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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 2: Financial Crimes | - Money Laundering
|
| Topic 3: Fraud Investigation and Analysis | - Data analysis in fraud detection
|
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NEW QUESTION # 268
Which of the following statements describes a best practice for preventing procurement fraud?
Answer: A
Explanation:
The correct answer is D. Procurement fraud prevention requires ongoing vendor monitoring based on the organization's highest-risk vendor schemes. Monitoring should focus on practical red flags, such as unusual pricing, duplicate vendors, related-party indicators, excessive change orders, suspicious payment patterns, or vendors lacking proper support. Option A violates segregation of duties because the person maintaining the vendor master file should not also approve invoice payments. Option B is weak because vendor background checks should occur before vendors are added to the master file, not after. Option C is incorrect because procurement monitoring should be ongoing and risk-based, not restricted to annual reviews. The ACFE material emphasizes vendor management, vendor master file controls, and monitoring based on relevant red flags.
NEW QUESTION # 269
Otto, a bank manager, purchases a new boat that he cannot afford. Knowing that one of the bank customers is an older client who does not regularly check their account, Otto takes money from the customer's account to make his boat payments. To conceal the missing amount, Otto adjusts the bank's general ledger. Which of the following BEST describes Otto's scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Otto's act combines misappropriation of customer funds with concealment via false accounting entries . Per the Fraud Examiners Manual , concealment through altering records is a hallmark of accounting fraud schemes tied to asset misappropriation.
* Analysis of Incorrect Options:
* A - Unauthorized disbursement typically refers to fraudulent payments like check tampering, not customer withdrawals.
* B - Dormant account fraud targets unused/inactive accounts; the victim here is an active but inattentive customer.
* D - Unauthorized withdrawal is part of the theft, but the defining element is the falsified ledger concealment, making C more precise.
* Key Concept: Asset misappropriation with concealment through false accounting.
Reference: ACFE Manual, Asset Misappropriation - Concealment Methods .
NEW QUESTION # 270
Which of the following is a red flag of a Ponzi scheme?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A major red flag of a Ponzi scheme is when the promoter has custody and control over investor funds with little to no independent oversight. This centralization allows them to use new investor money to pay old investors while concealing losses.
* Analysis of Incorrect Options:
* A - Ponzi operators usually pressure investors to reinvest, not take payouts, to keep funds circulating.
* C - Schemes often involve overly complex or secretive strategies, not simple ones.
* D - Realistic fluctuations based on markets suggest legitimate investing, not a Ponzi scheme (which typically reports steady, unrealistic returns).
* Key Concept: Ponzi schemes rely on lack of oversight, unrealistic returns, and control of funds by promoters.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Ponzi Schemes .
NEW QUESTION # 271
Maria is Annie's beneficiary under a life insurance policy. The two need a large sum of money, so Maria submits a claim with a phony death certificate indicating that Annie is no longer living, even though Annie is alive and has fled to a different town. Maria and Annie's actions are an example of which of the following fraud schemes?
Answer: D
Explanation:
Maria and Annie's actions are a fraudulent death claim scheme. In life insurance fraud, a fraudulent death claim occurs when a person falsely represents that the insured has died to obtain policy proceeds. The scheme can involve a fabricated death, a phony death certificate, staged disappearance, or collusion between the insured and beneficiary. Here, Annie is alive, and Maria submits a false claim supported by a phony death certificate. A tombstone policy claim generally involves policies or claims connected to deceased persons or fraudulent use of death information, but the facts here involve a living insured falsely reported as dead.
Premium theft concerns misappropriation of premiums, and beneficiary extortion is not the scheme described.
NEW QUESTION # 272
__________ is required if and when officers, executives, or other persons in trusted positions become subjects of a criminal indictment.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Disclosure is required whenever individuals in positions of trust are indicted or otherwise compromised. Transparency ensures stakeholders are aware of potential conflicts or risks.
* Analysis of Incorrect Options:
* A. Conflict of interest - A scheme, not the corrective measure.
* B. Turnaround sale or flip - Specific scheme, irrelevant here.
* D. Resource diversion - A fraud method, not a governance requirement.
* Key Concept: Importance of Disclosure in preventing or responding to conflicts of interest.
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Disclosure Requirements .
NEW QUESTION # 273
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