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| Section | Weight | Objectives |
|---|---|---|
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Payroll schemes - Billing schemes - Check and payment tampering |
| Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash larceny schemes - Cash skimming schemes |
| Industry-Specific Financial Crimes | 15–25% | - Real estate and securities fraud - Insurance fraud - Financial institution fraud - Cyber-enabled and cryptocurrency fraud - Healthcare fraud |
| Accounting Concepts | 5–10% | - Recording and summarizing transactions - Financial statements structure - Internal control fundamentals - Basic accounting principles |
| Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Detection and red flags - Revenue and asset overstatements - Expense and liability understatements |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Concealment techniques - Inventory and equipment theft |
| Corruption Schemes | 5–10% | - Bribery and kickbacks - Conflicts of interest - Illegal gratuities and extortion |
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
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NEW QUESTION # 295
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: A
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 # 296
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Kickbacks are undisclosed payments made by vendors to employees of purchasing companies to secure favorable treatment. They are a classic form of bribery under the corruption classification of the Fraud Tree.
* Analysis of Incorrect Options:
* A. Bid-rigging - Involves collusion among bidders, not secret payments.
* C. Presolicitation - A phase in procurement fraud, not the scheme itself.
* D. None of the above - Incorrect, as kickbacks are the precise answer.
* Key Concept: Kickbacks - secret vendor payments for favorable purchasing treatment.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Kickback Schemes .
NEW QUESTION # 297
________, one of the synonyms for fraud, implies deceiving so thoroughly as to obscure the truth.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The word delude means to mislead the mind or judgment so completely that the truth is obscured. In fraud examination, this aligns with the ACFE definition of fraud as a "deliberate misrepresentation that causes another to act to their detriment." Fraud is not merely a false statement; it involves concealment or suppression of the truth with the intent to induce reliance. Thus, delude most accurately represents the deeper essence of fraud.
* Analysis of Incorrect Options (Distractors):
* A. Deceive: While fraud does involve deception, this word does not fully convey the thoroughness of obscuring the truth that fraud entails.
* C. Mislead: This implies causing error or leading astray but lacks the complete concealment aspect central to fraud.
* D. Beguile: Often connotes charm or trickery rather than the intentional concealment that characterizes fraud.
* Key Concept: This question tests the definition and essence of fraud - specifically that fraud is not only about deceiving but about deluding , or thoroughly misleading, in a way that obscures the truth.
Reference: ACFE Fraud Examiners Manual (2020 International Edition), Law - The Law Related to Fraud:
Definition of Fraud .
NEW QUESTION # 298
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: A
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 # 299
Guillermo has received a grant to study the effectiveness of school lunch programs on students' mental health.
Guillermo's results are inconclusive, causing him to be concerned that he will lose funding for his project. As a result, Guillermo creates some data points that support his research and show that he is making progress.
Guillermo's actions can BEST be described as:
Answer: B
Explanation:
Guillermo's conduct is best described as research misconduct because he fabricated data points to make his research appear more successful and to preserve grant funding. Research misconduct commonly includes fabrication, falsification, or plagiarism in proposing, performing, reviewing, or reporting research. The key fact is that Guillermo created data that did not exist and presented it as research support. Fraudulent concealment generally involves hiding material facts, not creating false research data. Fictitious claims fraud involves submitting false claims for payment, usually to a government or program, but the question focuses on the falsification of research results. Inducement fraud is broader and less precise. Because the false data directly affects the integrity of a funded study, research misconduct is the best answer.
NEW QUESTION # 300
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