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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Healthcare fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Financial institution fraud |
| Topic 2: Accounting Concepts | 5–10% | - Internal control fundamentals - Recording and summarizing transactions - Financial statements structure - Basic accounting principles |
| Topic 3: Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Billing schemes - Expense reimbursement schemes - Payroll schemes |
| Topic 4: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Inventory and equipment theft - Misuse of assets |
| Topic 5: Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements |
| Topic 6: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 7: Corruption Schemes | 5–10% | - Conflicts of interest - Illegal gratuities and extortion - Bribery and kickbacks |
| Topic 8: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
| Topic 9: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
>> CFE-Fraud-Schemes-and-Financial-Crimes Exam Study Solutions <<
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NEW QUESTION # 163
Which of the following is NOT one of the information security goals that should be achieved to secure an e- commerce system for users and account holders?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The key goals of information security (the CIA triad plus authentication and non-repudiation ) are confidentiality, integrity, availability, authentication, and non-repudiation . While accuracy of data is important, it is not formally one of the core security goals.
* Analysis of Incorrect Options:
* A. Availability - Ensures users can access data when needed.
* C. Authentication - Confirms identities before granting access.
* D. Non-repudiation - Prevents denial of legitimate transactions.
* Key Concept: Information security objectives for fraud prevention.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Cybersecurity Principles .
NEW QUESTION # 164
Madison has been appointed as a bankruptcy administrator. According to the recommendations of the World Bank Principles for Effective Insolvency and Creditor/Debtor Regimes, which of the following statements concerning Madison's role as bankruptcy administrator is MOST ACCURATE?
Answer: B
Explanation:
The correct answer is C because the World Bank Principles recommend that a bankruptcy administrator have broad powers, including the right to cancel fraudulent contracts or transactions entered into by the debtor. The ACFE material states that administrators, trustees, receivers, examiners, or similar insolvency representatives may be granted powers to collect, preserve, and dispose of debtor property, interfere with contracts when necessary to meet insolvency objectives, and compel relevant information from the debtor or other knowledgeable parties. Therefore, options A, B, and D incorrectly restrict the administrator's recommended authority. Madison's power is not limited to collection only, and she may compel information or intervene in contracts where the insolvency process requires it.
NEW QUESTION # 165
Which of the following statements regarding new account fraud is MOST ACCURATE?
Answer: A
Explanation:
The ACFE Manual includes a section titled New Account Fraud Schemes under Financial Institution Fraud . The table of contents for this section specifically lists:
* False Identification
* Business Accounts Using Stolen Checks
* Personal Accounts Using Fraudulent Checks
* Mobile Deposit Fraud
* Automated Teller Machine Deposits
* Prevention
The best answer is Option C because mobile deposits present elevated risk in new account fraud environments precisely because they can occur without in-person verification. The Manual's inclusion of mobile deposit fraud as a specific new account fraud scheme supports the conclusion that remote, non-face- to-face deposit channels are vulnerable.
Why the other options are incorrect
A). Fraud is more likely to occur in established accounts than in accounts that are newly opened.
This is not supported by the Manual's treatment of new account fraud as a distinct fraud risk category. The very existence of a separate section on new account fraud indicates that newly opened accounts pose a meaningful risk.
B). Automated teller machines (ATMs) are rarely targets of new account fraud because most ATMs have cameras installed.
This is inaccurate. The Manual expressly lists Automated Teller Machine Deposits within New Account Fraud Schemes , showing that ATMs are in fact a recognized target of this type of fraud.
D). New account fraud can be defined as any fraud that occurs on an account within the first year that it is open.
This is too broad and not the Manual's definition. The Manual classifies new account fraud by the nature of the scheme , such as false identification, fraudulent checks, mobile deposit fraud, and ATM deposit fraud, not by an arbitrary one-year timeframe.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Financial Institution Fraud - New Account Fraud Schemes
NEW QUESTION # 166
__________ may be defined as the offering, giving, receiving, or soliciting anything of value to influence an official act.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bribery is specifically defined as offering, giving, receiving, or soliciting anything of value to influence an official act or business decision. It is one of the four primary corruption categories.
* Analysis of Incorrect Options:
* A. Corruption - Broader category; bribery is one part of it.
* B. Diverting business to vendors - A conflict of interest scheme, not bribery.
* D. Lacking approval authority - Refers to control weaknesses, not corruption.
* Key Concept: Bribery definition and its role in corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bribery .
NEW QUESTION # 167
Which of the following statements is MOST ACCURATE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting framework a company must follow depends on the jurisdiction in which it is publicly traded . For example, U.S.-listed companies must follow GAAP, while companies in the EU must use IFRS. Some countries allow or require IFRS, others mandate local GAAP.
* Analysis of Incorrect Options:
* B - Incorrect; some jurisdictions have their own national GAAP not tied to U.S. GAAP or IFRS.
* C - Incorrect; international operations do not mandate IFRS-jurisdictional rules apply.
* D - Incorrect; U.S. GAAP is rules-based, IFRS is principles-based (the reverse of what's stated).
* Key Concept: Financial reporting standards are jurisdiction-driven.
Reference: ACFE Manual, Accounting Concepts - GAAP vs. IFRS .
NEW QUESTION # 168
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