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| Section | Objectives |
|---|---|
| Fraud Schemes | - Financial Statement Fraud
|
| Financial Crimes | - Banking and Payment Fraud
|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
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NEW QUESTION # 32
Which of the following options BEST describes horizontal analysis?
Answer: C
Explanation:
The correct answer is B. Horizontal analysis compares financial statement amounts across accounting periods and focuses on changes over time. Fraud examiners use it to identify unusual increases, decreases, or trends in individual line items, such as revenue, expenses, inventory, accounts receivable, or liabilities. Option C describes ratio analysis, which measures relationships between different financial statement amounts. Option D describes vertical analysis, which expresses financial statement items as percentages of a base amount, such as total assets or net sales. Option A is unrelated. In financial statement fraud detection, horizontal analysis helps reveal abnormal trends that might indicate improper revenue recognition, concealed liabilities, manipulated expenses, or other misstatements requiring further investigation.
NEW QUESTION # 33
Which of the following measures would be MOST EFFECTIVE in helping a financial institution prevent new account fraud?
Answer: C
Explanation:
The correct answer is C. New account fraud often involves opening accounts with false, stolen, or synthetic identities. The most effective preventive measure listed is to verify the customer's identity through reliable third-party credit reporting agencies and customer identification services. These sources can help confirm identity details, detect inconsistencies, identify suspicious histories, and reduce reliance on documents that might be forged. Employer recommendation letters are not standard or reliable identity controls. Small cash deposits are not automatically suspicious and might be normal for many customers. Sending communications to all previous residences is inefficient and unlikely to be the strongest verification method. The ACFE financial institution fraud materials identify new account fraud schemes and emphasize customer identification controls as a prevention method.
NEW QUESTION # 34
When an incorrect total is carried from the journal to the ledger or from the ledger to the financial statements, this method is called:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A false balance occurs when incorrect totals are intentionally carried forward from the journal to the ledger or from the ledger to the financial statements. This is often used as a concealment technique in fraud to make the books appear balanced while hiding irregularities.
* Analysis of Incorrect Options:
* A. Forced Balance - Involves adding fictitious entries to force accounts into balance.
* B. Out-of-balance - Results when entries don't match, but not specifically from carried totals.
* D. None of all - Incorrect since "false balance" is the precise term.
* Key Concept: False balance entries as concealment techniques in fraudulent bookkeeping.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Concealment by False Balances .
NEW QUESTION # 35
Bid-rigging scheme occurs when:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bid-rigging occurs when an employee or official manipulates the competitive bidding process to ensure a specific vendor wins the contract. This may involve sharing confidential information, suppressing competition, or tailoring bid specifications.
* Analysis of Incorrect Options:
* B. Does not assist - Opposite of fraud; no scheme.
* C/D. Once assists... - Bid-rigging is systemic, not limited to one occurrence.
* Key Concept: Bid-rigging schemes - corruption in procurement processes.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging Schemes .
NEW QUESTION # 36
The taxing authority in a country allows companies to subtract the cost of production from their gross sales to determine taxable income. A business owner operating in that country purchases materials from a local supplier and pays the supplier to alter the receipt to show a higher price than was paid. When the business owner submits the company's tax information to the taxing authority, they submit the altered receipt to reduce their tax burden. The business owner is MOST LIKELY committing which of the following schemes?
Answer: B
Explanation:
The correct answer is C. The business owner is committing a falsified tax deduction scheme by fraudulently inflating production costs to reduce taxable income. Deductions are legitimate only when they accurately reflect allowable expenses. Here, the owner paid the supplier to alter the receipt so that the company appears to have incurred a higher deductible cost than it actually did. This false documentation reduces reported taxable income and therefore lowers the tax liability improperly. Option A is incorrect because the facts do not involve excise taxes on a specific class of goods. Option B is incorrect because the owner is not omitting income; they are overstating expenses. Option D is not applicable because the scheme involves deductions, not tax credits.
NEW QUESTION # 37
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