Forensic Accounting And Fraud Examination 2nd Edition Mary Jo Kranacher, Richard Riley - Solutions

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What accuracy certifications on the tax return and bank financial statement address providing materially inaccurate information?
Was Larsen Convenience solvent on January 7, 2016? Solvency is defined three ways:(a) having more assets (particularly current assets) than liabilities (particularly current liabilities), or(b) Larsen Convenience cannot pay its debts when the dates come due, or(c) both (a) and (b).
How does Greg Larsen’s business solvency impact his wife Tonya Larsen?
In the case scenario, Greg Larsen lost a wrongful death lawsuit for killing his nephew and is required to pay $$500,000.$ The Georgia Supreme Court denied certiorari in May 2015 to hear an appeal to overturn the appellate court’s affirmation of the lower court decision.When should the
Which types of financial statements do not have certifications about the accuracy of information listed on or submitted with the financial statements?A. Income tax forms (e.g., IRS Forms 1040, 1065, and 1120)B. Unaudited financial statements C. Credit applications or financial statements given to
In calculating common-sized ratios in a vertical and horizontal analysis, what is the base for calculating common-sized ratios for the balance sheet?A. Total assets B. Gross receipts C. Total liabilities D. Retained earnings.
In calculating common-sized ratios in a vertical and horizontal analysis, what is the base for calculating common-sized ratios for the income statement?A. Gross receipts B. Total assets C. Total liabilities D. Retained earnings.
When analyzing financial statements (e.g., unaudited financial statements and income tax returns), which of the following is correct?A. Vertically analyze only the dollars.B. Vertically and horizontally examine just the common-sized percentages looking for irregularities.C. Vertically and
Perform a bank reconciliation as of April 1, 2016, using the bank statement for March 2016, cash receipts journal, and cash disbursements journal.
Compare the front and back of checks and the deposit slips to the cash receipts and cash disbursement journals and identify:a. Checks where payees do not matchb. Irregular disbursementsc. Irregular signaturesd. Irregular endorsements
Review the bank statements for disbursements not involving checks and trace to the cash disbursements journal.a. What are these transactions?b. Where and when (date and day of the week) were these noncheck transactions actually made (not when recorded)?c. How far is the distance between the
Review the deposits.a. How often and when were the deposits made?b. Is anything missing from the deposits?c. How do deposits relate to the bank reconciliation?
List the items (e.g., check numbers, transaction dates, and individual amounts) and totals of each category of fraud.
What are the alleged frauds (e.g., accounts receivable skimming, disbursement fraud, embezzlement, larceny, payroll fraud, skimming, other)?Discuss each one.
How were each of the frauds concealed?
What circumstances allowed the frauds to happen (e.g., internal control failures, lack of background checks, missing policies and procedures)? Discuss and be specific.
What would you recommend (e.g., controls, monitoring) to deter future frauds from happening? Discuss and be specific.
Is there anyone you would like to interview? If so, what do you want to learn from them?
Are there any additional steps you would like to take with respect to the fraud examination?
In the case scenario, it states that when two or more bank reconciliations (e.g., prior and current reconciliation) result in large unaccounted for differences, the differences might be what?A. Cash larceny.B. Material accounting errors.C. Some other type of cash-related fraud.D. Any of the above.
If a lawyer for the suspect in a fraud examination states that he/she represents the suspect and no one will be allowed to talk with their client, can you interview the suspect or his/her spouse?A. Yes, you can interview either the suspect or his/her spouse.B. No, you cannot interview either the
Who is a payee on a check?A. The person(s) who signs the front of the check.B. The person(s) who signs the back of the check.C. The person(s) named on the front of the check who is to receive the funds.D. The financial institution that pays the funds specified by the check.
In the case, the new office manager found cash, patient and insurance company checks, and two business debit cards in Tonya Larsen’s file cabinet. When preparing the bank reconciliation, where do you put the cash and checks—under balance per bank or balance per books?A. Balance per bank because
3/28 $398.56 POS DEB 16:53 3/26/16 Grocery-City 21108888 Marietta, GA on the bank statement means?A. $398.56 was paid by a point-of-sale use of a debit card.B. Grocery City in Marietta, Georgia, was the location of the transaction.C. The transaction took place on March 26, 2016 (a Saturday), but
When scheduling checking account transactions for subsequent analysis you perform all of the following except?A. Input the dates on the check.B. Schedule the dollar amounts, including decimals.C. Limit the checks input into the schedule to only those over a certain dollar amount (say, $500.00).D.
When you analyze the checking account disbursement paid by a financial institution, what should you do?A. Compare the names and dollar amounts on the front and back of the checks to the cash disbursements journal.B. Review the bank statements for disbursements not involving checks (e.g., debit card
Identify the individual, monthly total number and dollars, grand total number and dollars of the irregularities. Was there a trend in average irregularity as well as monthly total number and dollars?
Data can be corrupted by which of the following?A. Everyday computer activity (e.g., errors in reading, writing, storing, processing data)B. Redundant data stored in more than one location C. Intentionally fraudulent entries D. Any of the above
Examples of input errors that make data analysis challenging include all of the following, except?A. QuikTrip, QuickTrip, QT, QwickTrp.B. Johnson, Johnson, Johnson.C. Durango, Durango, Dorango.D. FedEx Kinko’s, Kinko’s, Kinko’s—Canton.
When adding categories to summarize data, you should perform all, except which of the following?A. Research payee business names on the Internet to gain a better understanding of what the payee does.B. Be aware of similar or duplicate names that may require future cleansing.C. Accept the
Scrubbing involves which of the following?A. Correcting spelling errors.B. Collapsing different variations of a name (e.g., Sloppy’s, Sloppy’s Mid-Town, and Northside Sloppy’s) into a single grouping (e.g., Sloppy’s).C. Removing blanks and extra characters in data fields.D. All of the above.
Is Fairmont in compliance with its payroll rates schedule: $65, $80, $100, and $125?
What is meant by the acronym CAATTs and what are they used for?
A government official may include which of the following: 1 Candidates for public office (e.g., a school board member) 2 Company agent YN e ZO S
For the FCPA, which of the following can be considered something of value? Ye N S ZO
Does the payroll disbursements file being analyzed appear to have all of the payroll records disbursed during the period January 3, 2018 to June 28, 2019?
The forensic audit has identified three accounting/payroll personnel with disbursements in the payroll system for which clients may have been inappropriately billed: Christine Alexander, Mary Perez, and Carrie Rutten. The forensic audit also revealed that at least two clients appear to have been
How do (digital) viruses work?
The forensic audit has identified ghost employee with disbursements in the payroll system for which clients may have been inappropriately billed: Theresa Angelina. The forensic audit did not reveal which clients may have been affected.Can you graphically present the total billings by client and a
Use a chart or graphical tools and techniques to present a robust compliance and fraud deterrence environment. Include on the chart or graphic:1. The key players on the compliance and fraud risk assessment team.2. The key attributes of a robust compliance and fraud deterrence environment for each
Do the payroll disbursement hours comply with Benford’s Law?
Following the example in the book, assume that the company represented that overhead was 100% fixed and zero percent variable. The following data are applicable to these assertions. Techniques 1 (graphics) and 3 (regression) are provided. Low High 2018 2017 Production of Dths of Natural Gas 892.4
Why are manhole covers round?
What are the two categories of data mining and knowledge discovery software?
What is the purpose of timelines in an investigation?
What is the difference between a predator and a “situational (accidental) fraudster?”
Why does collusion pose unique prevention and detection challenges?
What are the different types of schemes associated with complex frauds?
How are computers and digital devices used in cybercrime?
Which types of economic damages are related to digital crimes?
How might a hacker access and manipulate a digital device for illegal purposes? Are the Internet of Things (IoT) devices at risk for hacker access and manipulation?
What are some indicators that a digital device has been infected?
Compare and contrast the ethical approaches of “it’s legal, therefore, it’s ok” and “the ends justify the means.” Are there similarities? Are there differences?
Why is an ethical culture considered necessary for fraud prevention and deterrence?
Several professionals are listed as being part of compliance efforts with regard to participation in the examination of potential compliance violations. Identify at least three other categories of nonemployee personnel or professionals who might be added to the listing in the right context.
Do analytical efforts, big data examinations, and textual analyses impact compliance and fraud deterrence? Provide an explanation for your opinion.
Fraud deterrence is centered on the fear of getting caught and the fear of getting punished. In your opinion, which is stronger and why?
Describe the role of an organization’s personnel in compliance and antifraud efforts.
Describe the six categories of early warning signs of potential fraud.
Identify and describe the key attributes that might mitigate a red flag, suggesting that no bad act or compliance issues exist.
FRAUD PREVENTION AND DETERRENCE IN ACTION Assume the following facts:thirty-day collection period. The invoice is used to post-sales to the accounting system. Checks are received in the mailroom and logged into a deposit journal. The deposit is prepared and taken to the bank.in the accounting
What is the purpose of practice aids in forensic and valuation services?
What are the different types of consulting and litigation support activities for fraud and forensic accounting professionals?
Which of the following is an activity not usually associated with forensic accounting and fraud examination consulting and litigation support?1. A. Assessing fraud risk associated with internal controls.2. B. Preparing fraud deterrence tools such as codes of business ethics.3. C. Writing an audit
What is meant by corporate governance and why is it important?
Continuing to focus on evidence associated with the act, concealment, and conversion, use the evidentiary material to continue the examination. In addition, the examiner also starts to think of terms of who, what (did the person(s) do), when (during what period?), where (physical place, location in
A construction contract has the following language: “It is the responsibility of the contractor to inspect and become familiar with the Project and to acquaint itself thoroughly with all conditions likely to be encountered in performing the required work.”
Continuing to focus on evidence associated with the act, concealment, and conversion, use the evidentiary material to continue the examination. In addition, as the examiner also start to think of terms of who, what (did the person(s) do), when (during what period?), where (physical place, location
Can you create a graphic of the Fairmont payroll system’s company expenses that highlight general accounting clerk, Mary Perez, has company expenses for FICA (social security), Medicare and 401K, despite no hours, nor gross payroll expense?
Given the background reading, list three verbal deception and three non-verbal deception cues that you believe that Aldrich Ames might exhibit and describe why
Have you ever read in the newspapers about the types of people who engage in company misdeeds?
How long have you been working in your current position?
I spent time with you. It seems that this deed is out of character for you. You were not awarded your normal annual bonus. I would probably feel the same. Is that what happened? You normally wouldn’t borrow money from the company, would you?
I’m gathering some information about the sales/collection process and how it is supposed to work. Okay?
If you had been treated with respect, this would never have happened, would it?
If you were trying to examine this issue, how would you proceed? Any suggestions for me to take next steps?same. Is that what happened? You normally wouldn’t borrow money from the company, would you?
It looks to me that you have devoted everything to this company and they have treated you badly. Is that right?
It would be helpful to me if I could start by asking you to basically tell me about your job. Okay?
It’s not like what you’ve done has really hurt anyone.At most, the missing money might cost earnings-pershare, maybe a penny. Is that what caused you to write those checks in the name of your company?
Mr. Jenkins, this is typical question: Do you feel that I have treated you fairly in this interview?
Some of the prior interviews suggest that the company is so cheap that they won’t pay people what they are worth. Have you had similar experiences?
Sometimes people who act inappropriately are just trying to save their jobs and the company. How do you feel about those types of persons?
The company is committed to ethical conduct and has no tolerance for fraud and unethical behavior. There are some concerns about abuses in your department.Do you know anything about the concerns I am talking about?”
The Foreign Corrupt Practices act can levy fines of more than five hundred million against companies our size that do not eliminate corruption in their operations abroad. Can you understand why the company has concerns about allegations of bribes with its Brazilian operations?
What do you like best about working at this company?
What is the “expectations gap”?
Does Fairmont have any contactor personnel whose have terminated but are being paid through payroll after termination (e.g., ghost employees)?
Can you present a graphic that presents the payroll disbursement amounts by date for the contact employee who has been terminated but has been paid after termination (i.e., ghost employees)?
Does Fairmont have any personnel whose last name is similar?
The payroll disbursements were for “two persons” named Ciotty and Ciotti with the same first name and address. The interesting observation is that Ciotty is dated February 28, 2019, or after while Ciotti are all before February 28, 2019.From the forensic audit, the first name and address for
What is the primary purpose of admission-seeking questions?
Why is it advisable to obtain a written confession from the subject of an investigation?
What are some of the nonverbal clues to deception?
In January 2009, approximately how many employees did Satyam Computer Services employ?
What is the primary business of Satyam Computer Services Ltd?
When the fraud was revealed who took control of the company?
How much money did the Raju’s earn from sales of Satyam stock in the eight years preceding the fraud revelation?
How many board members did Ramalinga Raju implicate in the fraud?
What was the cash balance sheet amount and how much cash actually existed in the Satyam’s bank accounts?
How much money was Mr. Ames earning annually?

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Forensic Accounting And Fraud Examination 2nd Edition Mary Jo Kranacher, Richard Riley - Solutions

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