Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following is NOT a characteristic of potentially fraudulent round-tripping transactions? A complex, convoluted or unusual structure or explanation for the transaction. Lack

Which of the following is NOT a characteristic of potentially fraudulent round-tripping transactions?

A complex, convoluted or unusual structure or explanation for the transaction.

Lack of candor, mischaracterization or failure to disclose the true relationships, rights and obligations among the parties to the transactions.

Similar amounts of money changing hands or fully-offsetting transactions, such as swaps or rights exchanges.

Attempts to disassociate the subject trasnactions from each other when they are actually dependent or conditions to the transaction.

All of these could potentially indicate fraudulent round-tripping transactions.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of IT Audit For Operational Auditors

Authors: Timothy McWilliams

1st Edition

1634541332, 978-1634541336

More Books

Students also viewed these Accounting questions

Question

10. How does IPv6 improve upon IPv4?

Answered: 1 week ago

Question

8. Describe the main retirement benefits.

Answered: 1 week ago