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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion - Prevention and detection strategies |
| Topic 2: Internal Control and Fraud Prevention | 10–15% | - Control testing and evaluation - Design of anti-fraud controls - Fraud risk assessment |
| Topic 3: Asset Misappropriation – Inventory and Other Assets | 5–10% | - Inventory theft and misuse - Prevention and detection controls - Concealment of asset shrinkage |
| Topic 4: Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash larceny - Cash skimming schemes |
| Topic 5: Asset Misappropriation – Fraudulent Disbursements | 15–20% | - Payroll fraud schemes - Billing schemes - Expense reimbursement fraud - Register disbursement fraud - Electronic payment tampering |
| Topic 6: Financial Statement Fraud | 10–15% | - Asset and liability misrepresentation - Revenue recognition schemes - Improper disclosures - Financial statement analysis techniques |
| Topic 7: Basic Accounting and Auditing Concepts | 15–20% | - Internal control frameworks and objectives - Financial statement components and relationships - Auditing standards and procedures - Fundamental accounting principles |
| Topic 8: Other Fraud Schemes | 10–15% | - Healthcare fraud - Insurance fraud - Theft of data and intellectual property - Procurement and contract fraud - Identity theft and financial crimes |
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NEW QUESTION # 233
Which of the following is NOT a red flag of register disbursement schemes?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Finding personal checks in the cash register is unusual, but it does not specifically indicate a register disbursement scheme (such as false refunds or voids). The other options are classic red flags for such schemes.
* Analysis of Incorrect Options:
* A - Missing transaction numbers suggest manipulation.
* C - Excessive voids near approval limits indicate fraud concealment.
* D - Allowing cashiers to void their own sales creates opportunity for abuse.
* Key Concept: Register disbursement schemes and their red flags.
Reference: ACFE Manual, Fraudulent Disbursements - Register Disbursement Schemes.
NEW QUESTION # 234
A fraudster uses a victim's name, government identification number, and birthdate to impersonate the victim and open a credit card account in the victim's name. This scheme can BEST be described as:
Answer: C
Explanation:
Comprehensive and Detailed Explanation (Based on the ACFE Fraud Examiners Manual - Financial Transactions and Fraud Schemes) In the Identity Theft chapter of the Financial Transactions and Fraud Schemes section, the ACFE Manual explains that there are two primary methods of committing identity theft:
* Traditional identity theft
* Synthetic identity theft
These are listed under "Methods of Committing Identity Theft" (1.803), immediately followed by "Types of Identity Theft Schemes" (1.804) such as financial identity theft and criminal identity theft.
1. Why the correct answer is Traditional identity theft (Option B)
In traditional identity theft, the perpetrator uses the real, complete identity of another person-such as their name, government identification number, and birthdate-to impersonate that person for fraudulent purposes. This is exactly what is happening in the question:
The fraudster uses a real victim's name, government identification number, and birthdate to open a credit card account in the victim's name.
This matches the Manual's categorization where traditional identity theft involves misuse of actual personal identifying information (PII) belonging to a real individual, rather than fabricating an identity. The Manual then explains that this stolen identity is often used in financial schemes, such as obtaining credit cards, loans, or other financial benefits, which falls under financial identity theft as a type of identity theft scheme.
So, in ACFE terms, the method is traditional identity theft, and the scheme type is financial identity theft (using another person's identity to obtain credit or other financial benefits).
2. Why the other options are incorrect
Option A - New account identity theft
"New account identity theft" is a descriptive phrase sometimes used in practice to describe opening new credit accounts in another person's name, but the ACFE Manual's formal categorization focuses on:
* Methods of committing identity theft:
* Traditional identity theft
* Synthetic identity theft
* Types of identity theft schemes:
* Financial identity theft
* Criminal identity theft
* Medical identity theft
* Insurance identity theft
* Tax identity theft
* Employment identity theft
* Business identity theft
"New account identity theft" is not one of the defined method categories in the Manual; the described conduct is captured under traditional identity theft (method) and financial identity theft (scheme type). Therefore, this option does not align with the ACFE's terminology tested on the CFE exam.
Option C - Synthetic identity theft
The Manual distinguishes synthetic identity theft as a different method. Under "Methods of Committing Identity Theft" (1.803), it explains that synthetic identity theft involves combining real elements of identity (for example, a genuine government identification number) with fabricated or unrelated information (such as a made-up name, date of birth, or address) to create a partly fictitious identity.
In the question, the fraudster is not creating a hybrid or composite identity. They are using all of the real victim's identifying information (name, government ID number, birthdate) and posing directly as that person. That is traditional, not synthetic.
Option D - Criminal identity theft
Under "Types of Identity Theft Schemes" (1.804-1.805), the Manual describes criminal identity theft as a scheme where a fraudster gives someone else's identifying information to law enforcement or in criminal justice contexts, so that the victim's identity is attached to the criminal record or charges.
Typical examples include:
* Giving another person's name and identification details when stopped or arrested
* Causing warrants or criminal records to be issued in the victim's name In the question scenario, the fraudster is not interacting with law enforcement or shifting criminal records to the victim. Instead, they are opening a credit card account, which is a financial use of the stolen identity.
Therefore, it fits financial identity theft as a scheme type, but traditional identity theft as the method.
NEW QUESTION # 235
When an incorrect total is carried from the journal to the ledger or from ledger to the financial statements, this method is called:
Answer: B
NEW QUESTION # 236
___________ and __________ are used to increase (or decrease) the equity account.
Answer: D
NEW QUESTION # 237
Which of the following are not basic types of non-sharable problems?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer:Cressey's research on fraud offenders found that most had non- sharable financial problems, which fell into categories such as: (1) violation of ascribed obligations, (2) business reversals, (3) physical isolation, (4) status gaining, and (5) employer-employee relations.
"Larceny by fraud" is not a category of non-sharable problem but rather a type of theft scheme. Hence, D is correct.
* Analysis of Incorrect Options:
* A. Violation of ascribed obligations - Correctly one type of non-sharable problem.
* B. Business reversals - Correctly one type of non-sharable problem.
* C. Physical isolation - Correctly one type of non-sharable problem.
* D. Larceny by fraud - Not a "problem" type; it is a fraud scheme.
* Key Concept:Cressey's non-sharable problems - psychological and situational pressures that contribute to occupational fraud.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Fraud Theory - Cressey's Hypothesis and Non-sharable Problems.
NEW QUESTION # 238
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