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| Section | Weight | Objectives |
|---|---|---|
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks |
| Industry-Specific Financial Crimes | 15–25% | - Healthcare fraud - Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Real estate and securities fraud - Insurance fraud |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Misuse of assets - Concealment techniques |
| Accounting Concepts | 5–10% | - Recording and summarizing transactions - Financial statements structure - Internal control fundamentals - Basic accounting principles |
| Financial Statement Fraud | 10–15% | - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Payroll schemes - Check and payment tampering - Expense reimbursement schemes |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
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NEW QUESTION # 227
Fraud in financial statements generally takes the form of _______ assets or revenue and _______ liabilities and expenses.
Answer: B
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 # 228
Valentin purchases a property and shortly thereafter sells the real estate at an inflated price using the results of a fraudulent appraisal. Which of the following terms BEST describes this scheme?
Answer: A
Explanation:
Valentin's scheme is best described as property flipping. Property flipping becomes fraudulent when real estate is quickly resold at an artificially inflated price supported by false or misleading appraisals, sham transactions, or misrepresentations. The key facts are the quick resale and inflated value created through a fraudulent appraisal. A daisy chain generally involves a sequence of related transactions or parties used to inflate value or conceal the nature of the transaction, but the question asks for the best description of the basic scheme. A fraudulent sale is too general, and an air loan involves a fictitious borrower, fictitious property, or nonexistent transaction. The ACFE material discusses fraudulent appraisals, real estate fraud, and property flipping as financial institution fraud risks.
NEW QUESTION # 229
Which of the following options is a type of insurance fraud scheme in which an agent changes the beneficiary on record for an insured's policy to a made-up person and then absconds with the proceeds after authorizing a distribution of funds?
Answer: D
Explanation:
The correct answer is B. A fictitious payee scheme occurs when an insurance insider directs payments to a fabricated or unauthorized recipient and then misappropriates the funds. In this scenario, the agent changes the beneficiary to a made-up person and authorizes distribution of policy proceeds, enabling the agent to abscond with the money. The fraudulent feature is the creation or use of a false payee, not a false death. A false information scheme is broader and does not specifically describe the payment diversion. A fictitious death scheme would involve falsely claiming that the insured died. "False heir scheme" is not the best ACFE category. The ACFE insurance fraud materials identify fictitious payees as an agent or broker fraud method.
NEW QUESTION # 230
The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Answer:
Explanation:
Price-level adjusted historical cost
* Rationale for Correct Answer: The price-level adjusted historical cost method adjusts the original purchase price of an asset for inflation, providing a more current value while still tied to historical cost principles. It addresses one of the limitations of strict historical cost accounting.
* Key Concept: Inflation adjustments in asset valuation.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Alternative Valuation Methods .
NEW QUESTION # 231
To prevent cash larceny schemes from occurring, a company should implement which of the following measures?
Answer: B
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 # 232
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