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Chapter 3 Review

In: Business and Management

Submitted By snowflake501
Words 1124
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Identify an example of a perceived pressure that can motivate financial statement fraud.
a. the ability to obfuscate the fraud behind complex transactions
b. Failure to meet Wall Street's earnings expectations
c. Rationalizing that all companies use aggressive accounting practices
d. A weak board of directors Failure to meet Wall Street's earnings expectations
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Which of the following is an example of a perceived opportunity that can lead to financial statement fraud?
a. Inability to compete with other companies
b. Independent audit and a strong board of directors
c. Thinking that fraud is good for the company
d. Inadequate internal controls Inadequate internal controls
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Which of the following statements is true?
a. Most financial statement frauds occur in large historically profitable companies
b. Most people who commit financial statement fraud are first-time offenders
c. An active board of directors or audit committee does little to deter fraud
d. Perpetrating fraud is much easier in an organization where decision making is spread among several individuals Most people who commit financial statement fraud are first-time offenders
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Company XYZ had a long-standing relationship with a leading law firm. In fact, the law firm's business with this company was one of its most profitable relationships. If the law firm decides that it no longer want to conduct business with the company, this is:
a. Indicative that the company might have a lot of customer lawsuits against it.
b. Not any sort of meaningful indicator of fraud activity
c. A large cause for concern that financial statement fraud may be occurring
d. An indication that the client has likely outgrown the law firm A large cause for concern that financial statement fraud may be occuring
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Understanding a company's relationships with financial institutions and bondholders…...

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