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Determine the financial amount the insurance company can pay Smith

1. John Smith was in an auto accident as he was going to work. The car that hit him was at fault. As a result, Mr. Smith spent several weeks in the hospital.  Only 35 years old, John has said he can never work again. The insurance company for the driver at fault does not agree and is contesting the claim.  Smith’s attorney has hired you as a financial forensics expert. What type of support will you provide to Smith’s attorney?             (Points : 2)       Conduct surveillance of Smith’s activities

Determine Smith’s economic loss

Gather evidence to determine if Smith is lying

Determine the financial amount the insurance company can pay Smith

Question 2. 2. Joe was employed by his brother Ed. Ed owned multiple businesses but employed his brother Joe to manage them as a salaried employee. Ed spent most of his time on his yacht or flying in his plane with various friends. Joe on the other hand had the responsibility of making sure that all of the businesses ran profitably. Ed was very clear in telling his brother that he wanted to make sure they were not taxed unduly for all these businesses. He put tremendous pressure on Joe to circumvent taxes and would spend hours at the end of each fiscal year questioning his brother on the tax situation. The I.R.S. discovered a Swiss bank account under another name that was traced back to Joe.  Ed is in turn suing his brother. Joe has hired a litigation team to help prove his innocence. What will Joe’s hired fraud examiner try to establish? (Points : 2)

risk tolerant corporate culture and coercion

intent and damages

lack of financial incentive and disparate impact

lack of intent and benefit

Question 3. 3. What is the basis of a fraud investigation? (Points : 2)

Suspicion

Predication

Critical review

Remediation

Question 4. 4. A fraud examiner’s objective is to determine if fraud has occurred and who was responsible. What is the objective of a financial forensics investigator? (Points : 2)

Use adversarial techniques to gather evidence

Determine whether internal controls will prevent financial fraud

Render an opinion on the cause of the fraud

Use financial evidence to prove fraud allegations

Question 5. 5. Mrs. Barnes had a prenuptial agreement with her husband that if there were a dissolution of the marriage on any grounds other than agreed upon irreconcilable differences, the husband would forgo any monies or assets left to her by her parents’ estate. Now Mrs. Barnes has found out that her husband has had an affair. Mr. Barnes claims they need to divorce based on irreconcilable differences. Which professional might help Mrs. Barnes, a fraud examiner or a forensic accountant and on what basis? (Points : 2)

A forensic accountant because there will be financial damages involved

A fraud examiner because Mr. Barnes had expenses involved with the infidelity

A fraud examiner because Mrs. Barnes is proving default on a contract

A forensic accountant because Mr. Barnes will receive a portion of the estate.

Question 6. 6. How are auditing, fraud examination, and financial forensics interrelated?         (Points : 2)

All may involve litigation support

All may involve gathering evidence

All use similar investigative techniques

All are impacted by the SOX Act

Question 7. 7. Which of the following would be acting in a fiduciary capacity? (Points : 2)

An investment broker conducting transactions

A bookkeeper recording transactions

A salesman attempting to get his customer the best price

A cashier accepting payments

Question 8. 8. Where does the perception of fraud deterrence originate? (Points : 2)

In the company culture

In the fraud examiner’s recommendations

In an employee’s mind

In management’s implementation of internal controls

Question 9. 9. What is a source of pressure to commit financial statement fraud?                               (Points : 2)

To meet analysts’ predictions

To recover losses from investments

To maintain organizational structure

To maintain an extravagent lifestyle

Question 10. 10. What function is an auditor responsible for?        (Points : 2)

Internal controls

Fraud detection

Risk assessment

Calculation of damages

Question 11. 11. Why is higher employee compensation of a fraud perpetrator associated with higher fraud losses? (Points : 2)

This fraud perpetrator has more access to assets

This fraud perpetrator uses collusion

This fraud perpetrator must maintain a good reputation

This fraud perpetrator has a higher lifestyle to maintain

Question 12. 12. When are forensic accountants engaged to provide services?    (Points : 2)

When an individual has been arrested for fraud.

When a fraud suspect has been identified

When a company requires an internal control system test

When several fraud suspects need to be investigated

Question 13. 13. Which type of fraud is the least likely to occur yet yields the highest losses? (Points : 2)

Asset misappropriation fraud schemes

Financial statement fraud schemes

Public corruption schemes

Company kickback fraud schemes

Question 14. 14. What is a financial forensics investigator’s mindset when analyzing information? (Points : 2)

Adversarial

Cautious

Subjective

Objective

Question 15. 15. The investigative approach for a forensic accountant is based on which of the following? (Points : 2)

Methods following generally accepted auditing standards

Methods following the Sarbanes Oxley Act

Methods to determine who is responsible

Methods to determine the financial impact

Question 16. 16. Which act would be considered fraud instead of abuse? (Points : 2)

Using a company gas card to fuel your personal vehicle

Taking home office supplies and giving them to your children

Shopping online using a company computer during work hours

Constantly leaving work early

Question 17. 17. Ed owned multiple businesses but employed his brother Joe to manage them as a salaried employee. Ed spent most of his time on his yacht or flying in his plane with various friends. Joe on the other hand had the responsibility of making sure that all of the businesses ran profitably. Ed was very clear in telling his brother that he wanted to make sure they were not taxed unduly for all these businesses. He put tremendous pressure on Joe to circumvent taxes and would spend hours at the end of each fiscal year questioning his brother on the tax situation. The I.R.S. discovered a Swiss bank account under another name that was traced back to Joe.  Ed is in turn suing his manager/brother Joe and has hired a forensic accountant to gather evidence against Joe. What type of evidence will the forensic accountant be looking for? (Points : 2)

ego

motivation

conversion

collusion

Question 18. 18. What is one reason for the proliferation of white collar crime?      (Points : 2)

Minimal losses to victims

Untrained investigative personnel

Lack of investigative resources

Lack of interest by prosecutors

Question 19. 19. In which situation would a business hire a fraud examiner? (Points : 2)

An allegation of defamation of character

To complete the taxes for a business

Search for hidden assets in a divorce case

To detemine the cause of inventory shrinkage at a company

Question 20. 20. What are the two primary functions of a financial forensics professional? (Points : 2)

Forensic auditing and expert witness services

Forensic auditing and investigative services

Investigative services and expert witness services

Litigation advisory services and investigative services

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