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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Concealment techniques - Misuse of assets |
| Topic 2: Accounting Concepts | 5–10% | - Financial statements structure - Internal control fundamentals - Basic accounting principles - Recording and summarizing transactions |
| Topic 3: Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Expense reimbursement schemes - Payroll schemes - Check and payment tampering |
| Topic 4: Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash skimming schemes - Cash larceny schemes |
| Topic 5: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 6: Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Timing and disclosure manipulations - Expense and liability understatements - Detection and red flags |
| Topic 7: Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Corporate espionage - Safeguarding proprietary information |
| Topic 8: Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Cyber-enabled and cryptocurrency fraud - Insurance fraud - Real estate and securities fraud - Healthcare fraud |
| Topic 9: Corruption Schemes | 5–10% | - Conflicts of interest - Illegal gratuities and extortion - Bribery and kickbacks |
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NEW QUESTION # 32
Which of the following statements is TRUE regarding income statements?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Gross profit = Net sales - Cost of Goods Sold (COGS). This is the correct definition, as per standard accounting principles.
* Analysis of Incorrect Options:
* A. Gross revenue - Defined as total sales before deductions, not after.
* B. Net profit - Net profit is after all expenses (operating, interest, taxes), not before.
* D. Operating expenses - Appear after gross profit, not at the top.
* Key Concept: Income statement structure and key definitions .
Reference: ACFE Fraud Examiners Manual (2020) , Accounting Concepts: Income Statement Analysis .
NEW QUESTION # 33
A client contacts Emma, a Certified Fraud Examiner (CFE), and explains that they prepaid a commission to a broker for help with obtaining a loan. However, after sending the payment for services, the client did not receive a response from the broker and is unable to contact them. This type of fraud is known as a(n):
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An advance-fee scheme occurs when fraudsters request upfront payments (fees, commissions, or deposits) for services or opportunities that never materialize. The broker taking the fee without providing services is a classic case.
* Analysis of Incorrect Options:
* A. Bait and switch - Advertising one product/service but delivering another, not applicable here.
* C. Split deposit scheme - Involves diversion of payroll or deposits, not loans.
* D. Scavenger scheme - Charging for unnecessary services, often debt collection or foreclosure help, not applicable.
* Key Concept: Advance-fee frauds as common financial scams.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Advance-Fee Schemes .
NEW QUESTION # 34
Skylar messages Timothy on a social media platform even though they have never met and expresses romantic interest. When Timothy responds, Skylar asks him to move the conversation to an outside messaging platform, and they develop a romantic relationship over several months through their communications. During this time, Skylar never requests that Timothy send her money or items of value, but she does convince him to make several large purchases of cryptocurrencies through a new cryptocurrency exchange. When Timothy tries to sell the cryptocurrency at a profit and withdraw his funds, Skylar stops responding to his messages, and he discovers the cryptocurrency exchange did not actually exist. Timothy is a victim of:
Answer: A
Explanation:
Timothy is a victim of a pig butchering scheme. This scam combines long-term relationship manipulation with fraudulent investment activity, commonly involving cryptocurrency. The fraudster builds trust over weeks or months, moves the victim to a private messaging channel, and encourages investments through a fake platform. The victim often sees apparent gains, but the trading platform is controlled by the fraudster or does not exist. Once the victim attempts to withdraw funds, the fraudster disappears or demands more money.
This is not a Ponzi scheme because the facts do not involve paying old investors with new investor funds. It is not a pump-and-dump because no market manipulation of a traded security is described. It is broader than a simple advance-fee scheme.
NEW QUESTION # 35
Which of the following elements is required for a contract, transaction, or scheme to qualify as an investment contract?
Answer: D
Explanation:
The required element is that the investment is in a common enterprise. The ACFE material explains that the investment-contract analysis parallels the Howey test, under which all required elements must exist: an investment of money or other assets, a common enterprise, an expectation of profit, and profits derived primarily from the efforts of others. Option A is incorrect because profits must come from the efforts of people other than the investor, not solely from the investor's own management efforts. Option B is too narrow because the investment may involve money or another asset. Option C is incorrect because notarization is not an element of an investment contract. Therefore, the common-enterprise requirement makes option D correct.
NEW QUESTION # 36
In ____________ scheme, a supplier pays an employee of the purchasing company to write specifications that will require amendments at a later date.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Deliberate writing of vague specifications is a type of corruption scheme where an employee intentionally drafts unclear requirements. This forces later amendments, which can be manipulated to favor a particular vendor.
* Analysis of Incorrect Options:
* B. Need recognition - Involves unnecessary purchases, not vague specifications.
* C. False specification - General but not precise; "vague specifications" is the correct technical term.
* D. Bid-splitting - Breaking contracts into smaller amounts to avoid approval controls, not related to vague specs.
* Key Concept: Specification schemes in procurement corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Specification Schemes .
NEW QUESTION # 37
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