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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Expense reimbursement schemes - Payroll schemes - Billing schemes |
| Topic 2: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Cash skimming schemes - Prevention and detection methods |
| Topic 3: Financial Statement Fraud | 10–15% | - Detection and red flags - Revenue and asset overstatements - Timing and disclosure manipulations - Expense and liability understatements |
| Topic 4: Accounting Concepts | 5–10% | - Basic accounting principles - Financial statements structure - Recording and summarizing transactions - Internal control fundamentals |
| Topic 5: Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Misuse of assets - Concealment techniques |
| Topic 6: Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
| Topic 7: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 8: Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
| Topic 9: Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Financial institution fraud - Healthcare fraud |
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NEW QUESTION # 318
___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.
Answer:
Explanation:
Sampling
* Rationale for Correct Answer: Sampling is a fraud examination technique that enables investigators to review a subset of documents rather than all records. Properly designed sampling provides reasonable assurance and allows focus on anomalies or red flags.
* Key Concept: Sampling in fraud examination and audit testing.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Examination Techniques
- Sampling and Document Review .
NEW QUESTION # 319
Which of the following is NOT a common way that a procuring employee might engage in a bid manipulation scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bid manipulation schemes occur in the procurement process and involve altering the bidding environment (e.g., extending deadlines, prematurely opening competitor bids, or changing submitted bids). Using low-quality materials is a post-award performance fraud , not bid manipulation.
* Analysis of Incorrect Options:
* A, C, D - All are recognized bid manipulation tactics.
* Key Concept: Procurement fraud schemes - bid manipulation vs. contract performance fraud.
Reference: ACFE Manual, Corruption - Procurement Fraud .
NEW QUESTION # 320
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is True . Asset misappropriations reduce the organization's assets. In double-entry accounting, a decrease in assets without a corresponding decrease in liabilities results in a reduction of owner's equity. Therefore, fraud not only depletes assets but also indirectly reduces equity.
* Analysis of Incorrect Options:
* B. False - Incorrect because asset theft clearly reduces net assets and thereby equity.
* Key Concept: Impact of Asset Misappropriation on the accounting equation: Assets = Liabilities + Equity.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Impact of Fraud on the Accounting Equation .
NEW QUESTION # 321
Shirley, a 68-year-old widow, connects with a stranger named Simon on a social networking site. Simon befriends her and says he looks forward to meeting her on the trip they have been planning. However, Simon tells Shirley that he recently lost his job and does not have the resources to pay for the trip. Shirley sends him
$10,000 as a loan and never hears from Simon again. Shirley has MOST LIKELY been victimized by which of the following schemes?
Answer: A
Explanation:
Shirley has most likely been victimized by a romance scheme. In romance, sweetheart, or friendship scams, the fraudster builds an emotional relationship with the victim, often through social networking or online communication, and then requests money under a sympathetic pretext. Simon befriends Shirley, creates expectations of a future meeting, claims financial hardship, receives $10,000, and then disappears. That pattern is typical of a romance scam. A grandparent scheme usually involves impersonating a grandchild or relative in distress. A bait-and-switch scheme involves advertising one product or service and substituting another. A vacation scheme would focus on fraudulent travel offers, not a fabricated romantic relationship used to obtain money. The ACFE material identifies romance and friendship sc hemes as consumer fraud schemes.
NEW QUESTION # 322
Which of the following scenarios is an example of a trade-based money laundering scheme?
Answer: A
Explanation:
The correct answer is C. Trade-based money laundering uses international trade transactions to disguise or move illicit value. A common method is misinvoicing, where colluding importers and exporters overstate or understate the price, quantity, or quality of goods. When goods are invoiced above market value, value can be transferred from the importer to the exporter under the appearance of a legitimate commercial payment.
Option A involves laundering through virtual or digital assets, not trade-based laundering. Option B describes use of a front business, particularly a cash-intensive business, to mix illegal proceeds with legitimate revenue.
Option D describes structuring or smurfing through small transfers. The international invoice manipulation in option C is the strongest example of trade-based money laundering.
NEW QUESTION # 323
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