Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

10 Questions

2 Views

Fraud

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which regulatory body is looking closer at the work of audit firms for crypto companies?

FTX

SEC (correct)

CFTC

CPA

What has led to firms dropping crypto clients?

Increased oversight

Risk of lawsuits

Damage to reputation

All of the above (correct)

Which of the following is NOT a common problem faced by many crypto companies?

Emerging industry

Lack of effective internal controls

Limited SEC experience

Lack of understanding of the business environment (correct)

According to the text, who believes that crypto firms should be required to comply with existing rules?

Gary Gensler Signup and view all the answers

What is the main reason why many CPA firms are parting ways with crypto companies?

Risk of lawsuits Signup and view all the answers

According to the text, what is the main reason for the collapse of FTX?

Classic fraud Signup and view all the answers

What are the three basic elements of fraud according to the Fraud Triangle?

Incentive, Opportunity, Rationalization Signup and view all the answers

According to the text, what are the problems faced by auditors in the FTX case?

Lack of internal controls, Emerging industry, Limited SEC experience, Lack of understanding of the business environment Signup and view all the answers

What is the main reason why auditors can never obtain complete assurance in detecting fraud?

Human error Signup and view all the answers

What is one of the keys to success mentioned in the text for auditors?

Knowing the kinds of fraud committed over the years Signup and view all the answers