1

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An internal investigation may best be described as which of the following?

Select one:

a. A pre-defined methodology specifically utilized to identify perpetrators and instances of fraud in the form of misappropriation of assets and/or fraudulent financial reporting.b. A technique for responding to allegations of management or employee misconduct providing assurance over compliance with a multitude of regulatory statutes.c. A mechanism for identifying potential internal disputes within an organization that, if unchecked, might ultimatley result in corporate liability.d. A precautionary technique for identifying threatened government action or shareholder suits that, if unchecked, might ultimately result in corporate liability.

Question2

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While establishing an investigation plan, which of the following considerations are generally NOT applicable to CPAs?

Select one:

a. Ensuring that the evidence is obtained in a secure manner.

b. Verifying that procedures to be performed comply with local laws.

c. Validating interview witnesses understand how interview notes will be used.

d. Determining the scope of the documents produced to third parties such as external auditors.

Question3

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Which of the following worksteps is NOT generally performed by a forensic accountant within a financial statement investigation?

Select one:

a.Develop an understanding of relevant facts through the reviews of key documents and interviews to generate hypotheses.

b.Consider the materiality of all findings in the context of developing one's opinions.

c.Develop and report upon opinions about the existence of fraud based upon evidence gathered.

d.Consider the relevancy, objectivity and overall quality of the information received during the course of investigating a particular issue.

Question4

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Which of the following constituencies is most typically involved as a member of an internal investigation team?

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a. An external auditor.b. A regulator.c. An internal auditor.d. The financial controller.

Question5

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During the course of a financial statement investigation, which of the following is generally not an indicator that a misstatement may be material?

Select one:

a. A misstatement resulted in a significant reduction to lower-level management's compensation.b. A misstatement allowed the company to meet analyst expectations during the a quarter.c. The misstatement reflected an unsubstantiated increase to the company's working capital allowing the entity to meet certain debt covenants.d. A company's net income was understated by approximately 0.5%.

Question6

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Which of the following are outcomes of an investigation?

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a. Development of an insurance claim.b. Recommendations for internal control remediation by the entity.c. A criminal referral.d. All of the above.

Question7

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According to the 2008 ACFE Report to the Nation, what is the most common source for receiving tips pertaining to fraud perpetrated at a company?

Select one:

a. Shareholdersb. Customersc. Employeesd. Competitors

Question8

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Which of the following would generally NOT be relevant when developing an investigation plan?

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a. Any time constraints in place in conducting the investigation.b. The qualifications of the company's external auditors.c. The objectivity of those involved in the investigation.d. The rules of confidentiality related to the investigation.

Question9

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Which of the following generally occurs prior to the issuance of a SEC Matter Under Inquiry (MUI)?

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a. A written analysis of the key issues being asserted must be completed by the Securities and Exchange Commission.b. A written response from the opposing counsel to claims asserted against the defendant by the Securities and Exchange Commission through the Wells process.c. Approval of the issue from the Director of Enforcement at the Securities and Exchange Commission.d. On Order Instituting Proceedings must be in place prior to establishing a Matter Under Inquiry.

Question10

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Whichof the following isnota primary consideration utilized by the SEC's Division of Enforcement for purposes of ranking current investigations?

Select one:

a. The pervasiveness of the underlying matter within the marketplace.b. The budget available to conduct such an investigation.c. The potential harm the matter may have if not investigated.d. The financial risks associated with counterclaims in response to the matter.

Question11

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What may be viewed as a typical red flag when conducting an investigation into a potential FCPA violation?

Select one:

a. A particular agent is utilized sporadically and generally for the entity's most significant deals abroad.b. An agent demands an unusually high commission despite the lack of apparent risk in a foreign jurisdiction.c. An agent is a close family relative of a key officer of the company.d. The agent specifically refuses to deal directly with the company in cash.

Question12

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During which phase of the litigation process may an accounting expert be involved?

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a. Discovery through his or her deposition.b. Discovery through his or her drafting of questions to be used when interviewing or deposing opposing parties.c. Preliminary evaluating the merits of case.d. All of the above.

Question13

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What is not an available remedy to the Securities and Exchange Commission's Division of Enforcement?

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a. Disgorgement of ill-gotten gains.b. Practice restrictions as an officer or board of director of a privately held company.c. Imposition of civil penalties in the form of fines.d. Issuance of a permanent injunction.

Question14

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Which of the following is not generally required for purposes of recognizing revenues related to bill and hold transactions?

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a. The customer's request for bill and hold must have a valid business purpose.b. There must be a set defined schedule for the eventual delivery of goods.c. The customer must be an end user and not a reseller.d. The goods must be segregated from other vendor inventories.

Question15

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The marketing practice of inducing customers to purchase more inventory than needed is prohibited under accounting standards generally accepted inside the United States?

Select one:

TrueFalse

Question16

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Which of the following constitues frequently utilized defenses with respect to financial statement investigations?

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a. The financial statements complied with GAAP.b. The misstatements identified were not material.c. There was no reliance placed upon the financial statements by the plaintiff.d. All of the above.

Question17

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Which of the following payments would least likely indicate a potential violation of the FCPA?

Select one:

a. A payment donation to an international organization responsible for financing a current politician's re-election campaign.b. A payment donation to a privately funded university for the tuition of a foreign official's family member.c. A payment donation to a privately funded hospital located in a country in which the company does business.d. A payment donation to a research and development laboratory that receives the majority of its financing from government grants.