Internal Auditors detect _____ % of fraud
: 14
Under the Corporate Sentencing Guidelines, when the offending organization has
committed a felony, probation must run for
: at least one year
Internal Auditing Standard 1220 states that internal auditors must apply the care and
skill expected o...
Under the Corporate Sentencing Guidelines, when the offending organization has
committed a felony, probation must run for
🗸🗸🗸: at least one year
Internal Auditing Standard 1220 states that internal auditors must apply the care and
skill expected of
🗸🗸🗸: a reasonably prudent and competent internal auditor
THREE levels of responsibility for finding and reporting illegal acts:
🗸🗸🗸: 1. Evidence Accumulation w/ NO Reason to Believe Indirect-Effect Illegal Acts
Exist
2. Evidence Accumulation & Other Actions w/ REASON to Believe Direct or Indirect-
Effect Illegal Acts May Exist
3. Actions When the Auditor KNOWS of an Illegal Act
1 | Page
,According to the joint IIA, AICPA, and ACFE publication Managing the Business Risk of
Fraud: A Practical Guide, who has responsibility for dealing with fraud risk?
🗸🗸🗸: Personnel at all levels of the organization
Restitution is not a form of punishment, but rather as a means of
🗸🗸🗸: remedying the harm caused by the offense.
fraud examiners _____ legally obligated to blow the whistle on clients or employers.
🗸🗸🗸: are NOT
As of 2005, judges ________ required to sentece w/in range set by USSC guidelines
🗸🗸🗸: are not
Most common type of occupational fraud
🗸🗸🗸: Asset Misappropriation
Three major categories of occupational fraud
🗸🗸🗸: Corruption, Asset Misappropriation, and Financial Statement Fraud
According to SarbOx this party is responsible for establishing procedures to handle
complaints regarding irregularities in a publicly traded company's accounting methods,
internal controls, or auditing matters
2 | Page
,🗸🗸🗸: Audit Committee
Who is responsible for developing a strategy to assess and manage fraud risks that
aligns with the organization's risk appetite and strategic plans?
🗸🗸🗸: The Board of Directors
Of the following parties, who is responsible for developing a strategy to assess and
manage fraud risks that aligns with the organization's risk appetite and strategic plans?
🗸🗸🗸: Board of Directors
Under SarbOx, all audit committee members must be
🗸🗸🗸: members of the BoD and "independent," meaning they receive compensation
only for their service on the board.
Both the NYSE and the NASDAQ rules state that:
🗸🗸🗸: A majority of the directors on a listed company's board must be independent.
"Under Section 404 of the Sarbanes-Oxley Act, public U.S. companies must include all
of the following in their annual report EXCEPT:
A.A statement identifying the framework used in performing the assessment of the
effectiveness of internal controls over financial reporting
B.A statement of management's responsibility for establishing and maintaining
adequate internal controls over financial reporting
3 | Page
, C.A report explaining any discovered deficiencies in the company's internal controls
over financial reporting
D.Management's assessment of the effectiveness of the company's internal controls
over financial reporting"
🗸🗸🗸: C.A report explaining any discovered deficiencies in the company's internal
controls over financial reporting
"Which of the following should be covered in employee anti-fraud training?
A.The exact procedures management uses to detect fraud
B.A detailed explanation of the company's anti-fraud controls
C.Examples of past transgressions and how they were handled
D.All of the above"
🗸🗸🗸: C.Examples of past transgressions and how they were handled
"The findings in the ACFE's Report to the Nations on Occupational Fraud and Abuse
include which of the following?
A.The most commonly reported red flag displayed by fraud perpetrators prior to the
detection of their crime is being employed by the victim entity less than six months.
B.The median losses caused by executives are lower than those caused by staff-level
employees.
C.More occupational frauds are committed by men than by women.
D.The majority of fraudsters have been previously convicted of a fraud-related offense."
🗸🗸🗸: C.More occupational frauds are committed by men than by women.
4 | Page
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