ACCT562 2022 April Week 5 Quiz Latest

ACCT562 Auditing - An Operational and Internal Perspective Including Fraud Examination
Week 5 Quiz
Question 1(TCO E) Why operations have become inefficient and are reflected in the _____ of the finding.
statement of condition
cause
effect
criteria
Question 2 (TCO E) Criteria standards for the operational auditor include internal standards for the organization, such as _____.
policy
regulation
contract
All of the above
Reider 5page #202
Question 3(TCO E) Findings should be vetted by a rigorous findings _____ which ensure findings are valid.
checklist
debate
matrix
test
Question 4 (TCO E) To be successful, the audit report must
be succinct and clear.
persuade management.
be thoroughly vetted.
be communicated widely.
Question 5TCO E) The ABC's of effective reporting include all of the following except:
accuracy
brevity
defense
feasibility
Question 6 (TCO F) To prevent and detect forged maker schemes, an organization should:
Separate the duties of check preparation and check signing.
Rotate authorized check signers.
Maintain a usage log for the signature stamp.
All of the above
Question 7(TCO F) If a fraudster fails to remove a terminated employee from the payroll and collects the former employee‘s fraudulent paychecks, he/she is committing a:
Payroll larceny scheme
Falsified hours and salary scheme
Forged endorsement scheme
Ghost employee scheme
Question 8(TCO F) In one of the case studies in the textbook (page 169), Katie Jordon was the All-American Girl Next Door working her first job out of college. As an on-site manager for an apartment complex in Dallas, she did such a good job that when her employer purchased a huge apartment complex in Houston, they asked her to run it. All was good until a member of the maintenance crew resigned. She continued to keep him on the payroll and pocketed his wages. She later added a non-existent assistant when she saw how easy it was to add an employee without being questioned. However, her scheme eventually came to light, and her days of bonus pay were over. How was her scheme discovered?
An employee tipped off the main office when she saw the timesheets listing an employee that she had never heard of.
When Jordon’s boss made a routine visit to the office, he noticed that there was no sign of an assistant in the office.
She was splitting the proceeds with her boyfriend, and he contacted the home office when she broke up with him.
The auditors found it when they conducted a routine audit of all new acquisitions after being in business for one year.
Question 9 (TCO F) _____ is the offering, giving, receiving, or soliciting of something of value as a reward for a favorable decision.
Business diversion
Economic extortion
Illegal gratuity
Commercial bribery
Question 10(TCO F) In one of the case studies in the textbook (page 239), the General Services Administration (GSA), the federal government’s bookkeeping agency, purchased more than $200 million worth of defective and useless furniture from a New Jersey furniture manufacturer. After reviewing the books of the furniture manufacturer, it was clear that the company was paying off GSA inspectors. The investigators eventually focused on one particular regional inspector because:
He vacationed in Europe with the vendor and charged the trip back to the government as a business related trip.
He paid cash for a new home on the Jersey shore.
He purchased eleven race horses.
He had credit card charges of more than twice his annual salary during a six-month period.

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Solution: ACCT562 2022 April Week 5 Quiz Latest