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| Section | Weight | Objectives |
|---|---|---|
| Corruption Schemes | 5–10% | - Bribery and kickbacks - Conflicts of interest - Illegal gratuities and extortion |
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Accounting Concepts | 5–10% | - Recording and summarizing transactions - Basic accounting principles - Internal control fundamentals - Financial statements structure |
| Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Insurance fraud - Healthcare fraud - Real estate and securities fraud |
| Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Revenue and asset overstatements - Expense and liability understatements - Detection and red flags |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash larceny schemes - Cash skimming schemes |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Expense reimbursement schemes - Billing schemes - Check and payment tampering |
>> ACFE CFE-Fraud-Schemes-and-Financial-Crimes PDF VCE <<
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NEW QUESTION # 87
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.
Answer: D
NEW QUESTION # 88
Antonia, a Certified Fraud Examiner (CFE), discovers that a loan applicant misrepresented their creditworthiness and income to qualify for a mortgage on a new house. Which type of loan fraud BEST describes the scheme that Antonia uncovered?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Misrepresenting income, employment, or creditworthiness on a mortgage application is a classic example of residential loan fraud . This type of fraud occurs when borrowers provide false information to qualify for loans they would not otherwise receive.
* Analysis of Incorrect Options:
* B. Credit data blocking - Refers to suppressing negative credit information with fraudulent disputes.
* C. Double-pledging collateral - Involves using the same collateral for multiple loans.
* D. Linked financing - Occurs when loans are structured with related transactions to disguise financial exposure.
* Key Concept: Loan and mortgage fraud - misrepresentation of borrower information.
Reference: ACFE Manual, Financial Transactions - Loan Fraud .
NEW QUESTION # 89
Which of the following is the criterion for bid solicitation?
Answer: A
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 # 90
Hondo is investigating allegations of fraud in a government agency's procurement process. While reviewing procurement documentation, Hondo observes that the agency employee responsible for drafting the solicitation created unnecessarily broad specifications for the type of work the agency needed. The organization that ultimately won the contract submitted a bid that fit within the broad specifications but not the agency's more relevant specific needs. This is MOST LIKELY an example of which procurement fraud scheme?
Answer: C
Explanation:
The correct answer is D. Bid tailoring occurs when procurement specifications are drafted to favor a particular contractor or to allow an otherwise unsuitable contractor to qualify. The ACFE material identifies overly broad specifications as one form of bid tailoring because they can be designed to include a favored vendor even though the vendor does not meet the organization's actual operational needs. Bid splitting involves dividing purchases to avoid competitive thresholds. Bid suppression involves preventing or discouraging competitors from submitting bids. Bid manipulation is broader, but the facts specifically focus on drafting specifications in a way that favors the winning contractor. Therefore, bid tailoring is the most precise classification for Hondo's finding.
NEW QUESTION # 91
Maria manages the procurement function for ABC Co., which uses a competitive sealed bidding process for its larger projects. Maria receives payment from a company that frequently bids on ABC's projects in exchange for providing solicitation specifications before the solicitation is published to the public. Maria is engaging in which of the following procurement fraud schemes?
Answer: D
Explanation:
Maria is engaging in leaking bid data because she provides confidential or pre-bid information to a favored bidder before the solicitation is publicly available. The ACFE material explains that leaking bid data occurs when procurement employees disclose pre-bid information or confidential information to a favored vendor, giving that vendor an unfair advantage. This differs from bid tailoring, where specifications are drafted to favor a contractor. It also differs from suppressing bids, which involves preventing competitors from submitting bids, and bid splitting, which involves breaking a larger purchase into smaller amounts to avoid competitive bidding thresholds. Maria's conduct gives the bidder advance notice and extra preparation time, making option B the correct answer.
NEW QUESTION # 92
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