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ACC505 Module 7 Quiz 6 2017
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Question 1

Why are computer fraud cases difficult for a fraud examiner to investigate?

They require the use of one or more specialists to assist the fraud examiner.

They require an understanding of the technology used to commit the crime.

They lack a traditional paper audit trail.

All of the above are reasons why computer fraud cases are difficult to investigate.

Question 2

If an organization offers wireless or remote access, its server software should terminate any connection:

after a certain number of unsuccessful attempts to enter an invalid password.

from a foreign country.

cash larceny.

skimming.

Question 3

Which of the following is not one of the four phases of the procurement process?

The presolicitation phase

The solicitation phase

The project review phase

The performance phase

Question 4

A caterer has been contracted by Austin Corp. to provide the food for a large banquet. The catering contract explicitly states that the caterer will serve a fish entrée and a chicken entrée, and the fish entrée will consist of red snapper. The caterer decides to use tilapia instead, which costs about a third as much as red snapper, but is also a white fish and looks quite similar. He figures that no one at the banquet will be able to tell the difference. Austin Corp. is charged the price of the red snapper. What type of scheme has the caterer perpetrated?

Material deception

Contract falsification

Product substitution

Cost mischarging

Question 5

Max Reynolds is trying to obtain customer payment data from Stella Corporation. He wanders around Stella’s offices pretending to be a confused intern, looking for someone who can help him get on his computer. An unsuspecting employee gives him her login information, not realizing the amount of data she has just given him access to. He downloads several spreadsheets of customer payment data and takes off. What type of scheme has Max committed against Stella Corporation?

Social engineering

Password cracking

Employee hijacking

Phishing

Question 6

Which of the following statements is true with regard to external fraud threats?

A member of an organization’s board of directors committing fraud against that organization is an example of external fraud.

Only companies that contract with vendors are at a risk of external fraud.

Companies that house large amounts of customer payment data are especially vulnerable to external fraud threats.

Unrelated third parties pose the greatest threat to an organization.

Question 7

________________ is the use of technology to gain unauthorized access to sensitive information on a computer system.

Computer hacking

Computer crime

Social engineering

Data manipulation

Question 8

What is a paperhanger?

A person who counterfeits money

A person who is an expert in credit card fraud

A person who is an expert in check fraud

A person who specializes in e-commerce check scams

Question 9

Which of the following statements is true with regard to credit cards?

The hologram is the easiest part of a credit card to duplicate.

Less than half of the U.S. population has a credit card.

Counterfeit credit cards are known as “black plastic” cards.

The chances of being caught using an unauthorized card are small.

Question 10

Which of the following is commonly used to perpetrate data manipulation and destruction schemes?

Malware

Data dumps

Network infiltration

Wire tapping

Question 11

All of the following are examples of malware except:

virus.

Trojan horse.

botnet.

blackware.

Question 12

Which of the following is a key finding from the 2010/2011 Computer Crime and Security Survey?

Respondents believed that the activities of outsiders accounted for much of their losses from cybercrime.

All companies surveyed had a technical expert on staff.

Data manipulation is one of the most commonly seen attacks.

Almost 80% of the survey respondents experienced at least one security incident.

Question 13

Password cracking, social engineering, and phishing are all:

none of the above.

data manipulation tactics.

corporate espionage tactics.

methods used to gain unauthorized access.

Question 14

Which of the following is not one of the three sources of external fraud discussed?

Vendors

Customers

Unrelated third parties

Auditors

Subsection

Question 15

The objective of a fraud risk assessment is to help management recognize factors that make an organization most vulnerable to fraud so that management can address those factors to reduce the exposure.

True

False

Question 16

What is a recommended preventative measure a company should take to protect its physical property?

Keep sensitive documents out of sight and in employees’ drawers.

Ensure the cleaning staff only works after business hours.

Send and receive all mail from company premises.

Ensure outdoor waste receptacles are locked and guarded.

Question 17

Effective internal controls can eliminate the need for a fraud risk assessment.

True

False

Question 18

26.Fraudulent financial reporting risks include which of the following?

Payment of bribes or gratuities

Misappropriation of intangible assets

Aiding and abetting of fraud by outside parties

Inappropriately reflected balance sheet amounts

Question 19

Which of the following factors should be considered in assessing the likelihood of occurrence of each fraud risk?

Criminal, civil, and regulatory liabilities

Financial statement and monetary significance

Internal control environment of the organization

Financial condition of the organization

Question 20

According to the textbook, which of the following is not one of a corporate spy’s favorite departments to target?

Research and development

Human resources

Legal

Marketing

Question 21

Which of the following factors should be considered when selecting a sponsor for the fraud risk assessment?

Independence

Seniority

Ability to elicit cooperation

All of the above

Question 22

In general, management should avoid sharing the fraud risk assessment process and results with employees.

True

False

Question 23

Management is not likely to have sufficient knowledge of controls to override them.

True

False

Question 24

Factors that influence the level of fraud risk faced by an organization include which of the following?

The ethics and values of the organization and the people in it

The effectiveness of the organization’s internal control

The nature of the business

All of the above

Question 25

Assessing an area as having a high fraud risk means that fraud is occurring there.

True

False

Question 26

_________ controls are designed to stop an undesirable event from occurring, whereas _________ controls are designed to identify an undesirable event that has already occurred.

Internal; external

Operating; review

Preventive; detective

Risk; discovery

Question 27

Which of the following does corporate espionage include?

Acquisition of information through clandestine means

Legitimate intelligence collection

Intelligence analysis using legal means

All of the above

Subsection

Question 28

Which of the following is not a potential corruption risk?

Aiding and abetting of fraud by customers or vendors

Receipt of kickbacks, bribes, or gratuities

Inadequate disclosures pertaining to related-party transactions

Payment of bribes to public officials, companies, or private individuals

Question 29

Which of the following factors enhances a fraud risk assessment?

Independence and objectivity of those leading and conducting the work

Collaboration between management and auditors

Inclusion of people’s perceptions at all levels of the organization

All of the above

Question 30

Which of the following techniques can be used to evaluate the effectiveness and efficiency of internal controls?

Interviews with management and employees

Consideration of the risk of management’s override of controls

Review of the accounting policies and procedures in place

All of the above

Question 31

When assessing the potential incentives, pressures, and opportunities to commit fraud, the fraud risk assessment team should evaluate which of the following?

Incentive programs and how they may affect employees’ behavior when conducting business or applying professional judgment

Highly complex business transactions and how they might be used to conceal fraudulent acts

Opportunities for collusion

All of the above

Question 32

To maximize the effectiveness of the fraud risk assessment process, the fraud risk assessment team should include both facts and opinions in its report.

True

False

Question 33

Which of the following information-gathering techniques enables the fraud risk assessor to observe the interactions of employees as they discuss a question or issue?

Anonymous feedback mechanisms

Focus groups

Interviews

Surveys

Question 34

Which of the following actions might management take in order to transfer a residual fraud risk?

Eliminate the related asset.

Implement countermeasures.

Exit the related activity.

Purchase fidelity insurance.

Question 35

Which of the following is not a true statement regarding the fraud risk assessment process?

It should be influenced by the culture of an organization.

To be most effective, it should be an ongoing, continuous process.

It is aimed at proactively identifying an organization’s vulnerabilities to fraud.

It is more of a science than an art.

Question 36

Both management and auditors have a responsibility for fraud risk management.

True

False

Question 37

The vulnerability of an organization to those capable of overcoming the three elements of the fraud triangle is known as which of the following?

Inherent risk

Fraud risk

Control risk

Fraud risk assessment

Question 38

Which of the following is not true regarding fraud risk?

It encompasses reputation risk.

It can be analyzed qualitatively.

It results exclusively from sources internal to the organization.

It can be analyzed quantitatively.

Question 39

Internal control is a process aimed at proactively identifying and addressing an organization’s vulnerabilities to internal and external fraud.

True

False

Question 40

In assessing the significance to the organization of identified fraud risks, the fraud risk assessment team should first consider them on an inherent basis.

True

False

 

 

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ACC505 Module 7 Quiz 6 2017
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Question Question 1 Why are computer fraud cases difficult for a fraud examiner to investigate? They require the use of one or more specialists to assist the fraud examiner. They require an understanding of the technology used to commit the crime. They lack a traditional paper audit trail. All of the above are reasons why computer fraud cases are difficult to investigate. Question 2 If an organization offers wireless or remote access, its server software should terminate any connection: after a certain number of unsuccessful attempts to enter an invalid password. from a foreign country. cash larceny. skimming. Question 3 Which of the following is not one of the four phases of the procurement process? The presolicitation phase The solicitation phase The project review phase The performance phase Question 4 A caterer has been contracted by Austin Corp. to provide the food for a large banquet. The catering contract explicitly states that the caterer will serve a fish entrée and a chicken entrée, and the fish entrée will consist of red snapper. The caterer decides to use tilapia instead, which costs about a third as much as red snapper, but is also a white fish and looks quite similar. He figures that no one at the banquet will be able to tell the difference. Austin Corp. is charged the price of the red snapper. What type of scheme has the caterer perpetrated? Material deception Contract falsification Product substitution Cost mischarging Question 5 Max Reynolds is trying to obtain customer payment data from Stella Corporation. He wanders around Stella’s offices pretending to be a confused intern, looking for someone who can help him get on his computer. An unsuspecting employee gives him her login information, not realizing the amount of data she has just given him access to. He downloads several spreadsheets of customer payment data and takes off. What type of scheme has Max committed against Stella Corporation? Social engineering Password cracking Employee hijacking Phishing Question 6 Which of the following statements is true with regard to external fraud threats? A member of an organization’s board of directors committing fraud against that organization is an example of external fraud. Only companies that contract with vendors are at a risk of external fraud. Companies that house large amounts of customer payment data are especially vulnerable to external fraud threats. Unrelated third parties pose the greatest threat to an organization. Question 7 ________________ is the use of technology t...
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