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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 2: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Misuse of assets - Inventory and equipment theft |
| Topic 3: Accounting Concepts | 5–10% | - Recording and summarizing transactions - Basic accounting principles - Internal control fundamentals - Financial statements structure |
| Topic 4: Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Expense and liability understatements - Timing and disclosure manipulations - Detection and red flags |
| Topic 5: Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Insurance fraud - Cyber-enabled and cryptocurrency fraud - Healthcare fraud - Real estate and securities fraud |
| Topic 6: Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion |
| Topic 7: Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Check and payment tampering - Payroll 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: Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Prevention and detection methods - Cash larceny schemes |
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NEW QUESTION # 80
Which of the following is a method of identity theft prevention that is recommended for individuals?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Biometric authentication (fingerprints, facial recognition) is one of the strongest defenses against identity theft. It prevents unauthorized logins even if passwords are compromised.
* Analysis of Incorrect Options:
* A - Password reuse should be avoided altogether, not just limited.
* B - Updates should be installed promptly, not annually.
* C - Personal information should rarely, if ever, be transmitted via email, even with reputable companies.
* Key Concept: Identity theft prevention through strong authentication.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Identity Theft Controls .
NEW QUESTION # 81
According to best practices regarding large cash transactions with customers as provided by the Financial Action Task Force (FATF) Recommendations, which of the following transactions would require a report to be filed with the appropriate designated government agency?
Answer: A
Explanation:
The correct answer is A because the FATF Recommendations provide that financial institutions and designated nonfinancial businesses and professions should report covered cash transactions that exceed the jurisdiction's designated threshold. Dealers in precious metals and stones, such as businesses selling gold jewelry, are commonly treated as higher-risk entities for anti-money laundering purposes. A domestic cash purchase above the threshold would therefore require reporting. Options B and C are below the designated threshold, so they do not meet the reporting requirement based on amount. Option D involves a food purchase, which is not the type of covered high-risk transaction described in the FATF large cash transaction guidance. The key issue is both the covered business type and the threshold amount.
NEW QUESTION # 82
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This scheme is known as a Turnaround Sale or Flip . The employee secretly purchases an asset their employer needs and then resells it to the employer at a markup, thereby profiting at the employer's expense.
* Analysis of Incorrect Options:
* A. Conflict of interest in sale - Too general; does not describe the flipping mechanism.
* C. Unauthorized sale - Not an ACFE fraud category in this context.
* D. Written sale of unique assets - Not a recognized scheme.
* Key Concept: Conflict of Interest scheme - Turnaround Sales/Flips .
Reference: ACFE Fraud Examiners Manual (2020) , Conflict of Interest: Turnaround Sales .
NEW QUESTION # 83
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, and are called:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Accruals represent expenses that have been incurred but not yet paid.
Under the accrual basis of accounting, these must be recognized in the same period as the related revenues or obligations. Common examples include accrued wages and accrued interest.
* Analysis of Incorrect Options:
* B. Depreciations - Allocation of asset cost, not unpaid expenses.
* C. Expenses - A broader term, but not specific to unpaid obligations.
* D. Financial record - Too vague.
* Key Concept: Accruals under the accrual basis of accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting .
NEW QUESTION # 84
Jorge, a Certified Fraud Examiner (CFE), is investigating a tip involving an accountant at a bank who allegedly adjusted the bank's general ledger to conceal the theft of funds from a customer's account. If Jorge finds evidence that proves the allegation, which of the following BEST describes the accountant's scheme?
Answer: C
Explanation:
Comprehensive and Detailed Explanation
Why the correct answer is: False accounting entry
According to the ACFE Fraud Examiners Manual - Financial Transactions and Fraud Schemes , under Financial Institution Fraud # Types of Embezzlement Schemes , the Manual provides explicit descriptions of relevant banking fraud schemes, including false accounting entries .
The Manual lists False Accounting Entries as a form of embezzlement in which an employee manipulates general ledger accounts or other accounting records to conceal a theft or unauthorized activity :
"False Accounting Entries" are specifically categorized as a type of embezzlement scheme used by dishonest bank employees to hide misappropriated funds.
In this question, the accountant:
* Adjusted the bank's general ledger
* With the intent to conceal the theft of customer funds
This aligns exactly with the ACFE definition of false accounting entries , which involve altering legitimate financial records to hide fraudulent actions.
Therefore, the best ACFE-defined description of the scheme is:
# False accounting entry (Option B)
Why the other options are incorrect
A). Unauthorized withdrawal
The Manual separately defines Unauthorized Withdrawals as a type of embezzlement in which a bank employee directly removes funds from accounts without permission:
"Unauthorized Withdrawals" are listed as a distinct embezzlement scheme involving unapproved removal of customer funds.
However, in this scenario, the defining act is manipulating ledger records , not simply withdrawing funds.
The nature of the concealment technique makes false accounting entry the correct classification.
C). Moving money from inactive accounts
The Manual defines:
"Moving Money from Customers' Dormant or Inactive Accounts" as a scheme in which employees transfer funds from inactive accounts to themselves.
In this question, the stolen funds come from an active customer account , so this option does not apply.
D). Unauthorized disbursement of funds
The Manual includes:
"Unauthorized Disbursement of Funds to Outsiders" as another type of financial institution fraud.
This refers to payments made to external parties without authorization-not to ledger manipulation to hide theft.
Again, the defining characteristic in the scenario is the use of false ledger entries , which makes Option B the most accurate according to ACFE terminology.
NEW QUESTION # 85
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