ACCT562 2022 April Week 3 Quiz Latest
ACCT562 Auditing - An Operational and Internal Perspective Including Fraud Examination
Week 3 Quiz
Question 1(TCO C) The work program is the key to:
a satisfied client
clearly identified risks
a successful review
planning handoffs
Question 2(TCO C) The work program should include interviews with:
external auditor
board members
large shareholders
None of the above
Question 3(TCO F) The two categories of cash receipts schemes are:
lapping and skimming
lapping and cash larceny
cash larceny and skimming
skimming and billing schemes
Question 4(TCO F) Reversing entries is a method for concealing larceny of ___________?
cash
receivables
payables
non-cash assets
Question 5(TCO F) If discrepancies are found between the sales records and the cash on hand, which of the following schemes might be occurring?
Cash larceny at the point of sale
Cash larceny from the deposit
Fraudulent disbursements
Sales skimming
Question 6(TCO F) Jeff Lewis is an accounts receivable clerk for FTB Industries. As customers pay off their balances, Lewis posts the payments but pockets the money. He can conceal his theft by:
making unsupported entries for the amount stolen
adjusting the account with a discount
destroying the records
All of the above
Question 7(TCO F) In one of the case studies in the textbook (page 106), Albert Miano, the facilities supervisor for a popular magazine, submitted phony invoices. When Miano received the checks for the phony invoices, he forged the contractor’s signature. He then endorsed the check in his own name. How was the fraud caught?
The auditors found a discrepancy in the invoices that were submitted.
The new chief of internal audit found it by accident.
A vendor received a check by mistake and called the accounts payable department.
The external audit found it in an audit sample of canceled checks.
Question 8(TCO F) In one of the case studies in the textbook (page 93), a Southeastern medical college was plagued with fraudulent activity. What started as an investigation into some suspicious expense reimbursement activity eventually led to the discovery of a fictitious company that was set up to fraudulently bill the college for supplies that never existed. What was the first sign that there were more problems than the initial expense reimbursement fraud?
The auditors found an unusually high number of new unapproved vendors.
The administrative assistant suddenly left town when requested to be interviewed.
The supervisor resigned his position immediately.
A tip was received by internal auditors.
Question 9(TCO F) According to the 2011 Global Fraud Survey, fraudulent disbursement schemes include:
Billing schemes
Check tampering schemes
Payroll schemes
All of the above
Question 10TCO (F) Testing for _____ includes sorting payments by vendor, amounts, and invoices.
billing schemes
non-compliance vendors
shell companies
unauthorized payments
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Rating:
5/
Solution: ACCT562 2022 April Week 3 Quiz Latest