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| Section | Objectives |
|---|---|
| Fraud Schemes | - Fraudulent Disbursements
|
| Financial Crimes | - Money Laundering
|
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NEW QUESTION # 64
Georgina works for TAK Intelligence, a competitive intelligence firm. She is tasked with gathering intelligence about ERO Corp., a competitor of one of TAK's clients. To gather the intelligence, Georgina poses as a customer and contacts ERO. She then elicits sensitive information from an ERO employee.
Georgina's approach is an example of:
Answer: B
Explanation:
Why the correct answer is Human Intelligence
The ACFE Fraud Examiners Manual , in the section on fraud examination tools and intelligence gathering , discusses methods of obtaining information from individuals. One of the recognized methods is Human Intelligence (HUMINT) .
The Manual explains that human intelligence gathering involves:
Collecting information directly from people-often through conversation, elicitation, or interviews- sometimes while using a pretext to encourage the target to disclose information.
In this scenario:
* Georgina poses as a customer (a pretext),
* Contacts an employee of ERO Corp., and
* Elicits sensitive information directly from that individual.
This aligns perfectly with the definition of human intelligence gathering -information obtained directly from human sources , often under false pretenses.
Why the other options are incorrect
B). Scavenging - Incorrect
The Manual describes scavenging as:
Obtaining information by searching for discarded documents or materials, such as in trash or recycling bins.
Georgina is not going through discarded materials; she is speaking directly with an employee.
C). Baiting - Incorrect
Baiting typically refers to:
Enticing someone with something of value to trick them into taking an action, often involving malware- infected media or fraudulent offers.
Georgina is not offering anything or luring the employee with incentives.
D). Open-source intelligence - Incorrect
Open-source intelligence (OSINT) refers to gathering information from:
Publicly available sources such as websites, publications, databases, or social media.
Georgina is not using public sources; she is actively eliciting confidential information from a person under false pretenses.
ACFE Manual References
The concepts used in this answer derive from the Fraud Examiners Manual (2020 International Edition), including:
* Human intelligence and data collection techniques
* Scavenging as an investigative method
* Baiting schemes
* Open-source intelligence descriptions
NEW QUESTION # 65
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When a tangible asset is stolen (removed from the books), a debit entry would be missing its corresponding credit, leaving the books out-of-balance . Fraudsters often conceal this imbalance by falsifying entries (e.g., creating fictitious expenses or adjusting asset accounts).
* Analysis of Incorrect Options:
* A. Journal Entries - Too general; not the condition of the books.
* C. False debits - A concealment method, but not the direct result.
* D. None of all - Incorrect because "out-of-balance" is accurate.
* Key Concept: Concealment of asset theft and impact on accounting records.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Asset Misappropriation - Concealment of Theft .
NEW QUESTION # 66
Aja is implementing measures to help ABC Company detect signs that its proprietary information has been stolen. Which of the following practices would be MOST HELPFUL for Aja to implement?
Answer: A
Explanation:
The best practice is to identify employees leaving the company who have downloaded an unusually large number of data files. Departing employees present a heightened risk of proprietary information theft because they might take customer lists, pricing data, product designs, research, formulas, source code, or strategic plans for use with a competitor or new venture. Monitoring abnormal downloading activity is a targeted detective control that focuses on actual access and extraction of sensitive data. Options A and C rely on external competitor activity and might reveal only indirect indicators after damage occurs. Option B is too broad because permitted access alone does not show theft. The ACFE material emphasizes insider threats, safeguarding proprietary information, and monitoring unusual access or transfer of sensitive data.
NEW QUESTION # 67
Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Departures from GAAP may be justified if compliance produces misleading results, if the transaction is immaterial, or if the costs exceed benefits. However, simply departing from GAAP because assets would be understated and liabilities overstated is not an acceptable reason ; GAAP requires faithful representation even if results are unfavorable.
* Analysis of Incorrect Options:
* A - Cost-benefit considerations are valid grounds in practice.
* C - Materiality is a recognized exception to strict GAAP application.
* D - Preventing misleading statements is a valid justification.
* Key Concept: GAAP exceptions are limited to cost-benefit, immateriality, and preventing misleading reporting .
Reference: ACFE Manual, Accounting Concepts - GAAP Principles .
NEW QUESTION # 68
According to Hollinger and Clark, for policy development, management must pay attention to:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Hollinger and Clark's research emphasized that management policy should focus on: (1) developing a clear understanding of theft behavior and its causes, and (2) enforcing sanctions consistently. Both are necessary to reduce employee deviance and occupational fraud. Thus, C). Both A & B is correct.
* Key Concept: Hollinger-Clark Study - policy implications for managing employee theft.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Hollinger-Clark Research Findings .
NEW QUESTION # 69
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