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ACCT 216 Final Exam Latest version

ACCT 216 Final Exam Latest version

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Author: Abraham Nolito
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1. (TCO 1) The “personal piggy bank” kind of leadership described in Chapter 1 of our text can best be described as
2. (TCO 1) The Mail Fraud Statute
3. (TCO 1) When he was convicted, Bernard Ebbers tried to use the Chutzpah Defense when he claimed he had no expert knowledge of accounting and no idea fraud was being committed. The prosecutor called it the(Points : 5)
4. (TCOs 1 and 2) In Chapter 3 we covered 41 risk factors associated with fraudulent financial reporting and misappropriation of assets. They include
5. (TCOs 2 and 3) When Arthur Levitt, former chairman of the Securities and Exchange Commission, gave his speech in 1998 called the Numbers Game, he was addressing which problematic issue?
6. (TCOs 1 and 2) In TCO 2, we covered 41 risk factors generally associated with fraudulent financial reporting and misappropriation of assets. They include
7. (TCOs 2, 3, and 5) The Sarbanes-Oxley Act permits external auditors to perform certain tax services for an audit client if
8. (TCOs 2 and 3) Corporate governance is best described as
9. (TCO 4) _____ includes a requirement to document the discussions among the personnel involved of the susceptibility of the company’s financial statements to material misstatements, which could result in fraud.
10. (TCOs 5 and 6) The story of MicroStrategy became MicroTragedy when internal auditors failed to report adverse findings to senior management regarding MicroStrategy’s booking of multiyear consulting contract earnings right away rather than over the life of the contracts. This was because of
11. (TCOs 5, 6, and 7) Fraud risk assessment is best described as
12. (TCOs 7 and 8) When a company establishes a hotline, a number of basic rules apply, including which of the following?
13. (TCOs 2 and 8) The Fraud Diamond is a variation of the Fraud Triangle and includes the fourth element of
14. (TCOs 2 and 4) The requirement that external auditors are significantly involved in order to develop a reasonable assurance that a company’s financial statements are free of material misstatements is promulgated by
15. (TCO 4) The use of professional skepticism is a key tenet that auditors must adhere to and is required of
16. (TCO 5) In Chapter 5 the Association of Certified Fraud Examiners (ACFE) stated that which of the following should perform the ACFE Fraud Prevention Check-Up?
17. (TCO 5) We discussed enterprise risk management (ERM) in Chapter 5. According to our lecture and the text, a good ERM program will
18. (TCOs 4 and 5) Companies transfer risk by purchasing insurance. This is an example of
19. (TCOs 3 and 6) In his statement on June 10, 2009, Treasury Secretary Timothy Geithner proposed five principles that he intended to better align compensation practices with the interests of shareholders. Two of those included


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