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fraud examination
Forensic Accounting And Fraud Examination 2nd Edition Mary Jo Kranacher, Richard Riley - Solutions
From where did Mr. Ames claim that his money came?
On what date was Mr. Ames charged?
What was Mr. Ames primary motive for his acts?
What was the dollar amount of his initial goal for his first act?
Of what crime was Al Capone convicted?
For income to be taxable, Should it be derived from legitimate sources, illegal sources, or both?
Why was Al Capone not convicted of money laundering?
What was the business that Al Capone admitted to having owned?
How much money did the Capone organization earn in the 1930s? In terms of current U.S. dollars, how much did the organization earned (i.e., convert the 1930 amounts to today’s dollar amount)?
How long was Al Capone sentenced to serve and in what famous prison?
From what country is A-Z believed to live?
From what country(ies) is(are) his accomplices?
From what country(ies) is(are) A-Z’s victims?
What is the name of the software program that tracks a PC user’s keystroke activity and alerts the cyber-gang each time the PC user logs into their bank account?
How much money did the A-Z scheme net in total?
Where was the computer server holding key instructions discovered?
What was Barry Minkow’s original business?
What business allowed Barry Minkow to grow the company?
After the fraud was cleared, how much income did ZZZZ Best earn?
When Barry Minkow was young, what crimes, if any, did he allegedly commit?
Who, if anyone (person or organization), was responsible for detecting this scheme?
Does U.S. District Judge Dickran Tevrizian believe that Barry Minkow is reformed?
On what date did the SEC file charges against Qwest’s CEO and other executives?
Excluding Mr. Nacchio, how many other executives were named in the SEC suit?
What was the dollar value of the Qwest overstatement?
Did Qwest admit to improper accounting before or after the SEC suit?
On how many charges was Mr. Nacchio convicted?
How old was Mr. Nacchio at the time of his conviction?
Of what offense was Scrushy ultimately convicted?
How long was Mr. Scrushy’s prison sentence?
What were the losses at HealthSouth associated with the fraud?
Despite Mr. Scrushy’s acquittal, how many other HealthSouth executives went to jail?
How long was the Scrushy trial?
How many former HealthSouth executives testified against Mr. Scrushy?
In a large office building, there is a woman dead in her locked office, “sitting” at her desk. Except for the desk, chair, and contents on the desk, the office is empty and the air conditioner is running. On the desk there are two pieces of blank paper, a pen, and a recently sealed envelope.
How many birthdays does the average person have?
The magical elevator. There is a man who lives on the top floor of a very tall building. Every day he gets the elevator down to the ground floor to leave the building to go to work.Upon returning from work though, he can only travel half way up in the elevator and has to walk the rest of the way
A murderer is condemned to death. He has to choose between three rooms. The first is full of raging fires, the second is full of assassins with loaded guns, and the third is full of lions that haven’t eaten in 3 years. Which room is safest for him?
There are 5 different color houses, occupied by people of 5 different nationalities, who smoke 5 different cigar brands, drink 5 different types of alcohol, and have 5 different pets. The houses are lined up in a row. THE QUESTION IS: WHO OWNS THE FISH?1. The Brit lives in the red house.2. The
Five pieces of coal, a carrot, and a scarf are lying on the lawn. Nobody put them on the lawn, but there is a perfectly logical reason they should be there. What happened?How do you explain this?
A man went outside without an umbrella or a raincoat, yet did not get wet.
A man is found shot to death in the front seat of his car. All the windows are closed and the doors are locked; there are no bullet holes anywhere in the car and he did not commit suicide. How was he shot?
A black man dressed all in black, wearing a black mask, stands at a crossroads in a black-painted town. All of the streetlights in town are broken. There is no moon. A black-painted car without headlights drives straight toward him but turns in time and doesn’t hit him. Why?
In baseball, how many outs are there in an inning?
A man and his son are in a car accident. The father dies on the scene, but the child is rushed to the hospital. When he arrives the surgeon says, “I can’t operate on this boy, he is my son!” How can this be?
A woman had two sons who were born on the same hour of the same day of the same year, but they were not twins. How can this be?
Do you believe that fraud in the United States is more or less prevalent than fraud in countries outside the United States? Why?
How would a fraudster conceal missing cash, especially amounts of this magnitude?
How would an audit not catch missing cash amounts of this magnitude?
What makes channel stuffing illegal by comparison to a car dealership that runs “mega” end-of-year sales?
Why is it difficult to convict organized crime leaders?
While Al Capone was clearly the leader of his organization and benefited extensively, what enticed others to participate in his illegal activities?
In Al Capone’s time, why would judges and law enforcement and other responsible parties ignore and condone his activities? Do persons in authority act similarly in today’s society (examples)?
Why is a threat such as the one allegedly perpetrated by A-Z so difficult to investigate and prosecute?
What are the means by which cybercriminals meet and agree to participate in such an activity?
Can society expect more or fewer crimes similar to that allegedly perpetrated by A-Z? Why?
In general, how was Barry Minkow able to execute and perpetuate his fraud for so long?
In your opinion, were the ZZZZ Best auditors at fault for not catching this fraud earlier? Why or why not?
Given that the ZZZZ Best fraud occurred in 1987, why is society still plagued by financial statement frauds?
Are accounting disclosures less important, as important, or more important, than the financial statements? Why?
Why should the stock markets be concerned about if, and when, executives sell stock? In your opinion, should executive stock sales be disclosed? Why or why not?
Should the SEC take leniency on a company that self-reports accounting improprieties and other frauds?
In your opinion, why did prosecutors fail to win a conviction of Scrushy in the HealthSouth accounting fraud case?
How can an expert witness protect their credibility?
An expert witness is hired by either the prosecution (plaintiff) or defense (defendant). Given that the expert witness has been hired by one side, how does he or she address challenges to their credibility?
Which of the following statements best describes corporate governance with respect to fraud?1. Auditors are primarily responsible for the detection of fraud, the Board of Directors for the deterrence of fraud and management for the prevention of fraud.2. An auditor is primarily responsible for the
Which of the following is not a reason that the prevention and detection of fraud resulting from management override and collusion presents a significant challenge for the antifraud community?1. Internal controls are generally designed to prevent a single fraudster acting alone.2. Internal controls
Which of the following is not an inherent part of Statement on Auditing Standards, No. 99/113?1. Greater scrutiny of the chief executive and chief financial officers personal financial condition2. Enhanced professional skepticism 3. Emphasis on pre-audit discussions such as brainstorming 4.
Select the statement that is most accurate with regard to materiality.1. Materiality does not create discretionary choices for managers, executives, and auditors.2. Earnings management is not sufficiently material to constitute fraud.3. Materiality is based on a percentage of net sales.4.
According to the ACFE 2016 Report to the Nations, which of the following is the most frequent source of initial fraud detection?1. A call to the police 2. Tips 3. Accidental discovery 4. The combined discovery of fraud by internal and external auditors
Which of the following is not considered a red flag (indicator)of fraud?1. Accounting anomalies 2. Analytical inconsistencies 3. Nonfinancial numbers 4. Behavioral anomalies
Which of the following is not a step in the targeted fraud risk assessment process?1. Identify the parties who have the ability to commit the potential fraud.2. Place the parties who most likely committed the potential fraud under arrest to illicit a confession.3. Identify, understand, and evaluate
When is it least appropriate to use an indirect method for income reconstruction?1. The person or entity of interest has adequate books and records.2. Gross profit percentages appear to change significantly from period to period.3. There are few or no original invoices or other supporting
Which of the following is most accurate with regard to data that becomes integral evidence in an examination?1. The best evidence is reliable and valid.2. Internet searching always provides quality data.3. Discarded trash seldom contains evidence of investigative value because of its condition.4.
Which of the following is not correct with regard to the physiology of deception?1. Arrogance is a poor character quality and a reaction to stress.2. People lie for one of two reasons: to receive a reward or to avoid punishment.3. Everyone lies, but only poor liars show signs of stress.4.
Which of the following does not make recovering deleted files more difficult from a personal computer?1. A long period of computer use after a file has been deleted 2. The use of “defrag” after a file has been deleted 3. The sending and receiving of emails on the network server 4. Emptying
E-discovery rules were developed primarily with regard to what communication technology?1. Telephone communications, including faxes 2. Sending and receiving emails 3. Downloading of e-books, using a Kindle or similar device 4. Downloading pornographic Web content onto a personal computer hard
Which of the following statements is most accurate?1. Terrorism and terrorism financing were not a concern prior to September 11, 2001.2. In contrast to drug trafficking, money laundering is a not a process to make money from illegal sources appear to have been derived from legitimate sources.3.
Which of the following statements is most accurate?1. For mail fraud statutes to apply, the use of the mail system must be integral to the criminal activity.2. Electronic transmission of Internet messages would seldom be characterized as wire fraud because Internet email seldom crosses interstate
Which of the following statements is least accurate?1. Documentary letters of credit are a common form of international payment because both the buyer and the seller are afforded some protection.2. Billions of dollars move around the globe every day.3. The use of cyberbanking, smart cards, prepaid
With regard to tax avoidance and tax evasion, which of the following is most accurate?1. Tax evasion is another term for tax fraud.2. Tax avoidance and tax evasion are essentially the same activity, both being illegal.3. The primary distinction in whether an individual or entity has committed tax
Which of the following is not an approach used to combat money laundering in cyberspace?1. Identify and reduce the ability to make anonymous financial transactions.2. Require confidential financial transactions.3. Coordinate international money movement regulations.4. Facilitate international
Which of the following is an ethical principle?1. A. Legal 2. B. Moral versus ethical choices for decision-making 3. C. Generalization 4. D. Personal behavior
Which of the following is not a characteristic of a profession?1. A. Governed by rules 2. B. Unique body of knowledge 3. C. External recognition 4. D. A body devoted to advancement and responsibility
Which of the following departments can be exempted from compliance efforts?1. A. Legal and compliance because it implements and enforces compliance efforts 2. B. Manufacturing and production because it is outside of accounting 3. C. Information technology because it implements and enforces
Select the least accurate statement:1. A. Risks come in many forms.2. B. RPA is an emerging technology consistent with artificial intelligence.3. C. The Foreign Corrupt Practices Act requirements are consistent with the actions of an ethical organization.4. D. Cyber threats are the primary risk
Which of the following statements about fraud prevention is most accurate?1. A. Fraud prevention eliminates fraud.2. B. Fraud in its totality cannot be prevented across an organization.3. C. Fraud deterrence is equivalent to fraud prevention.4. D. Preventive controls are typically designed to
Which of the following is most consistent with fraud deterrence?1. A. Improved ability to optimize messaging 2. B. Employees who handle incoming cash may also record the transactions 3. C. Surprise audits 4. D. FCPA and international money laundering 5. E. All of the above
Which of the following is most consistent with fraud prevention?1. A. Project owner approval over bid specifications 2. B. Separation of hiring personnel from payroll processing personnel 3. C. Encouraging customers to obtain a receipt 4. D. Review and approval of new vendors 5. E. All of the
Which of the following statements is not a process control?1. A. Reconciliations 2. B. Employees who disburse cash should not make changes to the vendor master file 3. C. Analyses that include expectations and anticipated relationships 4. D. Periodic audits
Organizations can use a variety of mechanisms to increase the fear of getting caught. Which of the following is not one of those mechanisms?1. A. Conversion efforts 2. B. Fraud risk management processes and procedures in place 3. C. Compliance risk management processes and procedures in place 4.
Which of the following statements with regard to the current ethical climate is accurate?1. A. Whistleblower protections appear to be in place and effective.2. B. Through cultural innovation and commitment to ethical behavior, employees feel less pressure to complete bad acts.3. C. Employees appear
What is the main purpose of practice aids in forensic and valuation services?1. A. Provide authoritative guidance and, as such, increase the quality of professional output.2. B. Provide useful information and guidance to practicing professionals.3. C. Can be used as a study guide for professional
The legal framework for damages does not include which of the following?1. A. A liable party.2. B. The injured party suffered damages.3. C. Damages that can be converted to lost cash flows directly attributable to the act of the liable party.4. D. Damages associated with the actions of the liable
Which of the following is not a type of commercial damage?1. A. Lost value.2. B. Lost expenditures.3. C. Lost wages.4. D. Lost profits
Which of the following best describes the contribution of ratio analysis to a forensic accounting or fraud examination engagement?1. A. Ratio analysis may provide red flags or symptoms of fraudulent activity.2. B. Ratio analysis provides compelling evidence that a fraud has occurred.3. C. Ratio
Which of the following is not a decision that needs to be made with regard to quantifying lost revenues and increased expenses?1. A. The appropriate period 2. B. The appropriate growth rates 3. C. The appropriate extra-company influences 4. D. The appropriate regression software
Which of the following is a typical benchmark for calculating lost profits?1. A. Industry averages 2. B. Comparison of company performance to performance of the offending party 3. C. Comparison of company performance to performance of members of a class action lawsuit 4. D. The before and after
Which of the following is most accurate with regard to the time value of money?1. A. Discount rates equal to zero are always too low.2. B. Discount rate will range between the risk-free rate and 36%.3. C. 18% is likely to be rejected.4. D. Each engagement requires its own development and defense of
Which of the following is not a type of damages that may ensue as a result of personal injury, wrongful death, and survival actions?A. Employer benefits normally associated with payroll B. Family member medical costs C. Incremental costs associated with the inability to perform nonmarket house
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