ACCT562 2022 April Week 3 Quiz Latest

Question # 00827095 Posted By: solutionshare7 Updated on: 07/07/2022 11:24 PM Due on: 07/08/2022
Subject Accounting Topic Accounting Tutorials:
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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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