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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 2: Financial Crimes | - Money Laundering
|
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NEW QUESTION # 25
Which of the following is the MOST APPROPRIATE technique for detecting a nonconforming goods or services scheme?
Answer: B
Explanation:
The ACFE Fraud Examiners Manual addresses Nonconforming Goods or Services under Contract and Procurement Fraud . The Manual states that, to detect nonconforming schemes, the fraud examiner should examine contract specifications, contractor statements, invoices, supporting documents, the received product, and test and inspection results for discrepancies with contract specifications. It then specifically adds:
"Additionally, to detect nonconforming schemes, the fraud examiner should:
* Review correspondence and contract files for indications of noncompliance.
* Request assistance from outside technical personnel to conduct after-the-fact tests." This language matches Option B exactly, so it is the most appropriate detection technique.
Why the other options are incorrect
A). Interviewing complaining contractors and unsuccessful bidders about the presence of red flags This is a detection technique the Manual associates with change order abuse , not nonconforming goods or services schemes.
C). Comparing the direct and indirect labor account totals from the prior year to the current year This type of comparative cost analysis is more consistent with testing for cost mischarging or other accounting irregularities, not the primary detection methods for nonconforming goods/services. The Manual's nonconforming-scheme detection guidance focuses on specifications, inspection results, product testing, and contract/correspondence review.
D). Determining if the costs of the contract have exceeded or are expected to exceed the value of the contract That is not identified by the Manual as the most appropriate method for detecting nonconforming goods or services. Again, the Manual directs the examiner to look for noncompliance with specifications and supporting documentation.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Contract and Procurement Fraud - Nonconforming Goods or Services
* Detecting Nonconforming Goods or Services Schemes
* Related contrast: Detecting Change Order Abuse
NEW QUESTION # 26
Which of the following measures is recommended to help prevent payroll fraud?
Answer: B
Explanation:
The correct answer is D. Supervisor authorization of overtime and verification of hours worked are strong preventive controls against payroll fraud, especially falsified hours and salary schemes. Payroll fraud frequently occurs when employees overstate hours, submit unauthorized overtime, manipulate time records, or receive pay for time not worked. Supervisory review creates accountability and provides an independent check before payroll is processed. Option A is improper because payroll preparation and bank reconciliation should be segregated. Option B is not recommended because direct deposit can reduce paycheck theft and distribution risks. Option C is weak because allowing coworkers to collect paychecks can create opportunities for misappropriation. The ACFE materials identify overtime authorization and payroll review as important payroll fraud controls.
NEW QUESTION # 27
The most basic skimming scheme occurs when:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The most basic skimming scheme is when an employee completes a legitimate sale, collects payment, but never records the transaction. The stolen cash is never entered in the books, making it an "off-book" fraud.
* Analysis of Incorrect Options:
* B & D - Describe purchasing scenarios, irrelevant to skimming.
* C - Records the sale, meaning the transaction enters the books (not skimming).
* Key Concept: Unrecorded Sales as the simplest form of skimming.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Basic Skimming Schemes .
NEW QUESTION # 28
Ron's vehicle is damaged by hail after a thunderstorm. Ron does not have full insurance coverage on his vehicle, so he contacts his agent to increase his coverage. Three weeks after his new coverage is in effect, Ron's city experiences another thunderstorm. Ron then files a claim for the hail damage that occurred during the first storm, but he claims that the damage occurred during the second storm. Ron has committed a fraudulent act known as:
Answer: D
Explanation:
The ACFE Fraud Examiners Manual classifies this type of conduct under Insurance Fraud # Vehicle Insurance Schemes , and it specifically lists Past Posting as a recognized vehicle insurance fraud scheme.
In this question, Ron's vehicle was damaged before he obtained the additional coverage, but he later submitted the claim as though the damage happened after the new coverage became effective. That is the essence of past posting : attempting to obtain insurance benefits for a loss that occurred before coverage applied , while misrepresenting the time of the loss. This matches the scenario exactly.
Why the other options are incorrect
A). Ditching
The Manual lists Ditching as a separate vehicle insurance scheme. It does not describe the act of misrepresenting the timing of a preexisting loss after increasing coverage.
B). Bait and wait
This is not the insurance-fraud classification that fits the facts given. The fraud here depends on claiming an earlier loss as a later covered loss , which is the Manual's past posting category.
D). Double dipping
Double dipping generally refers to obtaining duplicate recovery for the same loss from multiple sources, which is not what Ron is doing here. The issue is the false date of loss , not duplicate reimbursement.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Insurance Fraud - Vehicle Insurance Schemes - Past Posting
NEW QUESTION # 29
The essential elements of a ________ are an actual or constructive taking away of the goods or property of another without the consent and against the will of the owner and with a felonious intent.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The correct answer is A. Larceny . As defined in the Fraud Examiners Manual (2020 International Edition) , larceny is the unlawful taking of another's property with intent to permanently deprive the owner of its use or possession. Essential elements include: (1) the wrongful taking or carrying away of property, (2) without the consent of the owner, and (3) with felonious intent (i.e., intent to steal). This aligns directly with the definition provided in the question.
* Analysis of Incorrect Options (Distractors):
* B. Abuse - Abuse typically refers to the improper use of authority or resources (e.g., excessive expense claims, misuse of assets), but it is not a legal term describing theft by taking.
* C. Fiduciary - Fiduciary describes a relationship of trust or duty to act for another's benefit, not the act of theft.
* D. None of the above - Incorrect because "larceny" precisely matches the elements described.
* Key Concept: The definition and elements of larceny , which is a foundational legal concept for distinguishing among asset misappropriation schemes such as larceny vs. skimming .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Transactions - Cash Receipts: Cash Larceny section, which explains the essential elements and characteristics of larceny schemes.
NEW QUESTION # 30
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