Question

In: Accounting

2. True of false?  A financial statement fraud is the deliberate misstatement or omission of amounts or...

2. True of false?  A financial statement fraud is the deliberate misstatement or omission of amounts or disclosures in the financial statements to deceive financial statement users.

MULTIPLE CHOICE

True or False

3. The Worldcom fraud was discovered because of tips to the internal auditors.

MULTIPLE CHOICE

True or False

4. True of false? Bribery, economic extortion, and conflict of interest each involve the exertion of the influence of an official or employee that has a detrimental effect on his constituency or company.

MULTIPLE CHOICE

True or False

5. Who is generally responsible for the financial statements?

MULTIPLE CHOICE

a. Management.

b. The external certified public accountant.

c. The applicable federal government agency.

d. The applicable state society of certified public accountants.

6. True of false?  Offering a payment can constitute a bribe, even if the illegal payment is not made?

MULTIPLE CHOICE

True or False

10. True of false?   Preparing financial statements that are know to be materially misstated is not considered financial statement fraud.

MULTIPLE CHOICE

True or False

12. Most whistleblowers are fired.

MULTIPLE CHOICE

True or False

14. True or false?  Most kickback schemes end up with the company being over billed even though they don’t start off that way.

MULTIPLE CHOICE

True or False

Solutions

Expert Solution

2) The correct choice is True

Explanation : - The definition of financial statement fraud can be found in a number of authoritative reports such as treadway commission 1987 .

3) The correct choice is True

Explanation : - WorldCom fraud was discovered when some obscure tips provided to the company's internal auditors were pursued by Cynthia Cooper, Gene Morse, and Glyn Smith, all internal auditors working for the company.

4) The correct choice is false

Explanation : - Bribery and economic extortion are similar in nature as they involve giving receiving or soliciting anything of value to influence an official act, whereas in conflict of interest an employee, manager or executive has an undisclosed economic or personal interest in a transaction that adversely affects the company.

5) The correct choice is B

Explanation : - The public accountant who reports on the financial statements is generally regarded as responsible for the financial statements.

ekkarill92 answered 1 year ago
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