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Chapter 6: Q5BTN_6 (page 317)

Visit the Association of Certified Fraud Examiners website and open the “2016 Report to the Nation” (s3-us-west-2.amazonaws.com/acfepublic/2016-report-to-the-nations.pdf). Read the two-page Executive Summary and fill in the following blanks.

6. The most common detection method in our study was (39.1% of cases).

Short Answer

Expert verified

Answer

The most common detection method in our study was tips (39.1% of cases).

Step by step solution

01

Step-by-Step SolutionStep 1: Meaning of the Method Detection Limit

It is the minimum concentration of a substance that can be estimated and arrive with 99% certainty that the analyte concentration is more than zero

02

The most common detection method-

39.1% of the frauds were identified from tips by several customers, sellers, members of the workforce, and other external parties, according to the 2016 ACFE study.

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Most popular questions from this chapter

The following annual account balances are taken from Armour Sports at December 31.

2017 2016

Accounts receivable . . . . . . . . . . . \( 100,000 \) 85,000

Net sales . . . . . . . . . . . . . . . . . . . . 2,500,000 2,000,000

What is the change in the number of days’ sales uncollected between years 2016 and 2017? (Round the number of days to one decimal.) According to this analysis, is the company’s collection of receivables improving? Explain.

For each of the following items a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) represents an addition or a subtraction in a bank reconciliation, and (3) requires an adjusting journal entry.

Bank or Book Side Add or Subtract Adj. Entry or Not

b. Bank service charges . . . . . . . . . . . . . . . . . .

For each of the following items a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) represents an addition or a subtraction in a bank reconciliation, and (3) requires an adjusting journal entry.

Bank or Book Side Add or Subtract Adj. Entry or Not

g. Outstanding deposits. . . . . . . . . . . . . . .

Some of Crown Company’s cash receipts from customers are received by the company with the regular mail. The company’s recordkeeper opens these letters and deposits the cash received each day.

  1. Identify any internal control problem(s) in this arrangement

An entrepreneur commented that a bank reconciliation may not be necessary as she regularly reviews her online bank statement for any unusual items and errors.

b. Identify and explain at least two frauds or errors that would be uncovered through a bank reconciliation and that would not be uncovered through an online review of the bank statement.
See all solutions

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