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89. AU Section 317, Illegal Acts by Clients, Par. 17 on Professional Standards states:The auditor should assure himself that those charged with governance are adequately informed with respect to illegal acts that come to the auditor’s attention. [1] The auditor need not communicate matters that are clearly inconsequential and may.
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21. A payable-through account enables the respondent bank’s clients within the country where the bank is registered to write checks that are drawn directly on the respondent bank’s correspondent account in the United States. 22. The U.S. Department of the Treasury requires banks to file Currency Transaction Reports (CTRs) about.
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128. _______________ requires keeping detailed records before and after the _______________ period to determine the amount of fraud. 129. _______________ are the source of the most tips on a hotline. 130. The _______________ department or division in an organization probably has more fraud. 131. A ______________ is a pictorial display.
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84. Describe the net worth method. 85. The _______________ approach is similar to the Cash T approach, except that the data used is the increases and decreases in a person’s accounts. 86. Looking for deed records of real estate transactions would be a(n) ______________ method for searching for missing income..
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98. Lapping is defined as: 99. Kickbacks commonly occur in all of the following except: 100. Accounts receivable fraud prevention controls include all of the following except: 101. Which of the following might produce an investigative "lead" or "red flag"? 102. Which type of investigative technique works best at accumulating.
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71. COSA defines "internal controls" as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories except: 72. Which statement is false? 73. Which item would not be a fraud identifier to spot.
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81. What best describes auditing that occurs when there are reasons to suspect that fraud may have occurred and appropriate audit steps are taken? 82. Which statement is false? 83. Which statement is generally false? 84. Which scheme does not inflate sales? 85. Which statement is false? 86. Which statement.
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61. There are several effective psychometric ways to measure integrity. 62. At least 15 percent of all bank check-related losses is from counterfeit checks. 63. There is automated signature verification technology available to financial institutions to detect and prevent fraud. 64. According to 2008 CFEs, the number one reason for.
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101. Which is not a common opinion on the effectiveness of internal control over financial reporting? 102. Which statement is not true about a material weakness? 103. The most common account-specific material weakness occurs in which account? 104. The COSO model of control: 105. Monitoring controls do not include: 106..
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51. Two-thirds of interviewees who cross their legs are lying. 52. A significant weakness is considered to be 1 out of 25 or 4 percent. 53. The public generally believes that external auditors should find fraud. 54. Undercover operations would be considered one of the seven investigative techniques available to.
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99. How do multinational companies take advantage of different tax rates in different nations to “launder” tax reductions to themselves? 100. Describe a payable-through account. 101. The Patriot Act is the most significant legislation affecting money launderer’s activities in the United States. 102. The Patriot Act has at least stopped.
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11. All money laundering techniques have the overall objective to disguise the origin of the funds. 12. A government agency may remove spending restrictions from designated funds by using money laundering techniques. 13. Even today cyber cash transactions need a third party with the resulting scrutiny. 14. Cyber cash transfers.
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108. Misappropriation of inventory may be detected by one of the following: 109. ____________ requires keeping detailed records before and after the ____________ period to determine the amount of fraud. 110. What information is not needed to perform a check spread? 111. A ____________ chart is a pictorial display of.
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21. Sherron Watkins was the internal auditor for WorldCom. 22. Technical accounting knowledge is stressed in the Internal Auditor's Competency Framework for Internal Auditing. 23. An internal auditor director should report directly to the audit committee of the Board of Directors. 24. The Sarbanes-Oxley Act mandates that CEOs and CFOs.
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11. There is a gap between user expectations and the product that independent auditors deliver. 12. The audit profession has been very circumspect in defining its role in fraud detection. 13. The Panel on Audit Effectiveness report and recommendations suggested that auditors perform "forensic-type" procedures on every audit. 14. After.
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21. Fictitious receivables involve covering a fictitious sale with a fictitious receivable, which may be eventually written off. 22. To catch fictitious disbursements, compare the returned checks to the checkbook ledger. 23. There is no data-mining software that may be used to help find kickbacks from vendors. 24. The 1999.
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1. Misappropriation of assets means obtaining something of value or avoiding an obligation by deception. 2. The most common method of detecting occupational fraud is by internal auditors. 3. The second most common method of detecting occupational fraud is by accident. 4. Discovering fraud is like using a metal detector.
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118. According to 2008 CFEs, which was the primary reason for fraud in an organization? 119. What is meant by the term “predication”? 120. What is skimming? 121. _______________ involves converting business receipts to one’s personal use and benefit, by such techniques as cash register theft or off-hours sales, which.
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121. What does brainstorming mean with respect to external auditors? 122. _______________________________ are often issued with many expenses excluded resulting in “hide and seek” earnings.  123. _______________ analysis assists in the search of inequalities by using the financial statements of some prior year as the base and expressing the components.
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1. The Treasury Department is the U.S. government agency charged with enforcing the most specific statutes against money laundering in the United States. 2. Correspondent banks allow citizens from all over the world to have bank accounts within any U.S. bank. 3. Banks file their official reports about suspected money.
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