ACC556 Week 6 Short Answer Quiz

Write a brief response, no less than 45 words, for each question.
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  • What does it mean to create a “Culture of Honesty, Openness, and Assistance?”  Give an example from an organization with which you have been affiliated.
  • Codes of Conduct and Conflict of Interest Forms are often called “soft” controls.  What does this mean?
  • What does it mean to have a good system of internal controls?  Give some examples of internal controls.
  • Whistleblower policies and procedures?  Good or bad idea?  Why?
  • Symptoms of fraud can be separated into six groups: (1) accounting anomalies, (2) internal control weaknesses, (3) analytical anomalies, (4) extravagant lifestyle,
  • (5) unusual behavior, and (6) tips and complaints.  Discuss three. 
  • Discuss the elements of a good fraud report.
  • What does “Tone at the Top” mean?
  • Discuss the relative oversight responsibility of the audit committee, management, internal audit and independent auditors as it pertains to fraud.
  • Summarize the five steps of managing the Business Risk of Fraud.
  •  Define and explain ERM.
  • What is a risk assessment?  What are the steps to complete one?
  • Give some examples of how technology may be used in fraud prevention.
  • Explain FCPA and the U.K. Bribery Act.  Why all the fuss?
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ACC 556 Week 6 Short Answer Quiz

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