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| Section | Weight | Objectives |
|---|---|---|
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Misuse of assets - Concealment techniques |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
| Accounting Concepts | 5–10% | - Financial statements structure - Internal control fundamentals - Basic accounting principles - Recording and summarizing transactions |
| Corruption Schemes | 5–10% | - Bribery and kickbacks - Conflicts of interest - Illegal gratuities and extortion |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Billing schemes - Payroll schemes - Check and payment tampering |
| Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Detection and red flags - Expense and liability understatements - Revenue and asset overstatements |
| Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Insurance fraud - Real estate and securities fraud - Financial institution fraud - Healthcare fraud |
| Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
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NEW QUESTION # 53
John is a salesperson whose job requires him to entertain potential clients frequently. When John and another salesperson from a different company take a potential client to dinner, the other salesperson pays for the meal.
John creates his own receipt for the meal and submits the expense for reimbursement from his company.
John's scheme can BEST be characterized as:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: John created a completely false expense claim for a meal that he did not personally pay for. This is a fictitious expense reimbursement scheme , where employees invent expenses and submit them for reimbursement.
* Analysis of Incorrect Options:
* A. Mischaracterized expense - Legitimate expenses claimed as business when they are personal. Not applicable here.
* C. Multiple reimbursement - Involves submitting the same receipt more than once. Not the case here.
* D. Overstated expense - Inflating a legitimate expense, which is not what John did.
* Key Concept: Expense reimbursement fraud - fictitious expenses .
Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Expense Reimbursement Schemes .
NEW QUESTION # 54
Which of the following is true for red flags associated with fictitious revenues?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One of the key red flags of fictitious revenues is sales to related parties, shell companies, or entities with unknown substance and ownership . Such transactions are often used to inflate revenue artificially.
* Analysis of Incorrect Options:
* A. Slow growth/unusual profitability - Incorrect, fictitious revenue often results in rapid or unrealistic growth.
* B. Growth in days' purchases in receivables - Misstated phrase; correct indicator would be growth in days' sales in receivables .
* D. Surge in purchases - Relates more to inventory fraud than fictitious revenues.
* Key Concept: Red flags of fictitious revenue - questionable counterparties and unrealistic sales growth.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Red Flags of Fictitious Revenues .
NEW QUESTION # 55
__________ are the amounts which are owed to other entities:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Liabilities are defined as obligations to transfer assets or provide services to other entities in the future as a result of past transactions. They represent what the organization owes, distinguishing them from assets.
* Analysis of Incorrect Options:
* A. Supplies - Assets consumed within a year, not obligations.
* B. Expenses - Costs incurred, but not necessarily amounts owed.
* C. Assets - Resources owned, not obligations.
* Key Concept: Definition of Liabilities in accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Assets and Liabilities .
NEW QUESTION # 56
Not having any accounts receivable that are overdue is a common red flag of fictitious revenue schemes.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In fictitious revenue schemes , sales are recorded that never occurred.
Because no actual customers exist, there will be no late or overdue accounts receivable. The Fraud Examiners Manual (2020) notes that unusually clean receivables aging reports-i.e., no overdue balances-can be a red flag of revenue manipulation.
* Analysis of Incorrect Option:
* B. False - Incorrect; the absence of overdue receivables is indeed suspicious and aligns with fictitious revenue fraud.
* Key Concept: Financial statement fraud red flags - fictitious revenues.
Reference: ACFE Fraud Examiners Manual (2020) , Financial Statement Fraud: Fictitious Revenues .
NEW QUESTION # 57
Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is True . Statistical sampling allows fraud examiners to make inferences about an entire population based on a representative sample. By calculating occurrence rates, they can estimate error rates and assess the likelihood of fraud in the larger dataset.
* Analysis of Incorrect Options:
* B. False - Incorrect because statistical sampling is explicitly designed to estimate population- level characteristics.
* Key Concept: Sampling in fraud examination - predicting occurrence and error rates.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Examination Techniques
- Statistical Sampling .
NEW QUESTION # 58
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