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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Accounting Concepts | 5–10% | - Basic accounting principles - Financial statements structure - Internal control fundamentals - Recording and summarizing transactions |
| Topic 2: Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Topic 3: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 4: Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Concealment techniques - Misuse of assets |
| Topic 5: Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion |
| Topic 6: Financial Statement Fraud | 10–15% | - Expense and liability understatements - Timing and disclosure manipulations - Revenue and asset overstatements - Detection and red flags |
| Topic 7: Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Check and payment tampering - Billing schemes - Expense reimbursement schemes |
| Topic 8: Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
| Topic 9: Industry-Specific Financial Crimes | 15–25% | - Healthcare fraud - Insurance fraud - Real estate and securities fraud - Financial institution fraud - Cyber-enabled and cryptocurrency fraud |
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NEW QUESTION # 182
An analytical review reveals that XYZ Company's cost of goods sold has increased by 75% in the last year.
However, its sales revenues only increased by 25% during the same period. This situation MOST LIKELY indicates which of the following?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A disproportionate increase in COGS without a corresponding increase in sales is a red flag for inventory theft or misappropriation . Theft reduces ending inventory, which artificially inflates COGS, while sales remain unchanged or grow modestly.
* Analysis of Incorrect Options:
* A - Warranty liabilities affect expenses, not COGS.
* B - Fewer sales would reduce both revenue and COGS proportionally, not cause a large disparity.
* C - Sales returns reduce revenue, not inflate COGS.
* Key Concept: Using analytical review to detect inventory theft via COGS anomalies.
Reference: ACFE Manual, Financial Statement Fraud - Red Flags and Analytical Procedures .
NEW QUESTION # 183
The Financial Action Task Force (FATF) Recommendations suggest that countries should take which of the following measures?
Answer: B
Explanation:
The correct answer is D. The FATF Recommendations establish international standards for combating money laundering, terrorist financing, and related threats. They recommend that countries criminalize money laundering, supervise financial institutions and high-risk professions, require suspicious transaction reporting, and maintain mechanisms for analyzing and disseminating financial intelligence. A financial intelligence unit receives and analyzes suspicious transaction reports and other AML-related information. Option A is incorrect because FATF does not require a universal three-year sentence for every conviction. Option B is too extreme and does not reflect the FATF framework. Option C is not a general FATF requirement; customer due diligence and monitoring focus on risk, transactions, and beneficial ownership, not mandatory review of public social media profiles.
NEW QUESTION # 184
Georgina works for TAK Intelligence, a competitive intelligence firm. She is tasked with gathering intelligence about ERO Corp., a competitor of one of TAK's clients. To gather the intelligence, Georgina poses as a customer and contacts ERO. She then elicits sensitive information from an ERO employee.
Georgina's approach is an example of:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Human intelligence (HUMINT) involves gathering information directly from people, often through deception, elicitation, or impersonation. Georgina's posing as a customer to obtain confidential details fits this method.
* Analysis of Incorrect Options:
* B. Baiting - A social engineering tactic using false promises (e.g., malware disguised as freebies).
* C. Scavenging - Collecting discarded information (e.g., dumpster diving).
* D. Open-source intelligence - Gathering data from public records, news, or websites, not through elicitation.
* Key Concept: Methods of competitive intelligence and social engineering.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Intelligence Gathering Methods .
NEW QUESTION # 185
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 # 186
Which of the following is the MOST APPROPRIATE technique for detecting a cost mischarging scheme?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Cost mischarging occurs when costs are charged to improper accounts or contracts. The best way to detect it is through analytical review -comparing direct vs.
indirect labor account totals across periods to identify unusual shifts or spikes.
* Analysis of Incorrect Options:
* A. Reviewing inspection/testing reports - Effective for detecting defective/substituted goods, not mischarging.
* C. Inspecting packaging - Identifies product substitution, not accounting mischarges.
* D. Examining change orders - Useful for contract fraud, but not direct mischarging.
* Key Concept: Cost mischarging detection through analytical procedures .
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Contract and Procurement Fraud .
NEW QUESTION # 187
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