Which of the following statements is NOT true?
a. In recent years there have been many cases of financial statement fraud.
b. Proactive fraud detection methods are in their infancy.
c. Accounting anomalies indicate fraud has or is occurring.
d. Fraud investigation involves determining who committed the fraud, the schemes used and how much money or assets were taken.
c
FEEDBACK: a. Incorrect. This statement is true.
b. Incorrect. This statement is true.
c. Correct. Accounting anomalies are primarily caused by control weaknesses, they are not intentional.
d. Incorrect. This statement is true.
You might also like to view...
Which internal control procedure is followed when storage areas are secured with limited access?
a. Segregation duties b. Safeguarding assets and records c. Independent verifications d. Proper authorizations
A narrative example is:
a. a comparison b. a story c. both of the above d. none of the above
Many travelers worry that they may ____ their luggage
A) lose B) loose
The outcomes that result given the actual decision made and the state of nature that occurs are referred to as ______.
a. consequences b. states of nature c. payoffs d. decision alternatives