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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 2: Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Payroll schemes - Expense reimbursement schemes - Billing schemes |
| Topic 3: Corruption Schemes | 5–10% | - Conflicts of interest - Illegal gratuities and extortion - Bribery and kickbacks |
| Topic 4: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Topic 5: Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Topic 6: Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Misuse of assets - Concealment techniques |
| Topic 7: Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements |
| Topic 8: Accounting Concepts | 5–10% | - Internal control fundamentals - Financial statements structure - Recording and summarizing transactions - Basic accounting principles |
| Topic 9: Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Healthcare fraud - Real estate and securities fraud - Financial institution fraud - Insurance fraud |
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NEW QUESTION # 248
Which of the following is NOT an example of bribery prevention policies?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bribery prevention policies often include:
* Reporting gifts (disclosure of items received from vendors),
* Discounts (rules about vendor concessions),
* Business meetings (clear rules on vendor-sponsored events). Resource diversions is not a standard bribery prevention policy but a form of fraud.
* Analysis of Incorrect Options:
* A, B, C - Legitimate examples of prevention policies.
* D. Resource diversions - Not a preventive measure.
* Key Concept: Anti-bribery policies - clear rules on gifts, discounts, and vendor relationships.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Prevention of Bribery Schemes .
NEW QUESTION # 249
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The correct answer is A. Fiduciary Capacity . According to the Fraud Examiners Manual (2020 International Edition) , a fiduciary relationship exists when a person is entrusted with the property or affairs of another and is obligated to act in the best interest of that person, rather than for their own benefit. Fiduciary capacity is a key legal concept in fraud examinations, particularly in cases involving breaches of trust, embezzlement, or misappropriation.
* Analysis of Incorrect Options (Distractors):
* B. Embezzlement - Embezzlement is the wrongful appropriation of assets by a person entrusted with them. While it often arises from a fiduciary relationship, it describes the act of theft , not the capacity in which the person acts.
* C. Conversion - Conversion refers to the unauthorized use or control over another's property, a civil wrong, but it does not describe the relationship of acting on another's behalf.
* D. None of the above - Incorrect, since "fiduciary capacity" directly fits the definition in the question.
* Key Concept: Understanding fiduciary duty and fiduciary capacity , which form the legal foundation for identifying when a person has a duty to act on behalf of another, often forming the basis for fraud-related legal claims.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Law section - Breach of Fiduciary Duty and related principles of fiduciary responsibility.
NEW QUESTION # 250
Which of the following is FALSE regarding electronic payment tampering?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In sound internal controls, the person initiating electronic payments should not also be responsible for setting filters or approving transactions . This creates a segregation of duties violation. Therefore, statement D is false.
* Analysis of Incorrect Options:
* A. Positive pay for ACH - True; it helps verify transactions.
* B. ACH blocks - Correct; a control against unauthorized debits.
* C. Lack of physical evidence - True; electronic fraud lacks paper trails, making detection harder.
* Key Concept: Electronic payment tampering controls .
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Electronic Payment Fraud .
NEW QUESTION # 251
Several people who work in real estate collude to obtain a loan for the construction of a residential building on a property that does not exist. The co-conspirators divide the proceeds among themselves and leave the lender with no collateral to seize when loan payments are not made. Which of the following BEST describes this scheme?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An air loan is a mortgage fraud scheme where the borrower and sometimes insiders create completely fictitious properties or borrowers. Here, the nonexistent property and loan proceeds being pocketed fits this definition.
* Analysis of Incorrect Options:
* A. Property flopping - Involves short sales and undervaluing distressed property.
* C. Phantom lien - False liens filed to collect fraudulent claims on real estate.
* D. Daisy chain - Involves multiple property transactions between conspirators to inflate value.
* Key Concept: Loan fraud schemes - fictitious property loans (air loans).
Reference: ACFE Manual, Financial Transactions - Mortgage and Loan Fraud .
NEW QUESTION # 252
The principal way to detect omitted credits from books of account is through:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Trend analysis is one of the most effective ways to detect omitted credits. By analyzing patterns in revenue, expenses, or balances over time, discrepancies such as missing credits become apparent. Forensic examiners rely on comparative financial analysis to identify anomalies that suggest manipulation.
* Analysis of Incorrect Options:
* A. Forced Balance - Describes concealment, not detection.
* C. Expense account - Accounts can be manipulated but are not detection methods.
* D. None of all - Incorrect, since trend analysis is correct.
* Key Concept: Analytical procedures (trend analysis) in fraud detection.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Examination Techniques
- Analytical Procedures .
NEW QUESTION # 253
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