organizations face incentives and pressures to cook their books? Discuss.
Review the warning signs for not-for-profit organizations provided by Enterprise Care Not-for-Profit Services internet site.
Are fraudulent financial statements a great problem in government units?
Can a government unit go bankrupt? Explain.
Using the Internet, find some government units having financial problems.
Determine whether the following situations are negative indicators of the financial health of a government unit:a. Cash and investments divided by current liabilities ratio is decreasing over several
Long-Term Debt divided by population ratio is decreasing over time.m. Current Liabilities divided by Gross Revenues ratio is increasing over time.n. Tax Levy divided by Tax Limit ratio is decreasing
How much year-end cash should a local government have?
You have the following data for a city in the southwest. Calculate the quick ratio. Is this ratio favorable or unfavorable?Current Liabilities. \(\$ 28\) million Cash \(\$ 27\) million Investments
You have the following information about a midwest city. Calculate the ratios of fund balance to revenues and determine if they are favorable or unfavorable.General Fund\(\$ 62\) million Unreserved
You determine the following data about a local government in the southeast. Determine the ratios of unreserved fund balance and reserved fund balance to total revenues. Are these ratios
Assume the following facts about a local government. Determine the Tax Limit Exhausted and the Debt Limit Exhausted ratios.Tax Limit \(\$ 11\) million Debt Limit \(\$ 13\) million Tax Levy \(\$ 8.5\)
Assume that Debt Service Expenditures is \(\$ 16.2\) million and Total Revenues is \(\$ 70.1\) million. Calculate the Debt Service/total revenue ratio. Is the ratio favorable?
Outline the steps in the fraud hypothesis testing approach. What are Type II errors? How does one avoid Type II errors?
Explain the so called "gap analysis approach" to fraud deterrence.
Go to the Internet and listen to the song by Johnny Cash called "One Piece at a Time." Outline some lessons from the song.
Flow chart the normal flow of cash in a casino.
You receive a tip on the company's hot line that there has been some fraud in the collections area. What five audit steps would you suggest using in order to find the fraud?
During a brainstorming session, a suggestion is made that the most likelihood of fraud in a particular division is in the area of acquisition and payment cycle. Outline five audit steps to help find
While auditing a company you notice an employee in payroll who is living beyond his means (e.g., clothes, automobiles, housing). His wife does not work. Suggest six audit steps to help satisfy you
An anonymous e-mail is sent to an internal auditor that there is fraud in the inventory/ warehousing cycle. Suggest some appropriate audit steps.
What is meant by the hockey stick pattern?
What is meant by the cockroach theory of fraud?
Explain how a shell company could be used to engage in a pass-through billing scheme.

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