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What is your fraud IQ?
- Article from:
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Journal of Accountancy
- Article date:
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December 1, 2007
- Author:
- Wells, Joseph T.
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Copyright informationCOPYRIGHT 2007 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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[ILLUSTRATION OMITTED]
Fraud detection class is now in session. It's time to put your smarts to the test and see how you score on these questions from the Association of Certified Fraud Examiners.
1. According to ACFE's 2006 Report to the Nation on Occupational Fraud and Abuse, the typical organization loses what percentage of its annual revenue to fraud?
a. 1%
b. 5%
c. 10%
d. 20%
2. The most common method of concealing inventory theft is:
a. Misstating inventory counts
b. Padding the physical inventory
c. Falsifying journal entries
d. Altering shipping and receiving documentation
3. To prevent the forged endorsement of a ...