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| Section | Objectives |
|---|---|
| Financial Crimes | - Corruption Schemes
|
| Fraud Schemes | - Fraudulent Disbursements
|
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NEW QUESTION # 71
Which of the following is a recommended method for safeguarding an organization's proprietary information?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One of the most effective ways to protect proprietary information is educating employees about nondisclosure agreements (NDAs) at onboarding and again during exit.
This ensures awareness of confidentiality obligations.
* Analysis of Incorrect Options:
* A. Changing locks/codes every 3-5 years - Reasonable security but insufficient for safeguarding proprietary information.
* B. Classifying data by years of service - Not a sound security practice; access should be based on role and need-to-know.
* D. Requiring notes/drafts - Increases risk of information leaks, not protection.
* Key Concept: Proprietary information protection .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Safeguarding Proprietary Information .
NEW QUESTION # 72
___________ is to allow the owner, investors, creditors, and others with an interest to know the appropriate book worth of the business at a particular date.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The balance sheet provides a snapshot of a company's financial position at a specific date. It shows assets, liabilities, and equity, allowing stakeholders to assess book value and solvency.
* Analysis of Incorrect Options:
* A. Equity - A component of the balance sheet, not the full report.
* C. Income statement - Shows performance over a period, not book worth at a date.
* D. Financial record - Too general.
* Key Concept: Balance Sheet as a tool for determining book worth at a point in time.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Financial Statements Overview .
NEW QUESTION # 73
Jay works in the warehouse of a retail company. When a shipment of 100 pieces of jewelry arrives, Jay hides
20 pieces in the waste containers behind the store so he can retrieve them at the end of the workday. Jay sends a receiving report to accounts payable indicating that all 100 pieces arrived. However, he alters a copy of the receiving report to exclude the 20 pieces he hid so that the physical inventory matches the inventory records.
What type of scheme did Jay commit?
Answer: C
Explanation:
Jay committed a purchasing and receiving scheme because the theft occurred during the receiving process and was concealed by falsifying receiving documentation. In this type of inventory misappropriation, an employee involved in receiving goods can steal part of an incoming shipment and manipulate records so the shortage is not detected. The ACFE material identifies purchasing and receiving schemes, falsifying incoming shipments, and altered inventory records as inventory theft methods. This is not a false sale because no fictitious customer sale is created. It is not a register disbursement scheme because no refund, void, or cash register transaction is involved. It is also not skimming because no unrecorded cash receipt is stolen.
NEW QUESTION # 74
Which of the following would be helpful in detecting a cash larceny scheme?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Cash larceny involves stealing cash after it has been recorded.
Reconciling register totals against actual drawer cash can reveal shortages, making option C the best detection method.
* Analysis of Incorrect Options:
* A - Weakens segregation of duties and increases fraud risk.
* B - Impractical; cross-training is often necessary.
* D - Cashiers counting their own registers weakens independent verification and may conceal theft.
* Key Concept: Detecting cash larceny through reconciliation controls.
Reference: ACFE Manual, Cash Receipts - Cash Larceny Schemes .
NEW QUESTION # 75
One of the simplest ways to justify unacceptable conduct and avoid guilt feelings is to invent a good reason for ________.
Answer:
Explanation:
One's actions (i.e., Rationalization)
* Rationale for Correct Answer: Rationalization is the cognitive process by which fraud perpetrators justify their unethical conduct so they can commit fraud without feeling like criminals. A common way is to "invent a good reason" for their actions (e.g., "I deserve it," "I'll pay it back," "Everyone else is doing it"). Thus, the correct completion is "one's actions" or more precisely, Rationalization .
* Analysis of Incorrect Options: Since this is a fill-in-the-blank, the distractors are implied. The only correct concept here is rationalization of one's actions .
* Key Concept: Rationalization - one leg of the fraud triangle.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Rationalization in Cressey's Fraud Triangle .
NEW QUESTION # 76
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