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| Section | Objectives |
|---|---|
| Topic 1: Fraud Investigation and Analysis | - Evidence collection and documentation
|
| Topic 2: Financial Crimes | - Money Laundering
|
| Topic 3: Fraud Schemes | - Asset Misappropriation Schemes
|
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NEW QUESTION # 186
Which of the following is an example of a technical security control that organizations can use to secure computer systems and communication networks?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Technical security controls include software- and hardware-based measures such as application security, firewalls, and encryption . Application security protects against vulnerabilities in the programs employees use.
* Analysis of Incorrect Options:
* B. Human audits - Administrative control, not technical.
* C. Penetration testing - A detective measure/test, not a control itself.
* D. Data security - A broad goal, not a specific technical control.
* Key Concept: Technical security controls for preventing cyberfraud.
Reference: ACFE Fraud Examiners Manual (2020) , Computer and Internet Fraud: Security Controls .
NEW QUESTION # 187
Which of the following statements is MOST ACCURATE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting framework a company must follow depends on the jurisdiction in which it is publicly traded . For example, U.S.-listed companies must follow GAAP, while companies in the EU must use IFRS. Some countries allow or require IFRS, others mandate local GAAP.
* Analysis of Incorrect Options:
* B - Incorrect; some jurisdictions have their own national GAAP not tied to U.S. GAAP or IFRS.
* C - Incorrect; international operations do not mandate IFRS-jurisdictional rules apply.
* D - Incorrect; U.S. GAAP is rules-based, IFRS is principles-based (the reverse of what's stated).
* Key Concept: Financial reporting standards are jurisdiction-driven.
Reference: ACFE Manual, Accounting Concepts - GAAP vs. IFRS .
NEW QUESTION # 188
Larceny by fraud or deception means that:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Larceny by fraud (often termed "theft by deception") occurs when someone unlawfully obtains another's property by deception rather than by direct taking. As defined in fraud examination principles, deception can involve: (1) creating or reinforcing a false impression, (2) failing to correct a false impression, or (3) failing to disclose material facts such as liens or adverse claims. Because all three scenarios represent deceptive means to unlawfully take property, the correct answer is D. All of the above .
* Analysis of Incorrect Options:
* A, B, C each describe valid examples of fraud by deception but individually do not fully capture the concept.
* D encompasses the totality of recognized deceptive practices under larceny by fraud.
* Key Concept: Fraud by deception as an element of theft and misappropriation.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Law section - Elements of Fraud and Theft by Deception .
NEW QUESTION # 189
Conflict of interest cases are more easily prevented than detected.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Conflict of interest cases are difficult to detect because the transactions often appear legitimate on their face. However, they can be prevented more effectively through proactive controls such as disclosure requirements, vendor vetting, and employee training. The Fraud Examiners Manual (2020) emphasizes that prevention mechanisms are more effective than detection when it comes to conflicts of interest.
* Analysis of Incorrect Options:
* B. False - Incorrect because detection is challenging; prevention is comparatively easier.
* Key Concept: Prevention vs. detection in Conflict of Interest schemes .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Conflict of Interest .
NEW QUESTION # 190
To prevent cash larceny schemes from occurring, a company should implement which of the following measures?
Answer: D
Explanation:
The correct answer is D. Assigning the duties of an employee who is on vacation to other employees supports mandatory vacation and job rotation controls. These controls help prevent and detect cash larceny by interrupting the fraudster's control over cash handling and concealment procedures. If a dishonest employee must be absent and another employee performs the same duties, irregularities such as missing cash, altered records, delayed deposits, or unsupported adjustments are more likely to surface. Option A relates more to surprise cash counts, which are useful, but the stronger preventive control in this list is rotation through vacation coverage. Option B weakens accountability because employees should use separate registers or identifiers. Option C violates segregation of duties by combining custody and disbursement authority.
NEW QUESTION # 191
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