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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Accounting Concepts | 5–10% | - Financial statements structure - Internal control fundamentals - Basic accounting principles - Recording and summarizing transactions |
| Topic 2: Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Billing schemes - Payroll schemes - Expense reimbursement schemes |
| Topic 3: Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion |
| Topic 4: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
| Topic 5: Financial Statement Fraud | 10–15% | - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements |
| Topic 6: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 7: Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Prevention and detection methods - Cash larceny schemes |
| Topic 8: Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Concealment techniques - Inventory and equipment theft |
| Topic 9: Industry-Specific Financial Crimes | 15–25% | - Healthcare fraud - Insurance fraud - Financial institution fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud |
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NEW QUESTION # 303
_________ is defined as a person who works for the victim organization and who is the primary culprit.
Answer:
Explanation:
Employee perpetrator
* Rationale for Correct Answer: In occupational fraud, the primary culprit is generally the employee (insider) who abuses their position of trust. By definition, occupational fraud involves someone inside the organization exploiting their role.
* Key Concept: Employee perpetrator as the primary fraud actor in occupational fraud schemes.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Tree introduction - Occupational Fraud and Abuse Definition .
NEW QUESTION # 304
Which of the following methods might a procuring employee use to engage in a bid manipulation scheme?
Answer: B
Explanation:
The correct answer is D. In a bid manipulation scheme, a procuring employee improperly influences the bidding process to benefit a favored contractor. One common method is restricting or eliminating legitimate competitors so the preferred vendor has a greater chance of winning. Disqualifying bids that were submitted correctly is a direct manipulation of the competitive process because it removes valid bidders without a proper basis. Charging impermissible costs is more closely related to cost mischarging. Using low-quality materials relates to nonconforming goods or services. Opening the bidding process at the designated time is a proper procurement activity, not fraud. The ACFE material explains that bid manipulation occurs when a corrupt procurement employee affects contractor selection by restricting competition.
NEW QUESTION # 305
Which of the following statements describes a best practice for preventing contract and procurement fraud?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Conducting vendor background checks before adding them to the master file is a strong preventive control against shell companies, conflicts of interest, and vendor collusion. It helps ensure vendor legitimacy before business begins.
* Analysis of Incorrect Options:
* B - Too broad; monitoring should focus on practical red flags, not "all schemes."
* C - Violates segregation of duties, increasing fraud risk.
* D - Monitoring should be ongoing, not limited to once a year.
* Key Concept: Procurement fraud prevention through vendor due diligence and segregation of duties.
Reference: ACFE Manual, Corruption - Contract and Procurement Fraud Controls .
NEW QUESTION # 306
The taxing authority in a country allows companies to subtract the cost of production from their gross sales to determine taxable income. A business owner operating in that country purchases materials from a local supplier and pays the supplier to alter the receipt to show a higher price than was paid. When the business owner submits the company's tax information to the taxing authority, they submit the altered receipt to reduce their tax burden. The business owner is MOST LIKELY committing which of the following schemes?
Answer: C
Explanation:
The correct answer is C. The business owner is committing a falsified tax deduction scheme by fraudulently inflating production costs to reduce taxable income. Deductions are legitimate only when they accurately reflect allowable expenses. Here, the owner paid the supplier to alter the receipt so that the company appears to have incurred a higher deductible cost than it actually did. This false documentation reduces reported taxable income and therefore lowers the tax liability improperly. Option A is incorrect because the facts do not involve excise taxes on a specific class of goods. Option B is incorrect because the owner is not omitting income; they are overstating expenses. Option D is not applicable because the scheme involves deductions, not tax credits.
NEW QUESTION # 307
Which of the following statements describes a best practice for preventing procurement fraud?
Answer: C
Explanation:
The correct answer is D. Procurement fraud prevention requires ongoing vendor monitoring based on the organization's highest-risk vendor schemes. Monitoring should focus on practical red flags, such as unusual pricing, duplicate vendors, related-party indicators, excessive change orders, suspicious payment patterns, or vendors lacking proper support. Option A violates segregation of duties because the person maintaining the vendor master file should not also approve invoice payments. Option B is weak because vendor background checks should occur before vendors are added to the master file, not after. Option C is incorrect because procurement monitoring should be ongoing and risk-based, not restricted to annual reviews. The ACFE material emphasizes vendor management, vendor master file controls, and monitoring based on relevant red flags.
NEW QUESTION # 308
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