The Public Company Accounting Oversight Board has the power to do what?
a.Enforce internal controls within auditing firms.
b.Audit the firms who perform audits.
c.Impose sanctions against auditing firms that fail to fulfill their professional
responsibilities when auditing public companies.
d.Challenge audit findings of internal auditing committees.
Under the Bank Secrecy Act, when must financial institutions report transactions?
a.When a cash deposit of more than $2,000 is made by someone with a middle-eastern
name.
b.When an account is opened by anyone from a terrorist sponsoring nation.
c.Any transaction over $10,000.
d.All of the above.
The “when” of a fraud scheme are:
a. The conditions present to commit the fraud.
b. The general functional area or position.
c. The possible locations of the fraud.
d. The mechanisms of the fraud.
What are the two primary roles forensic accountants play in forensic matters?
a.Valuator and estimator.
b.Mediator and arbitrator.
c.Expert consultants and expert witnesses.
d.Rented judge and rented jury.
Provide an example of when a fraud investigation would trigger mandatory reporting to
a federal agency?
Describe an optimal fraud detection system.
Which of the following is an objective of internal control?
a.Promoting strategic, tactical, and operational efficiency and effectiveness.
b.The control environment.
c.Risk assessment and management.
d.All of the above are objectives of internal control.
Which of the following is NOT a step in the fraud investigation process?
a.The in briefing process
b.The engagement process
c.The evidence collection process
d.The reporting process
Which of the following is a key word to imply fraud, but not actually accuse someone
of it?
a. Apparent
b.Consistent
c.Accused
d.Guilty
What is the mission of the Association of Certified Fraud Specialists (ACFS)?
a.To encourage CPAs to report potential areas that a Forensic Accountant should be
used within.
b.To pre-screen potential Forensic Accountants who would make good FBI agents.
c.To encourage its members to offer pro-bono service to the communities in which its
members reside.
d.All of the above are part of the ACFS’s mission.
What are the four types of evidence that are gathered in the evidence collection
process?
Outline the elements of a fraud investigation report and explain the purpose three of
them.
The enforcing agency for insider trading publishes its actions under what heading on its
web site?
a.Accounting and Auditing Enforcement Release.
b.Privacy Act release information.
c.Insider Trading Enforcement Release.
d.Law breakers and fraud perpetrators exposes.
Provide at least three examples of risk exposures in a business:
Outline the steps in the evidence collection process
When calculating the asset accumulation method, what is done with the off-balance
sheet assets?
a.They are ignored.
b.They are added to the balance sheet.
c.They are subtracted from the balance sheet.
d.None of the above.
Discuss various reasons subjects offer to avoid answering specific questions and
responses to these reasons
Which of the following is a part of the fraud engagement process?
a. Provide a copy of the U.S. Code being investigated.
b. Provide an engagement letter or memorandum.
c. Provide an engagement letter or letter of Miranda.
d. Provide a bill of retainer for the costs of the investigation.
What is an example of a customer audit?
What does reasonable assurance mean in regards to internal controls?