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| Section | Weight | Objectives |
|---|---|---|
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Prevention and detection methods - Cash larceny schemes |
| Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Real estate and securities fraud - Healthcare fraud - Financial institution fraud - Cyber-enabled and cryptocurrency fraud |
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks |
| Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Detection and red flags - Expense and liability understatements - Revenue and asset overstatements |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Concealment techniques - Misuse of assets |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Billing schemes - Payroll schemes - Expense reimbursement schemes |
| Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
| Accounting Concepts | 5–10% | - Internal control fundamentals - Financial statements structure - Basic accounting principles - Recording and summarizing transactions |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
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NEW QUESTION # 37
Bob, a purchasing agent for Gallenkamp, directed a portion of Gallenkamp's business to Oak Company. In exchange for receiving additional business, Oak Company's sales manager agreed to pay Bob a percentage of the extra profits. Which of the following BEST describes the type of corruption scheme in which Bob engaged?
Answer: B
Explanation:
The ACFE Fraud Examiners Manual includes Kickback Schemes in the corruption section and specifically identifies Diverting Business to Vendors as a type of kickback scheme.
This question states that Bob, a purchasing agent , directed business to Oak Company, and in return Oak's sales manager agreed to pay Bob a percentage of the extra profits . That is a classic kickback arrangement
: the employee steers company business to a favored vendor in exchange for a personal financial benefit. The Manual's examples of corruption also discuss a vendor bribing or paying a purchasing agent to receive more business.
Why the other options are incorrect
A). Economic extortion scheme
The Manual defines economic extortion as obtaining money, property, or services through coercion or threatened adverse action. That is not what happened here; Bob was paid for steering business, not coercing payment through threats.
C). Illegal gratuity scheme
The Manual explains that illegal gratuities are items of value given to reward a decision, often after the recipient has already made the decision, and this concept is primarily discussed in the public-sector context.
Here, the payment is part of an agreement to direct business and share in profits, which is more accurately a kickback .
D). Diversion scheme
The relevant Manual terminology is Diverting Business to Vendors , but that appears as a subtype under Kickback Schemes . Therefore, the best answer among the options is the broader and correct classification:
kickback scheme .
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Corruption - Kickback Schemes
* Corruption - Diverting Business to Vendors
* Example involving a purchasing agent receiving improper payments to steer business to a vendor
* Economic Extortion definition
* Illegal Gratuities definition
NEW QUESTION # 38
"Anticipate possible losses and omit potential profits", this results in:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This description reflects asymmetrical accounting , which is based on the conservatism principle. Possible losses are recorded, but potential gains are omitted until realized. This creates an asymmetry in recognizing losses versus gains.
* Analysis of Incorrect Options:
* B. Symmetrical accounting - Would recognize gains and losses equally, contrary to conservatism.
* C. Playing accounting - Fraud scheme, not a principle.
* D. Bearing accounting - Not a recognized concept.
* Key Concept: Asymmetry in accounting - conservative recognition of losses versus gains.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Conservatism and Asymmetric Accounting .
NEW QUESTION # 39
Skimming is:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming is defined as the theft of cash before it is recorded in the books . Because the stolen funds are never entered into the accounting system, this is often referred to as an "off-book" fraud. It is distinct from cash larceny , which occurs after cash has been recorded.
* Analysis of Incorrect Options:
* B. The addition of cash - Incorrect; skimming involves removal, not addition.
* C. Removal after entry - This describes cash larceny, not skimming.
* D. None of above - Incorrect since option A is correct.
* Key Concept: Skimming schemes - off-book cash theft.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming Schemes .
NEW QUESTION # 40
The fraudster's interest lies with an employer other than the company.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By definition, conflict of interest fraud arises when an employee has a hidden financial or ownership interest in another entity with which the employer does business. The fraudster's loyalty is divided because their interest lies outside of their primary employer.
* Analysis of Incorrect Options:
* B. False - Incorrect because the essence of conflict of interest is precisely that the fraudster's interest lies outside their company.
* Key Concept: Conflict of Interest (divided loyalty).
Reference: ACFE Fraud Examiners Manual (2020) , Conflict of Interest .
NEW QUESTION # 41
Which of the following is an example of a cash larceny scheme?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Cash larceny involves stealing cash after it has been recorded .
Mark stole $50 directly from the register after recording sales, which is a cash larceny scheme.
* Analysis of Incorrect Options:
* A. Paul's scheme - This is skimming (off-book theft), not larceny.
* B. Emily's scheme - This is a lapping scheme (concealing theft of receivables), not pure larceny.
* C. Sarah/Jenna - This is an overstated refund scheme (fraudulent disbursement), not larceny.
* Key Concept: Cash larceny vs. skimming vs. fraudulent disbursements.
Reference: ACFE Fraud Examiners Manual (2020) , Cash Receipts: Larceny Schemes .
NEW QUESTION # 42
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