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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Financial institution fraud - Healthcare fraud |
| Topic 2: Financial Statement Fraud | 10–15% | - Expense and liability understatements - Revenue and asset overstatements - Detection and red flags - Timing and disclosure manipulations |
| Topic 3: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
| Topic 4: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Inventory and equipment theft - Misuse of assets |
| Topic 5: Corruption Schemes | 5–10% | - Conflicts of interest - Illegal gratuities and extortion - Bribery and kickbacks |
| Topic 6: Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Payroll schemes - Expense reimbursement schemes - Check and payment tampering |
| Topic 7: Accounting Concepts | 5–10% | - Internal control fundamentals - Financial statements structure - Basic accounting principles - Recording and summarizing transactions |
| Topic 8: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 9: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
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NEW QUESTION # 103
Which of the following scenarios is an example of an economic extortion scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Economic extortion occurs when someone demands payment or benefit under threat of harm (explicit or implicit). A government official demanding money in exchange for awarding a contract is classic extortion.
* Analysis of Incorrect Options:
* A - This is a billing scheme (fraudulent disbursement), not extortion.
* C - This is a kickback scheme (corruption).
* D - This is an illegal gratuity scheme (reward after action).
* Key Concept: Types of corruption-extortion vs. bribery vs. gratuities.
Reference: ACFE Manual, Corruption - Economic Extortion .
NEW QUESTION # 104
Entering a sales total lower than the amount actually paid by the customer is called:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An underring occurs when an employee intentionally enters a lower sales amount into the register than what was collected from the customer. The difference is pocketed by the employee. This is a common register manipulation skimming scheme.
* Analysis of Incorrect Options:
* B. Recording a sale procedure - General process, not fraud.
* C. Internal sales audits - Control activity, not the fraud scheme.
* D. All of the above - Incorrect, since only "underring" is accurate.
* Key Concept: Underring schemes in cash register fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming via Underrings .
NEW QUESTION # 105
A ____________ can be very costly for an organization to undertake, both in terms of money and time spent.
Answer:
Explanation:
Investigation
* Rationale for Correct Answer: Fraud investigations can be highly costly to organizations. The process often involves external forensic examiners, legal proceedings, employee time, and disruption of operations. While necessary, investigations represent a significant resource commitment in terms of both time and financial cost.
* Key Concept: Fraud Investigation Costs - deterrence vs. response strategies.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Investigations section - Cost of Fraud Investigations .
NEW QUESTION # 106
Which of the following options is a red flag of register disbursement schemes?
Answer: A
Explanation:
The correct answer is B. Register disbursement schemes usually involve false refunds or false voids that cause cash to be removed from the register while the records appear to justify the disbursement. An unusually high number of refunds on the register log is a red flag because it might indicate that employees are creating fictitious refund transactions to conceal cash theft. Option A is not suspicious by itself because no gaps in transaction numbers suggests record continuity. Option C is less suspicious because supervisory approval exists, although approvals should still be reviewed. Option D is generally a positive control because supporting documents should exist for voided transactions. The ACFE materials identify refund and void activity as key areas for detecting register disbursement schemes.
NEW QUESTION # 107
What can make it easy for an employee to skim sales or receivables?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Weak or poor collection and recording procedures create opportunities for employees to skim. Without strong controls over cash receipts and documentation, employees can divert funds without detection.
* Analysis of Incorrect Options:
* A. Revenue sources and recording procedures - Too general; it is weak procedures that matter.
* C. Internal audits and recording procedures - Audits help detect fraud, not enable it.
* D. Register manipulations and recording procedures - Describes concealment, not the root cause.
* Key Concept: Control weaknesses enable skimming.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Causes and Opportunities for Skimming .
NEW QUESTION # 108
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