"Alternative Investments":Prevention of fraud

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来源: 正保会计网校编辑：小鞠橘桔 2020/11/25 10:41:30　字体：大小

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Questions 1:

Which of the following is least likely to reduce the likelihood of being defrauded by a dishonest money manager?

A 、Third-party custody of assets under management

B 、Strong and consistent reported investment performance

C、 Independent verification of investment results

Questions 2:

Alternative investments that rely on estimates rather than observable market prices for valuation purposes are most likely to report:

A、 returns that are understated.

B 、volatility of returns that is understated.

C 、correlations of returns with the returns of traditional assets that are overstated

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. To prevent fraud, involvement of third parties in the reporting and asset management process is helpful. A strong and consistent reported investment performance that lacks outside verification may actually be a warning sign.

A is incorrect. Third-party custody of assets under management helps to reduce the possibility of fraud.

C is incorrect. Independent verification of investment results helps to reduce the possibility of fraud.

【Answer to question 2】B

【analysis】

B is correct. The use of estimates tends to smooth the return series. As a consequence, the volatility of returns will be understated.

A is incorrect. There is a tendency for returns to be overestimated or at least smoothed.

C is incorrect. Correlations of returns with the returns of traditional assets tend to be understated as a consequence of smoothing the return series.

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