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| Section | Weight | Objectives |
|---|---|---|
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
| Accounting Concepts | 5–10% | - Internal control fundamentals - Basic accounting principles - Financial statements structure - Recording and summarizing transactions |
| Industry-Specific Financial Crimes | 15–25% | - Healthcare fraud - Financial institution fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud - Insurance fraud |
| Financial Statement Fraud | 10–15% | - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Expense reimbursement schemes - Payroll schemes - Billing schemes |
| Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Corporate espionage - Safeguarding proprietary information |
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NEW QUESTION # 99
Which of the following are not basic types of non-sharable problems?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Cressey's research on fraud offenders found that most had non- sharable financial problems, which fell into categories such as: (1) violation of ascribed obligations, (2) business reversals, (3) physical isolation, (4) status gaining, and (5) employer-employee relations.
"Larceny by fraud" is not a category of non-sharable problem but rather a type of theft scheme. Hence, D is correct.
* Analysis of Incorrect Options:
* A. Violation of ascribed obligations - Correctly one type of non-sharable problem.
* B. Business reversals - Correctly one type of non-sharable problem.
* C. Physical isolation - Correctly one type of non-sharable problem.
* D. Larceny by fraud - Not a "problem" type; it is a fraud scheme.
* Key Concept: Cressey's non-sharable problems - psychological and situational pressures that contribute to occupational fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Cressey's Hypothesis and Non-sharable Problems .
NEW QUESTION # 100
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: D
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 # 101
When an employee processes a fictitious refund of goods, the amount of cash in the register does not balance with the register log.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In a false refund scheme , the fraudster enters a fictitious refund into the register system, making it appear that merchandise was returned. The register log reflects the fraudulent refund, so the cash on hand does balance with the adjusted log. Thus, the mismatch described in the question does not occur.
* Analysis of Incorrect Option:
* A. True - Incorrect because the log and cash are manipulated to match, concealing the theft.
* Key Concept: Cash register fraud (false refunds vs. false voids).
Reference: ACFE Manual, Cash Receipts - Refund and Void Schemes .
NEW QUESTION # 102
Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes, and wages.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The ACFE describes occupational fraud and abuse as an expense of doing business because organizations inevitably face losses from it, just as they incur other operating costs. This framing emphasizes the importance of prevention and detection to minimize this "expense."
* Analysis of Incorrect Options:
* A. Equity - Residual ownership interest, not relevant here.
* B. Balance sheet - A report, not a cost.
* D. Financial record - Too vague.
* Key Concept: Occupational Fraud as a Cost of Business .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Fraud as a Cost of Doing Business .
NEW QUESTION # 103
Henrietta works at XYZ Corporation, managing one of several large facilities. Henrietta conspires with a local contractor who offers highly specialized pest control services for an invasive species of beetle. Henrietta creates false reports of beetle sightings at her facility and presents them to XYZ management, convincing them to procure the services of the local contractor. In exchange for the business, Henrietta receives a sum of money from the contractor. Henrietta is MOST LIKELY engaging in which of the following procurement fraud schemes?
Answer: C
Explanation:
Henrietta is engaging in a need recognition scheme. Procurement begins when the organization identifies a need for goods or services. In a fraudulent need recognition scheme, an employee creates, exaggerates, or falsely justifies a need so the organization will purchase unnecessary goods or services from a favored vendor.
Henrietta fabricates beetle sightings to convince management that specialized pest control services are required. Her receipt of money from the contractor shows corrupt motivation and vendor collusion. This is not bid tailoring because the facts do not involve drafting specifications to favor a bidder. It is not nonconforming services because the issue is the false need, not defective performance. It is not bid manipulation because the bidding process itself is not the main misconduct.
NEW QUESTION # 104
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