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| Section | Objectives |
|---|---|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
| Fraud Schemes | - Financial Statement Fraud
|
| Financial Crimes | - Money Laundering
|
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NEW QUESTION # 320
Fraud in financial statements generally takes the form of _______ assets or revenue and _______ liabilities and expenses.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Financial statement fraud typically involves overstating assets or revenues (e.g., inflating inventory, recognizing fictitious sales) and understating liabilities or expenses (e.g., hiding obligations, capitalizing expenses). This combination enhances profitability and net worth, misleading stakeholders.
* Analysis of Incorrect Options:
* A - Understating assets/revenue is rare since fraud usually aims to inflate results.
* C - Overstating both assets and liabilities would not improve financial performance.
* D - Understating both would reduce reported performance, contrary to typical fraud objectives.
* Key Concept: Common patterns in financial statement fraud.
Reference: ACFE Manual, Financial Statement Fraud - Common Methods .
NEW QUESTION # 321
Which of the following is true for red flags associated with fictitious revenues?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One of the key red flags of fictitious revenues is sales to related parties, shell companies, or entities with unknown substance and ownership . Such transactions are often used to inflate revenue artificially.
* Analysis of Incorrect Options:
* A. Slow growth/unusual profitability - Incorrect, fictitious revenue often results in rapid or unrealistic growth.
* B. Growth in days' purchases in receivables - Misstated phrase; correct indicator would be growth in days' sales in receivables .
* D. Surge in purchases - Relates more to inventory fraud than fictitious revenues.
* Key Concept: Red flags of fictitious revenue - questionable counterparties and unrealistic sales growth.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Red Flags of Fictitious Revenues .
NEW QUESTION # 322
Which of the following is the criterion for bid solicitation?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudulent bid solicitation practices include issuing requests for proposals or bid documents that contain false statements or misleading conditions to favor a particular vendor.
* Analysis of Incorrect Options:
* B. Employment discussions - A conflict of interest, not bid solicitation fraud.
* C. Withdraw low bids - A submission phase scheme.
* D. Falsify bid log - A separate manipulation method, not solicitation criterion.
* Key Concept: Fraudulent bid solicitation - using false or misleading statements to limit competition.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid Solicitation Manipulation .
NEW QUESTION # 323
Which of the following is the MOST APPROPRIATE technique for detecting a nonconforming goods or services scheme?
Answer: C
Explanation:
The ACFE Fraud Examiners Manual addresses Nonconforming Goods or Services under Contract and Procurement Fraud . The Manual states that, to detect nonconforming schemes, the fraud examiner should examine contract specifications, contractor statements, invoices, supporting documents, the received product, and test and inspection results for discrepancies with contract specifications. It then specifically adds:
"Additionally, to detect nonconforming schemes, the fraud examiner should:
* Review correspondence and contract files for indications of noncompliance.
* Request assistance from outside technical personnel to conduct after-the-fact tests." This language matches Option B exactly, so it is the most appropriate detection technique.
Why the other options are incorrect
A). Interviewing complaining contractors and unsuccessful bidders about the presence of red flags This is a detection technique the Manual associates with change order abuse , not nonconforming goods or services schemes.
C). Comparing the direct and indirect labor account totals from the prior year to the current year This type of comparative cost analysis is more consistent with testing for cost mischarging or other accounting irregularities, not the primary detection methods for nonconforming goods/services. The Manual's nonconforming-scheme detection guidance focuses on specifications, inspection results, product testing, and contract/correspondence review.
D). Determining if the costs of the contract have exceeded or are expected to exceed the value of the contract That is not identified by the Manual as the most appropriate method for detecting nonconforming goods or services. Again, the Manual directs the examiner to look for noncompliance with specifications and supporting documentation.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Contract and Procurement Fraud - Nonconforming Goods or Services
* Detecting Nonconforming Goods or Services Schemes
* Related contrast: Detecting Change Order Abuse
NEW QUESTION # 324
Delivery has not occurred or services have not been rendered when:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Revenue recognition requires that delivery has occurred or services have been rendered . If installation, testing, and customer acceptance have not occurred (A), or if a written order exists but with a right of return (B), delivery is not considered complete. Both scenarios prevent proper revenue recognition. Hence, the correct answer is C. Both A & B .
* Analysis of Incorrect Options:
* A - Correct condition, but incomplete.
* B - Correct condition, but incomplete.
* D. Neither A nor B - Incorrect, as both conditions do prevent recognition.
* Key Concept: Revenue recognition fraud risks - recognizing revenue prematurely.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Improper Revenue Recognition .
NEW QUESTION # 325
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