A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:

1. A. Bid opening
2. B. Fictitious Bidding
3. C. Bid pooling
4. D. Bid log

Correct Answer: C

Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.

1. A. True
2. B. False

Correct Answer: A

Collusion or bid-rigging between bidders is called

1. A. Bribery receipt
2. B. Bid solicitation
3. C. To withdraw low bids
4. D. Contract acceptance

Correct Answer: D

A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:

1. A. Conflict of interest in sale
2. B. Turnaround sale or flip
3. C. Unauthorized sale
4. D. Written sale of unique assets

Correct Answer: B

Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.

1. A. True
2. B. False

Correct Answer: A