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| Section | Weight | Objectives |
|---|---|---|
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Concealment techniques - Misuse of assets |
| 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 |
| Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Insurance fraud - Healthcare fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud |
| Accounting Concepts | 5–10% | - Recording and summarizing transactions - Internal control fundamentals - Financial statements structure - Basic accounting principles |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Financial Statement Fraud | 10–15% | - Detection and red flags - Revenue and asset overstatements - Expense and liability understatements - Timing and disclosure manipulations |
| Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Expense reimbursement schemes - Check and payment tampering - Billing schemes |
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NEW QUESTION # 14
__________ is required if and when officers, executives, or other persons in trusted positions become subjects of a criminal indictment.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Disclosure is required whenever individuals in positions of trust are indicted or otherwise compromised. Transparency ensures stakeholders are aware of potential conflicts or risks.
* Analysis of Incorrect Options:
* A. Conflict of interest - A scheme, not the corrective measure.
* B. Turnaround sale or flip - Specific scheme, irrelevant here.
* D. Resource diversion - A fraud method, not a governance requirement.
* Key Concept: Importance of Disclosure in preventing or responding to conflicts of interest.
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Disclosure Requirements .
NEW QUESTION # 15
Oona goes to an expensive restaurant for lunch while on a business trip and pays for the meal with a company credit card. She later submits an expense reimbursement claim for several expenses she paid for using a personal credit card while on the trip and includes the receipt from the lunch. Oona's scheme can BEST be characterized as:
Answer: C
Explanation:
The correct answer is A. Oona's conduct is a multiple expense reimbursement scheme because she is attempting to obtain reimbursement for an expense that the company has already paid through the company credit card. In expense reimbursement fraud, multiple reimbursement schemes occur when an employee submits the same expense more than once, or submits an expense paid through one channel as though it was paid personally. This differs from a mischaracterized expense, where a personal cost is falsely described as business-related. It also differs from an overstated expense, where the amount is inflated, and from a fictitious expense, where no expense occurred. The key issue is duplicate recovery of the same lunch expense.
NEW QUESTION # 16
Hondo is investigating allegations of fraud in a government agency's procurement process. While reviewing procurement documentation, Hondo observes that the agency employee responsible for drafting the solicitation created unnecessarily broad specifications for the type of work the agency needed. The organization that ultimately won the contract submitted a bid that fit within the broad specifications but not the agency's more relevant specific needs. This is MOST LIKELY an example of which procurement fraud scheme?
Answer: C
Explanation:
The correct answer is D. Bid tailoring occurs when procurement specifications are drafted to favor a particular contractor or to allow an otherwise unsuitable contractor to qualify. The ACFE material identifies overly broad specifications as one form of bid tailoring because they can be designed to include a favored vendor even though the vendor does not meet the organization's actual operational needs. Bid splitting involves dividing purchases to avoid competitive thresholds. Bid suppression involves preventing or discouraging competitors from submitting bids. Bid manipulation is broader, but the facts specifically focus on drafting specifications in a way that favors the winning contractor. Therefore, bid tailoring is the most precise classification for Hondo's finding.
NEW QUESTION # 17
Baker, an employee of ABC Corporation, was the only employee who had control of the purchasing function for his department. Baker authorized the purchase of supplies that ABC did not need and used these supplies to make improvements to his house. This is an example of what kind of fraud?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is personal purchases with company funds , where an employee uses company resources to acquire goods or services for personal benefit. Baker used ABC's funds to buy supplies for home improvements.
* Analysis of Incorrect Options:
* A. Pay and return scheme - Involves overpaying a vendor and pocketing the refund.
* C. Pass-through scheme - Involves using a controlled company to bill the employer at inflated prices.
* D. Theft of inventory - Involves stealing company stock, not purchasing items for personal use.
* Key Concept: Fraudulent disbursement - billing fraud through unauthorized personal purchases.
Reference: ACFE Manual, Fraudulent Disbursements - Personal Purchases Schemes .
NEW QUESTION # 18
Which of the following measures would be MOST EFFECTIVE in helping an individual detect whether they have become a victim of identity theft?
Answer: C
Explanation:
The correct answer is C. Regularly requesting and reviewing credit reports is one of the most effective ways for individuals to detect identity theft because unauthorized loans, credit cards, inquiries, addresses, or accounts may appear on the report. A credit report provides structured information from credit reporting agencies and is more reliable than general internet searches. Option A is impractical and incomplete because an individual cannot reasonably contact every international bank. Option B is incorrect because identity theft often causes negative credit activity, not necessarily a large improvement. Option D might reveal exposed information but is not a strong method for detecting fraudulent accounts. The ACFE materials discuss identity theft prevention and response, including monitoring financial and credit information for suspicious activity.
NEW QUESTION # 19
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