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ISBN 10: 1118922347
ISBN 13: 9781118922347
Author: Joseph Wells
Accountants have historically had an important role in the detection and deterrence of fraud. As Joe Wells’ Principles of Fraud Examination 4th edition illustrates, fraud is much more than numbers; books and records don’t commit fraud – people do. Widely embraced by fraud examination instructors across the country, Principles of Fraud Examination, 4th Edition, by Joseph Wells, is written to provide a broad understanding of fraud to today’s accounting students – what it is and how it is committed, prevented, detected, and resolved. This 4th edition of the text includes a chapter on frauds perpetrated against organizations by individuals outside their staff–a growing threat for many entities as commerce increasingly crosses technological and geographical borders.
Principles of Fraud Examination 4th Table of contents:
Chapter 1 Introduction
Fraud Examination Methodology
Predication
Fraud Theory Approach
Tools Used in Fraud Examinations
Defining Occupational Fraud and Abuse
Defining Fraud
Defining Abuse
Research in Occupational Fraud and Abuse
Edwin H. Sutherland
Donald R. Cressey
Dr. W. Steve Albrecht
Richard C. Hollinger
The 2012 Report to the Nations on Occupational Fraud and Abuse
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 2 Skimming
Case Study: Shy Doc Gave Good Face
Overview
Skimming Data from the ACFE 2011 Global Fraud Survey
Skimming Schemes
Sales Skimming
Receivables Skimming
Case Study: Beverage Man Takes the Plunge
Proactive Computer Audit Tests Detecting Skimming
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 3 Cash Larceny
Case Study: Bank Teller Gets Nabbed for Theft
Overview
Cash Larceny Data from the ACFE 2011 Global Fraud Survey
Cash Larceny Schemes
Larceny at the Point of Sale
Larceny of Receivables
Cash Larceny from the Deposit
Case Study: The Ol’ Fake Surprise Audit Gets ‘Em Every Time
Proactive Computer Audit Tests for Detecting Cash Larceny
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 4 Billing Schemes
Case Study: Medical School Treats Fraud and Abuse
Overview
Billing Scheme Data from the ACFE 2011 Global Fraud Survey
Billing Schemes
Shell Company Schemes
Billing Schemes Involving Nonaccomplice Vendors
Pay-and-Return Schemes
Overbilling with a Nonaccomplice Vendor’s Invoices
Case Study: Cover Story: Internal Fraud
Preventing and Detecting Fraudulent Invoices from a Nonaccomplice Vendor
Personal Purchases with Company Funds
Personal Purchases through False Invoicing
Personal Purchases on Credit Cards or Other Company Accounts
Preventing and Detecting Personal Purchases on Company Credit Cards and Purchasing Cards
Proactive Computer Audit Tests for Detecting Billing Schemes
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 5 Check Tampering
Case Study: A Wolf in Sheep’s Clothing
Overview
Check Tampering Data from the ACFE 2011 Global Fraud Survey
Check Tampering Schemes
Forged Maker Schemes
Forged Endorsement Schemes
Altered Payee Schemes
Concealed Check Schemes
Authorized Maker Schemes
Concealing Check Tampering
The Fraudster Reconciling the Bank Statement
Case Study: What are Friends For?
Re-Altering Checks
Falsifying the Disbursements Journal
Reissuing Intercepted Checks
Bogus Supporting Documents
Electronic Payment Tampering
Prevention and Detection
Proactive Computer Audit Tests for Detecting Check Tampering Schemes
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 6 Payroll Schemes
Case Study: Say Cheese!
Overview
Payroll Scheme Data from the ACFE 2011 Global Fraud Survey
Payroll Schemes
Ghost Employees
Falsified Hours and Salary
Commission Schemes
Case Study: The All-American Girl
Proactive Computer Audit Tests for Detecting Payroll Fraud
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 7 Expense Reimbursement Schemes
Case Study: Frequent Flier’s Fraud Crashes
Overview
Expense Reimbursement Data from the ACFE 2011 Global Fraud Survey
Expense Reimbursement Schemes
Mischaracterized Expense Reimbursements
Preventing and Detecting Mischaracterized Expense Reimbursements
Overstated Expense Reimbursements
Fictitious Expense Reimbursement Schemes
Multiple Reimbursement Schemes
Case Study: The Extravagant Salesman
Proactive Computer Audit Tests for Detecting Expense Reimbursement Schemes
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 8 Register Disbursement Schemes
Case Study: Demotion Sets Fraud in Motion
Overview
Register Disbursement Data from the ACFE 2011 Global Fraud Survey
Register Disbursement Schemes
False Refunds
Case Study: A Silent Crime
False Voids
Concealing Register Disbursements
Small Disbursements
Destroying Records
Preventing and Detecting Register Disbursement Schemes
Proactive Computer Audit Tests for Detecting Register Disbursement Schemes
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 9 Noncash Assets
Case Study: Chipping Away at High-Tech Theft
Overview
Noncash Misappropriation Data from the ACFE 2011 Global Fraud Survey
Noncash Misappropriation Schemes
Misuse of Noncash Assets
Unconcealed Larceny Schemes
Asset Requisitions and Transfers
Purchasing and Receiving Schemes
False Shipments of Inventory and Other Assets
Case Study: Hard Drives and Bad Luck
Other Schemes
Concealing Inventory Shrinkage
Altered Inventory Records
Fictitious Sales and Accounts Receivable
Write Off Inventory and Other Assets
Physical Padding
Preventing and Detecting Thefts of Noncash Tangible Assets That are Concealed by Fraudulent Support
Misappropriation of Intangible Assets
Misappropriation of Information
Misappropriation of Securities
Proactive Computer Audit Tests for Detecting Noncash Misappropriations
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 10 Corruption
Case Study: Why is this Furniture Falling Apart?
Overview
Corruption Data from the ACFE 2011 Global Fraud Survey
Corruption Schemes
Bribery
Kickback Schemes
Overbilling Schemes
Bid-Rigging Schemes
Something of Value
Illegal Gratuities
Economic Extortion
Conflicts of Interest
Case Study: Working Double Duty
Purchasing Schemes
Sales Schemes
Other Conflict of Interest Schemes
Preventing and Detecting Conflicts of Interest
Anti-Corruption Legislation
Foreign Corrupt Practices Act
The United Kingdom Bribery Act
Scope
Proactive Computer Audit Tests for Detecting Corruption
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 11 Accounting Principles and Fraud
Fraud in Financial Statements
Who Commits Financial Statement Fraud?
Why Do People Commit Financial Statement Fraud?
How Do People Commit Financial Statement Fraud?
Conceptual Framework for Financial Reporting
Economic Entity
Going Concern
Monetary Unit
Periodicity
Historical Cost
Revenue Recognition
Matching
Full Disclosure
Cost-Benefit
Materiality
Industry Practice
Conservatism
Relevance and Reliability
Comparability and Consistency
Responsibility for Financial Statements
Users of Financial Statements
Types of Financial Statements
The Sarbanes-Oxley Act of 2002
Public Company Accounting Oversight Board
Certification Obligations for CEOs and CFOs
Standards for Audit Committee Independence
Standards for Auditor Independence
Enhanced Financial Disclosure Requirements
Protections for Corporate Whistleblowers under Sarbanes-Oxley
Enhanced Penalties for White-Collar Crime
Financial Statement Fraud Data from the ACFE 2011 Global Fraud Survey
Frequency and Cost
Types of Financial Statement Fraud Schemes
Summary
Essential Terms
Review Questions
Discussion Issues
Chapter 12 Financial Statement Fraud Schemes
Case Study: That Way Lies Madness
Overview
Defining Financial Statement Fraud
Costs of Financial Statement Fraud
Fictitious Revenues
Sales with Conditions
Pressures to Boost Revenues
Red Flags Associated with Fictitious Revenues
Timing Differences
Matching Revenues with Expenses
Premature Revenue Recognition
Long-Term Contracts
Channel Stuffing
Recording Expenses in the Wrong Period
Red Flags Associated with Timing Differences
Case Study: The Importance of Timing
Concealed Liabilities and Expenses
Liability/Expense Omissions
Capitalized Expenses
Expensing Capital Expenditures
Returns and Allowances and Warranties
Red Flags Associated with Concealed Liabilities and Expenses
Improper Disclosures
Liability Omissions
Subsequent Events
Management Fraud
Related-Party Transactions
Accounting Changes
Red Flags Associated with Improper Disclosures
Improper Asset Valuation
Inventory Valuation
Accounts Receivable
Business Combinations
Fixed Assets
Red Flags Associated with Improper Asset Valuation
Detection of Fraudulent Financial Statement Schemes
AU 240-Consideration of Fraud in a Financial Statement Audit
Financial Statement Analysis
Deterrence of Financial Statement Fraud
Reduce Pressures to Commit Financial Statement Fraud
Reduce the Opportunity to Commit Financial Statement Fraud
Reduce Rationalization of Financial Statement Fraud
Case Study: All on the Surface
Summary
Essential Terms
Review Questions
Discussion Issues
Chapter 13 External Fraud Schemes
Case Study: A Computer Hacker Turned Informant . . . Turned Hacker
Overview
Threats from Customers
Check Fraud
Credit Card Fraud
Threats from Vendors
How Prevalent Is Vendor Fraud?
Collusion among Contractors
Contract Performance Schemes
Preventing and Detecting Vendor Fraud
Threats from Unrelated Third Parties
Computer Fraud
Corporate Espionage
Why Do Companies Resort to Corporate Espionage?
Favorite Targets of Corporate Espionage
How Spies Obtain Information
Preventing and Detecting Corporate Espionage
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 14 Fraud Risk Assessment
Overview
What Is Fraud Risk?
Why Should an Organization Be Concerned about Fraud Risk?
Factors That Influence Fraud Risk
What is a Fraud Risk Assessment?
What Is the Objective of a Fraud Risk Assessment?
Why Should Organizations Conduct Fraud Risk Assessments?
Improve Communication and Awareness about Fraud
Identify What Activities Are the Most Vulnerable to Fraud
Know Who Puts the Organization at the Greatest Risk
Develop Plans to Mitigate Fraud Risk
Develop Techniques to Determine Whether Fraud Has Occurred in High-Risk Areas
Assess Internal Controls
Comply with Regulations and Professional Standards
What Makes a Good Fraud Risk Assessment?
Collaborative Effort of Management and Auditors
The Right Sponsor
Independence and Objectivity of the People Leading and Conducting the Work
A Good Working Knowledge of the Business
Access to People at All Levels of the Organization
Engendered Trust
The Ability to Think the Unthinkable
A Plan to Keep It Alive and Relevant
Considerations for Developing an Effective Fraud Risk Assessment
Packaging It Right
One Size Does Not Fit All
Keeping It Simple
Preparing the Company for the Fraud Risk Assessment
Assembling the Right Team to Lead and Conduct the Fraud Risk Assessment
Determining the Best Techniques to Use in Conducting the Fraud Risk Assessment
Obtaining the Sponsor’s Agreement on the Work to Be Performed
Educating the Organization and Openly Promoting the Process
Executing the Fraud Risk Assessment
Identifying Potential Inherent Fraud Risks
Assessing the Likelihood of Occurrence of the Identified Fraud Risks
Assessing the Significance to the Organization of the Fraud Risks
Evaluating Which People and Departments Are Most Likely to Commit Fraud, and Identifying the Methods
Identifying and Mapping Existing Preventive and Detective Controls to the Relevant Fraud Risks
Evaluating Whether the Identified Controls Are Operating Effectively and Efficiently
Identifying and Evaluating Residual Fraud Risks Resulting from Ineffective or Nonexistent Controls
Addressing the Identified Fraud Risks
Establishing an Acceptable Level of Risk
Ranking and Prioritizing Risks
Responding to Residual Fraud Risks
Reporting the Results of the Fraud Risk Assessment
Considerations When Reporting the Assessment Results
Making an Impact with the Fraud Risk Assessment
Beginning a Dialogue across the Company
Looking for Fraud in High-Risk Areas
Holding Responsible Parties Accountable for Progress
Keeping the Assessment Alive and Relevant
Monitor Key Controls
The Fraud Risk Assessment and the Audit Process
Fraud Risk Assessment Tool
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Chapter 15 Conducting Investigations and Writing Reports
When is an Investigation Necessary?
Planning the Investigation
Selecting the Investigation Team
Developing Evidence
Covert Operations
Surveillance
Informants
“Dumpster-Diving”
Subpoenas
Search Warrants
Voluntary Consent
Preserving Documentary Evidence
Chain of Custody
Preserving the Document
Organizing Documentary Evidence
Chronologies
To-Do Lists
Using Computer Software to Organize Documents and Other Data
Sources of Information
In-House Sources
Public Information
Report Writing
Purpose of the Report
Know the Reader
Format
Opinions or Conclusions in Report
Summary
Essential Terms
Review Questions
Discussion Issues
Chapter 16 Interviewing Witnesses
Overview
Introductory Questions
General Rules for the Introductory Phase of the Interview
Informational Questions
Closing Questions
Assessment Questions
Verbal Clues to Deception
Nonverbal Clues
Typical Attitudes Displayed by Respondents
Admission-Seeking Questions
Steps in the Admission-Seeking Interview
Summary
Essential Terms
Review Questions
Discussion Issues
Chapter 17 Occupational Fraud and Abuse: The Big Picture
Defining Abusive Conduct
Measuring the Level of Occupational Fraud and Abuse
The Human Factor
Understanding Fraud Deterrence
The Impact of Controls
The Perception of Detection
The Corporate Sentencing Guidelines
Definition of Corporate Sentencing
Vicarious or Imputed Liability
Requirements
The Ethical Connection
Concluding Thoughts
Summary
Essential Terms
Review Questions
Discussion Issues
Endnotes
Appendix A Online Sources of Information
Commercial Online Services
Asset Locator and Business Background Check by KnowX
LexisNexis
Insperity Employment Screening
infoUSA
Veris
CSC
Dialog
D&B
DCS Information Systems
TLO
Search Engines
Bing
Altavista
Yahoo!
Meta-search Engines
Social-Networking Sites
Social-Networking Search Engines
Public Records
Court Information
Criminal Records
Personal Identification Information
Locating Individuals
Enforcement Actions
Additional Government Resources
Freedom of Information Act (FOIA)
Sites with Extensive Public Record Links
News Searches
Other Sources of Information
University Libraries
State Government Listings
Maps
International Websites
Appendix B Sample Code of Business Ethics and Conduct
Introduction
Competition and Antitrust
Conflicts of Interest
Gifts and Entertainment
Outside Employment
Relationships with Suppliers and Customers
Employment of Relatives
Confidential Information and Privacy of Communications
Company Assets
Cash and Bank Accounts
Company Assets and Transactions
Expense Reimbursement
Company Credit Cards
Software and Computers
Political Contributions
Employee Conduct
Conduct on Company Business
Reporting Violations
Discipline
Compliance Letter and Conflict of Interest Questionnaire
Appendix C Risk Assessment Tool
Introduction
Module # 1—Employee Assessment
Module # 2—Management/Key Employee Assessment
Module # 3—Physical Controls to Deter Employee Theft and Fraud
Module # 4—Skimming Schemes
Module # 5—Cash Larceny Schemes
Module # 6—Check Tampering Schemes
Module # 7—Cash Register Schemes
Module # 8—Purchasing and Billing Schemes
Module # 9—Payroll Schemes
Module # 10—Expense Reimbursement Schemes
Module # 11—Theft of Inventory and Equipment
Module # 12—Theft of Proprietary Information
Module # 13—Corruption
Module # 14—Conflicts of Interest
Module # 15—Financial Statement Fraud
Bibliography
Index
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