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Unformatted text preview: 54. One of the most effective audit procedures for detecting fraud in the payroll cycle is to examine the bank reconciliations. a. True b. False 55. One of the most effective audit procedures for detecting fraud in the warehousing cycle is to look for related party transactions. a. True b. False 58. The accounting department has, in general, more fraud than any other division in a company. a. True b. False 59. Females are more likely to commit a fraud than a male. a. True b. False 62. At least 15 percent of all bank check‐related losses is from counterfeit checks. a. True b. False 63. There is automated signature verification technology available to financial institutions to detect and prevent fraud. a. True b. False 65. A perfectionist like Martha Stewart is considered a fraud red flag. a. True b. False 66. The U.S. Federal Reserve has a history of clean financial statements. a. True b. False 67. A financial model may be used to develop planning concepts in a client’s organization. Page 31 of 44 ...
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This note was uploaded on 07/16/2010 for the course ACCOUNTING 2301 taught by Professor Norton during the Summer '10 term at Academy of Design Tampa.
- Summer '10