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| Section | Weight | Objectives |
|---|---|---|
| Accounting Concepts | 5–10% | - Internal control fundamentals - Recording and summarizing transactions - Basic accounting principles - Financial statements structure |
| Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash larceny schemes - Cash skimming schemes |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Misuse of assets - Inventory and equipment theft |
| Corruption Schemes | 5–10% | - Conflicts of interest - Illegal gratuities and extortion - Bribery and kickbacks |
| Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Corporate espionage - Safeguarding proprietary information |
| Financial Statement Fraud | 10–15% | - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Expense reimbursement schemes - Billing schemes - Check and payment tampering |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Healthcare fraud - Financial institution fraud - Real estate and securities fraud - Insurance fraud |
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NEW QUESTION # 102
Guillermo has received a grant to study the effectiveness of school lunch programs on students' mental health.
Guillermo's results are inconclusive, causing him to be concerned that he will lose funding for his project. As a result, Guillermo creates some data points that support his research and show that he is making progress.
Guillermo's actions can BEST be described as:
Answer: B
Explanation:
Guillermo's conduct is best described as research misconduct because he fabricated data points to make his research appear more successful and to preserve grant funding. Research misconduct commonly includes fabrication, falsification, or plagiarism in proposing, performing, reviewing, or reporting research. The key fact is that Guillermo created data that did not exist and presented it as research support. Fraudulent concealment generally involves hiding material facts, not creating false research data. Fictitious claims fraud involves submitting false claims for payment, usually to a government or program, but the question focuses on the falsification of research results. Inducement fraud is broader and less precise. Because the false data directly affects the integrity of a funded study, research misconduct is the best answer.
NEW QUESTION # 103
Which of the following is a condition that facilitates insider cyberfraud?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Insider cyberfraud thrives in environments where monitoring is weak
. If access logs are not reviewed , malicious activity can go undetected, enabling fraud.
* Analysis of Incorrect Options:
* B. Programs run during business day - Normal IT operations, not a fraud risk.
* C. Restricted access - This is a preventive control, not a facilitator.
* D. Separation of duties - Strong control, prevents insider fraud.
* Key Concept: Conditions facilitating insider cyberfraud .
Reference: ACFE Fraud Examiners Manual (2020) , Computer and Internet Fraud: Insider Threats .
NEW QUESTION # 104
Which of the following statements is MOST ACCURATE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting framework a company must follow depends on the jurisdiction in which it is publicly traded . For example, U.S.-listed companies must follow GAAP, while companies in the EU must use IFRS. Some countries allow or require IFRS, others mandate local GAAP.
* Analysis of Incorrect Options:
* B - Incorrect; some jurisdictions have their own national GAAP not tied to U.S. GAAP or IFRS.
* C - Incorrect; international operations do not mandate IFRS-jurisdictional rules apply.
* D - Incorrect; U.S. GAAP is rules-based, IFRS is principles-based (the reverse of what's stated).
* Key Concept: Financial reporting standards are jurisdiction-driven.
Reference: ACFE Manual, Accounting Concepts - GAAP vs. IFRS .
NEW QUESTION # 105
The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others, is called:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This definition matches corruption , a broad category of occupational fraud in which employees use their influence in business transactions to gain personal benefit, in violation of their duties. Corruption schemes include bribery, conflicts of interest, illegal gratuities, and extortion.
* Analysis of Incorrect Options:
* A. Conflict of interest - A subtype of corruption, but narrower in scope.
* C. Bribery - Also a subtype, but the definition given covers the broader category.
* D. Overbilling - A billing scheme under fraudulent disbursements, not corruption.
* Key Concept: Corruption as defined in the Fraud Tree.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Definition and Schemes .
NEW QUESTION # 106
Which of the following statements about skimming is CORRECT?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming is the theft of incoming cash before it is recorded in the books . Since the payment is never recorded, no audit trail exists, making it an "off-book" scheme.
* Analysis of Incorrect Options:
* A - Incorrect; skimming can involve both sales and receivable payments.
* C - Incorrect; skimming is off-book , not on-book.
* D - Incorrect; skimming is typically harder to detect than larceny, since there is no record.
* Key Concept: Skimming vs. larceny - off-book theft of cash receipts.
Reference: ACFE Manual, Cash Receipts - Skimming Schemes .
NEW QUESTION # 107
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