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| Section | Weight | Objectives |
|---|---|---|
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Healthcare fraud - Financial institution fraud - Insurance fraud |
| Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Prevention and detection methods - Cash larceny schemes |
| Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements - Detection and red flags |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Payroll schemes - Check and payment tampering - Expense reimbursement schemes |
| Corruption Schemes | 5–10% | - Bribery and kickbacks - Conflicts of interest - Illegal gratuities and extortion |
| Accounting Concepts | 5–10% | - Internal control fundamentals - Recording and summarizing transactions - Basic accounting principles - Financial statements structure |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
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NEW QUESTION # 319
What type of fraud scheme would MOST LIKELY be revealed by comparing a company's personnel records with its payroll records to identify duplicate addresses and government identification numbers?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A ghost employee scheme occurs when fictitious or former employees remain on payroll. Detecting duplicate addresses, Social Security/Government ID numbers, or other anomalies between HR and payroll records is a classic detection method for ghost employees.
* Analysis of Incorrect Options:
* A. Fraudulent commissions scheme - Relates to sales manipulation, not duplicate personnel records.
* B. Falsified hours and salary scheme - Involves timekeeping, not fictitious employees.
* C. Expense reimbursement scheme - Concerns fraudulent expense claims, unrelated to payroll records.
* Key Concept: Payroll fraud - Ghost Employee scheme .
Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Payroll Schemes .
NEW QUESTION # 320
To reduce his tax bill, John adds fake deductions to his personal tax return. John is MOST LIKELY engaging in:
Answer: A
Explanation:
John is engaging in tax evasion because he intentionally adds false deductions to reduce the amount of tax he owes. The ACFE material distinguishes tax evasion from tax avoidance. Tax avoidance involves legal planning, such as legitimate deductions, credits, or shelters. Tax evasion involves fraudulent actions taken to avoid reporting or paying taxes. Fake deductions are not legitimate tax planning because they misrepresent facts on the return. This conduct can also be described as falsifying tax deductions, a specific type of tax evasion scheme. Tax sheltering is not the best answer because the facts do not describe a lawful or abusive shelter arrangement. Tax misappropriation is not the correct classification. Because John knowingly uses false deductions, option B is correct.
NEW QUESTION # 321
__________ can be defined as conduct detrimental to the organization and to the employee.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The term Employee deviance refers to conduct that is harmful both to the organization and to the employee engaging in it. This encompasses a broad set of behaviors, including fraud, theft, abuse, and violations of organizational norms. While employee theft and fraud are subsets, deviance is the umbrella concept.
* Analysis of Incorrect Options:
* B. Employee theft - Specific to stealing from the employer, not the broader definition of detrimental conduct.
* C. Employee fraud - Specific to deceptive practices, not all deviant acts.
* D. All of the above - Incorrect, since the definition most accurately matches "Employee deviance."
* Key Concept: Employee Deviance - broader behavioral category that includes fraud, theft, and other misconduct.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Employee Deviance and Occupational Fraud .
NEW QUESTION # 322
Warner is part of management at ABC Corporation. He has been asked to implement measures to help prevent fraudulent billing schemes. Which of the following measures would likely be MOST EFFECTIVE?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One of the strongest internal controls against fraudulent billing schemes (such as shell companies, inflated invoices, and kickbacks) is to require competitive bidding .
This ensures transparency, reduces favoritism, and makes it harder for employees and vendors to collude.
* Analysis of Incorrect Options:
* A - Fraud tips are valuable, but routing them only through supervisors may suppress reporting; hotlines are more effective.
* B - Combining purchasing and payment increases fraud risk by reducing segregation of duties.
* D - Outsourcing negotiations does not directly prevent billing fraud.
* Key Concept: Internal controls and segregation of duties in preventing billing schemes.
Reference: ACFE Manual, Fraudulent Disbursements - Billing Schemes .
NEW QUESTION # 323
Which of the following is a common red flag of a bid tailoring scheme?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bid tailoring occurs when procurement officials structure contract requirements to unfairly favor a particular vendor. A hallmark red flag is unusually narrow specifications , which restrict competition.
* Analysis of Incorrect Options:
* A. Clear submission information - Standard and appropriate, not a red flag.
* C. Rebid contracts - Could indicate limited interest, but not tailoring.
* D. Numerous bidders - Indicates competition, opposite of bid tailoring.
* Key Concept: Procurement fraud - bid tailoring .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Procurement Schemes .
NEW QUESTION # 324
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