True or False The Vast majority of asset misappropriations involve tangible prop

Question

True or False

The Vast majority of asset misappropriations involve tangible property. ____

Billing Schemes have been reported in a major fraud survey as the most of fraudulent disbursement transactions.____

A shell company is fake entity set up to help a trust violator commit embezzlement and is usually nothing more than a fictitious company name and a post office box.____

In a billing scheme, the biggest challenge is getting the victim company to authorize payment.____

To set up a shell company and falsify bills for goods and services, the embezzler most likely will set up the shell company in his or her own name.____

Collusion among several employees can overcome even the most well-designed internal controls.______

A billing scheme involves sending an invoice to a company for completely fictitious goods or services._____

Most shell company schemes involve the purchase of goods rather than services._____

A simple test to see if a shell company really does exist is to Google the company name or look the company up in the phone book.____

Very often the perpetrator of billing scheme is the person who authorizes the purchase.____

Explanation / Answer

The vast majority of asset misappropriations involve tangible property FALSE Billing schemes have been reported in a major fraud survey as the most of fraudulent disbursement transactions TRUE A shell company is a fake entity set up to help a trust violator commit embezzlement and is usually nothing more than a fictitious company name and a post office box TRUE In a billing scheme the biggest challenge is getting the victim company to authorize payment TRUE To set up a shell company and falsify bills for goods and services, the embezzler most likely will set up the shell company in his or her own name FALSE Collusion among several employees can overcome the most well-designed internal controls TRUE A billing scheme involves sending an invoice to a company for completely fictitious goods or services TRUE Most shell company schemes involve the purchase of goods rather than services FALSE A simple test to see if a shell company really does exist is to Google the company name or look the company up in the phone book FALSE Very often the perpetrator of billing schemes is the person who authorizes the purchase FALSE

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