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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Inventory and equipment theft - Misuse of assets |
| Topic 2: Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Check and payment tampering - Payroll schemes - Billing schemes |
| Topic 3: Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Topic 4: Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Healthcare fraud - Insurance fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud |
| Topic 5: Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Detection and red flags - Expense and liability understatements - Timing and disclosure manipulations |
| Topic 6: Accounting Concepts | 5–10% | - Recording and summarizing transactions - Basic accounting principles - Financial statements structure - Internal control fundamentals |
| Topic 7: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 8: Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks |
| Topic 9: Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
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NEW QUESTION # 108
Which of the following is a common red flag of procurement fraud schemes involving collusion among contractors?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In collusive bidding , contractors coordinate to submit artificially high or uniform bids , with the appearance of competition. If all contractors submit bids that are consistently low relative to norms, it may indicate collusion to fix prices and share markets.
* Analysis of Incorrect Options:
* A - More competitors reduces collusion risk, not increases it.
* C - Declining prices with new competition is expected in free markets.
* D - Not subcontracting is not a standard collusion red flag.
* Key Concept: Procurement fraud red flags - bid rigging and collusion.
Reference: ACFE Manual, Corruption - Procurement Fraud .
NEW QUESTION # 109
A tangible asset is one which is:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Tangible assets are those that can be physically perceived (touched, seen, etc.) and appraised (assigned a measurable value). Examples include buildings, land, equipment, and inventory. Both characteristics are correct, making C the best choice.
* Analysis of Incorrect Options:
* A. Capable of being perceived - True, but incomplete.
* B. Capable of being appraised - True, but incomplete.
* D. Neither A nor B - Incorrect since both statements are accurate.
* Key Concept: Tangible Assets - physical and measurable property owned by a business.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Asset Classifications .
NEW QUESTION # 110
The behavior profile of employees who are involved in bribery schemes may include:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Employees involved in bribery or corruption schemes often exhibit lifestyle red flags such as gambling habits, drug/alcohol addiction, or extravagant spending . These behaviors create financial pressures that may motivate or result from corrupt activity.
* Analysis of Incorrect Options:
* A, B, C individually - Each is a red flag, but the most accurate answer is all of the above .
* Key Concept: Behavioral red flags in corruption cases.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Red Flags of Bribery .
NEW QUESTION # 111
Bob, a purchasing agent for Gallenkamp, directed a portion of Gallenkamp's business to Oak Company. In exchange for receiving additional business, Oak Company's sales manager agreed to pay Bob a percentage of the extra profits. Which of the following BEST describes the type of corruption scheme in which Bob engaged?
Answer: A
Explanation:
The ACFE Fraud Examiners Manual includes Kickback Schemes in the corruption section and specifically identifies Diverting Business to Vendors as a type of kickback scheme.
This question states that Bob, a purchasing agent , directed business to Oak Company, and in return Oak's sales manager agreed to pay Bob a percentage of the extra profits . That is a classic kickback arrangement
: the employee steers company business to a favored vendor in exchange for a personal financial benefit. The Manual's examples of corruption also discuss a vendor bribing or paying a purchasing agent to receive more business.
Why the other options are incorrect
A). Economic extortion scheme
The Manual defines economic extortion as obtaining money, property, or services through coercion or threatened adverse action. That is not what happened here; Bob was paid for steering business, not coercing payment through threats.
C). Illegal gratuity scheme
The Manual explains that illegal gratuities are items of value given to reward a decision, often after the recipient has already made the decision, and this concept is primarily discussed in the public-sector context.
Here, the payment is part of an agreement to direct business and share in profits, which is more accurately a kickback .
D). Diversion scheme
The relevant Manual terminology is Diverting Business to Vendors , but that appears as a subtype under Kickback Schemes . Therefore, the best answer among the options is the broader and correct classification:
kickback scheme .
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Corruption - Kickback Schemes
* Corruption - Diverting Business to Vendors
* Example involving a purchasing agent receiving improper payments to steer business to a vendor
* Economic Extortion definition
* Illegal Gratuities definition
NEW QUESTION # 112
Oona goes to an expensive restaurant for lunch while on a business trip and pays for the meal with a company credit card. She later submits an expense reimbursement claim for several expenses she paid for using a personal credit card while on the trip and includes the receipt from the lunch. Oona's scheme can BEST be characterized as:
Answer: A
Explanation:
The correct answer is A. Oona's conduct is a multiple expense reimbursement scheme because she is attempting to obtain reimbursement for an expense that the company has already paid through the company credit card. In expense reimbursement fraud, multiple reimbursement schemes occur when an employee submits the same expense more than once, or submits an expense paid through one channel as though it was paid personally. This differs from a mischaracterized expense, where a personal cost is falsely described as business-related. It also differs from an overstated expense, where the amount is inflated, and from a fictitious expense, where no expense occurred. The key issue is duplicate recovery of the same lunch expense.
NEW QUESTION # 113
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