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ACC 362 Forensic Accounting Exam 1 (Ch. 1-3) | Questions And Answers Latest {} A+ Graded | 100% Verified $13.48   Add to cart

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ACC 362 Forensic Accounting Exam 1 (Ch. 1-3) | Questions And Answers Latest {} A+ Graded | 100% Verified

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ACC 362 Forensic Accounting Exam 1 (Ch. 1-3) | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified

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ACC 362 Forensic Accounting Exam 1 (Ch. 1-3) | Questions And Answers Latest {2024-
2025} A+ Graded | 100% Verified




Fraud or a fraudulent act is one that causes its victim to suffer an economic loss only. - False



The Sarbanes-Oxley Act (SOX) of 2002 is aimed at accounting staffs, auditing firms, corporate
governance, executive management (CEOs and CFOs), officers, and directors. - False



Forensic and Litigation Advisory Services (FLAS) professionals may either work to bolster (if hired by the
defendant) or to undercut (if hired by the plaintiff) a case. - False



Under generally accepted auditing standards (GAAS) auditors are not currently responsible for planning
and performing auditing procedures to detect immaterial misstatements, regardless of whether they are
caused by error or fraud. - True



The three legs of the fraud triangle are opportunity, perceived benefit, and rationalization. - False



Which statement below correctly states the four elements required to prove larceny? - There was a
taking or carrying away, of the money or property of another without the consent of the owner, and
with the intent to deprive the owner of its use or possession.



The tort, known as conversion is correctly stated as - an unauthorized assumption and exercise of the
right of ownership over goods or personal chattels belonging to another, to the alteration of their
condition or the exclusion of the owner's rights.



A person is said to act in a 'fiduciary capacity' when - the business which he transacts, or the money or
property which he handles, is not for his own benefit.



Practically speaking, the law generally recognizes a fiduciary duty - for officers and directors of a
company

, The two primary functions of financial forensics are - litigation advisory services and investigative
services



Auditing is responsible for - risk assessment and internal controls



The interrelationship among auditing, fraud examination, and financial forensics is - dynamic and
changes over time



According to the ACFE, owners and executives are involved in only about - 23 percent of frauds and steal
approximately $834,000



Fraud deterrence begins - in the employee's mind



The acronym "M.I.C.E." as typical motivations of fraud perpetrators stands for - Money, Ideology,
Coercion, and Ego



Fraud professionals and forensic accountants use the term red flag to indicate - that they are looking for
symptoms and badges of fraud



The USA PATRIOT (Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism)Act is focused on - white-collar crime, money laundering, and terrorist
financing



The need for competent staffing in fraud and financial forensics is expected to outpace supply - At all of
the above



Internal Revenue Service (IRS) agents are involved in all of the taxation actions listed except - sales tax



White-collarcriminals are losing their fear of the Federal Bureau of Investigation (FBI)primarily because -
the agency's job has shifted its entire terrorism issue



The perpetrators of white-collarcrime today - are aware that the FBI is understaffed and inadequately
trained for fraud investigations

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