Possible Exam 1 Questions - Forensics nn 43

Possible Exam 1 Questions - Forensics nn 43 - b Currency...

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Unformatted text preview: b. Currency Transportation Act. c. International Money Laundering Abatement and Financial Anti‐Terrorism Act. d. Bankers' Money Laundering Act. e. None of the above. 27. In a family trust, if the trust documents provide for the automatic transfer of the trust to another jurisdiction if the trust comes under investigation, such a clause is called the: a. Escape clause. b. Removal clause. c. Flee clause. d. Nondemential excel clause. e. None of the above. 28. Money launderers prefer to establish business relationships with a company whose operations are characterized by: a. Being located in a foreign country. b. Large cash flows. c. Low inventories. d. Being run by one entrepreneur. e. None of the above. 30. Many times auditors do not believe they should report possible money laundering activities that they find in their audits because: a. Money laundering, per se, does not materially affect the company's financial reports. b. Client confidentiality should be maintained. c. There is no auditing requirement for the reporting of money laundering. d. All of the above. 32. Which one of the following business events or transactions is most likely a sign of money laundering operations? a. Prepayments on a credit card. b. Kiting checks. c. Smoothing net income on the financial statements. d. Stealing passwords. 33. Which of the following is NOT a nonfinancial institution? a. Broker/dealers b. Credit card companies c. Pawn shops d. Correspondent banks Page 43 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.

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