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9:15 7 4G First Question: Answer the following questions with T for true or F for false 5 marks 1. The National Crisis Inquiry Report (2011) concluded that the financial crisis was unavoidable. 2. According to the Financial Crisis Inquiry Report, the lack of transparency in the balance sheets of major financial institutions was one of the causes of the financial crisis of 2008. 3. The Glass-Stegall Act revised and increased the power of the SEC. 4.Wall Street analysts often recommended to investors shares of companies that have an investment banking relationship with their firm; yet privately, analysts deride the same companies. 5. Most countries in Europe do not have stringent laws to protect whistleblowers. The second question: Fill in the blanks 5 marks or financial 1. Accounting fraud, which is also called- reporting fraud, is a particular type of fraud that involves the manipulation of financial statements. 2. Since 1977- the had been responsible for monitoring audit independence and quality, but it did not have the power to punish wrongdoers in the face of accounting frauds. 3. One of the reforms of the Dodd-Frank Act is the requirement that has become known as the - Volcker Rule, which calls for a of large financial reduction of risky investments on the firms. 4. Auditors would often leave the auditing profession and join the company that they had audited, which created and made it difficult for the external auditors to work independently with their ex-colleagues during the audit engagement period. 5. In 2008, countless investors held mortgage-backed securities that were backed by mortgage loans. 3 moodle.jicollege.edu.sa