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Explain how each situation could indicate a fraud risk and how the auditor could confirm or dispel it.
a. An employee can authorize medical insurance claims and enter them into the system for payment without supervisory review. What might happen?
b. The inventory warehouse manager was also responsible for making the physical inventory observation and reconciling discrepancies to the perpetual inventory records. What might happen?
c. The petty cash custodian was replaced and the frequency of fund reimbursement decreased from every two days to every four days. What might you suspect?
d. Both sales and income may have been overstated by recording a false cash sale at the end of the year. What “dangling debit” might give the scheme away?
e. A company may have recorded fictitious sales. What account could you audit to determine whether this has happened?
Due to an accident, you will be compensated with $1000 every year for three years and $2000 every year thereafter for another three years. How much would you be willing to take today in lieu of those future cash flows, assuming that you could earn an..
Compare and contrast the three major types of mortgage backed securities: Pass Through Security. Collateralized Mortgage Obligation or CMO. Mortgage Backed Bond How are they created/originated, where are they traded (primary or secondary markets), wh..
Evaluate Return on Equity for the company Sprint for the last three years using the DuPont analysis. Compare the company’s results to a major competitor. Taking the information from the Income statements and the Balance sheets, calculate the company’..
The prices of long-term bonds are less volatile than those of short-term bonds because long-term bonds respond less strongly to change in interest rates.
Which of the following statements is correct about a corporation that borrows from its bank at "Prime plus 1 percent"? The interest rate:
Your company purchased a piece of land five years ago for $150,000 and subsequently added $200,000 in improvements. The current book value of the property is $275,000. There are two options for future use of the land:
Darlene needs an investment that will generate income of $300 at the end of year 1, $300 at the end of year 2, $500 at the end of year 3, $600 at the end of year 4, and $1,200 at the end of year 5. How much should Darlene pay for this investment if s..
A 9-year bond with a face value of $1000 is redeemable at par and earns interest at 10.2% convertible semiannually. Find the price to yield an investor 7.5% convertible semiannually.
Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par value of €1,000, 10 years to maturity, and a coupon r..
Millbridge Ambulance Service has been considering consolidating their three locations into just 2 locations. The location they are considering closing currently costs $155,000 to operate. The general and administrative expenses of $20,000 are an allo..
Investors expect the market rate of return this year to be 15.50%. The expected rate of return on a stock with a beta of 1.4 is currently 21.70%. If the market return this year turns out to be 12.90%, how would you revise your expectation of the rate..
Assume that Wal-Mart Stores, Inc. has decided to surface and maintain for 10 years a vacant lot next to one of its stores to serve as a parking lot for customers. Management is considering the following bids involving two different qualities of surfa..
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