Sample Test 6 7 8 - Name Date 1 When auditing financial...

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Name: __________________________ Date: _____________ 1. When auditing financial statements and finding indications of a possible misappropriation of assets, independent auditors should A) Investigate fully to determine the total amount of the misappropriation. B) Determine which accounts are affected and the amount by which they are overstated or understated. C) Determine the methods by which the misappropriation was carried out. D) Identify a person(s) who are likely responsible for the misappropriation and obtain evidence about some other fraud indications in their work. E) All of the above. 2. Building up balances in bank accounts based upon floating checks drawn against similar accounts in other banks is best called: A) Hypothecation B) Kiting. C) Money laundering. D) Lapping. 3. Which of the following procedures might an auditor use to detect kiting? A) Review the composition of authenticated deposit slips. B)
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Sample Test 6 7 8 - Name Date 1 When auditing financial...

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