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| Section | Objectives |
|---|---|
| Fraud Schemes | - Asset Misappropriation Schemes
|
| Financial Crimes | - Banking and Payment Fraud
|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
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NEW QUESTION # 37
In the fraud scale, pressure, opportunity, and integrity variables all result in a list of ___ possible red flags or indicators of occupational fraud and abuse.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: W. Steve Albrecht's Fraud Scale introduced the relationship between pressure, opportunity, and integrity. He and his colleagues identified 81 red flags or behavioral indicators of occupational fraud and abuse based on these three dimensions. Therefore, the correct answer is A. 81 .
* Analysis of Incorrect Options:
* B. 82 / C. 83 / D. 84 - Distractors; none match the number identified in the fraud scale research.
* Key Concept: Fraud Scale - Red Flags of occupational fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Albrecht's Fraud Scale .
NEW QUESTION # 38
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: A
Explanation:
The ACFE Manual includes a section titled New Account Fraud Schemes under Financial Institution Fraud . The table of contents for this section specifically lists:
* False Identification
* Business Accounts Using Stolen Checks
* Personal Accounts Using Fraudulent Checks
* Mobile Deposit Fraud
* Automated Teller Machine Deposits
* Prevention
The best answer is Option C because mobile deposits present elevated risk in new account fraud environments precisely because they can occur without in-person verification. The Manual's inclusion of mobile deposit fraud as a specific new account fraud scheme supports the conclusion that remote, non-face- to-face deposit channels are vulnerable.
Why the other options are incorrect
A). Fraud is more likely to occur in established accounts than in accounts that are newly opened.
This is not supported by the Manual's treatment of new account fraud as a distinct fraud risk category. The very existence of a separate section on new account fraud indicates that newly opened accounts pose a meaningful risk.
B). Automated teller machines (ATMs) are rarely targets of new account fraud because most ATMs have cameras installed.
This is inaccurate. The Manual expressly lists Automated Teller Machine Deposits within New Account Fraud Schemes , showing that ATMs are in fact a recognized target of this type of fraud.
D). New account fraud can be defined as any fraud that occurs on an account within the first year that it is open.
This is too broad and not the Manual's definition. The Manual classifies new account fraud by the nature of the scheme , such as false identification, fraudulent checks, mobile deposit fraud, and ATM deposit fraud, not by an arbitrary one-year timeframe.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Financial Institution Fraud - New Account Fraud Schemes
NEW QUESTION # 39
Which of the following statements about self-regulatory organizations (SROs) in the securities industry is MOST ACCURATE?
Answer: D
Explanation:
The correct answer is D. Self-regulatory organizations are industry-based bodies that perform certain oversight functions under the supervision of securities regulators in some jurisdictions. Their duties can include monitoring member firms, examining trading operations, enforcing industry rules, and supporting market integrity. Option A is inaccurate because SROs are not simply governmental entities, although they may operate under statutory recognition or regulatory oversight. Option B is too absolute because SROs may participate in dispute resolution or arbitration in some jurisdictions. Option C is also overstated because SRO authority generally focuses on members and regulated market participants, not securities-related allegations within all private companies. The ACFE materials recognize self-regulation as part of the securities regulatory framework, subject to oversight and standards of fairness and confidentiality.
NEW QUESTION # 40
Which of the following statements regarding measures for detecting a cash larceny scheme is MOST ACCURATE?
Answer: A
Explanation:
The correct answer is C. Cash larceny involves stealing cash after it has been recorded, so detection often depends on tracing recorded cash activity to source documents and bank deposits. Reviewing, analyzing, and tracing journal entries made to cash accounts helps identify unsupported adjustments, unusual entries, concealment entries, or discrepancies between accounting records and actual cash activity. Option A is weak because the person responsible for cash receipts should not perform independent comparisons; segregation of duties is important. Option B is incorrect because cash receipt listings should be prepared and controlled before they reach accounts receivable personnel. Option D is also improper because cashiers should not independently reconcile their own register activity. Independent review is essential for detecting cash larceny.
NEW QUESTION # 41
Which of the following is a method that a fraudster might use to conceal inventory shrinkage?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudsters conceal inventory shrinkage through multiple methods, including unrecorded sales, false write-offs, or manipulating perpetual records. The ACFE manual notes that concealment is a common theme in inventory fraud. Hence, all of the above are valid.
* Analysis of Incorrect Options:
* A, B, C - Each is correct individually, but the most comprehensive answer is D.
* Key Concept: Concealment methods for inventory theft.
Reference: ACFE Manual, Asset Misappropriation - Inventory and Other Assets .
NEW QUESTION # 42
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