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| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Banking and Payment Fraud
|
| Topic 2: Fraud Investigation and Analysis | - Data analysis in fraud detection
|
| Topic 3: Fraud Schemes | - Financial Statement Fraud
|
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NEW QUESTION # 353
"Anticipate possible losses and omit potential profits", this results in:
Answer: C
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 # 354
Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?
Answer: D
Explanation:
The ACFE Fraud Examiners Manual includes a specific subsection titled "Departures from Generally Accepted Accounting Principles" within Accounting Concepts .
Under the Manual's discussion of GAAP, the focus is on proper financial reporting so that transactions are recorded in their appropriate classifications and reported fairly in the financial statements. The Manual explains that GAAP are the standardized financial reporting practices used to ensure accurate and reliable reporting.
Based on this framework, a departure from GAAP can be justified only in limited circumstances, such as when strict compliance would make the financial statements misleading or when a different treatment is necessary to better reflect the substance of the transaction rather than only its form. Likewise, avoiding the overstatement of assets or income is consistent with fair presentation and conservative reporting principles.
These are accounting-based justifications tied to faithful financial reporting.
By contrast, cost is not a valid reason to depart from GAAP. The fact that reporting a transaction in a GAAP- compliant manner would be more expensive does not justify noncompliance. Financial statements must be prepared in accordance with the applicable standards, not according to whichever treatment is cheaper or easier for management. Therefore, this option is the one that is NOT justifiable.
Why the other options are not the correct choice
A). To avoid overstating assets and/or income
This is consistent with fair presentation. The Manual's discussion of GAAP is aimed at proper classification and reporting of transactions so that financial statements are not distorted.
C). To better reflect the substance of a transaction
This is a recognized accounting rationale. Financial reporting should reflect the economic reality of a transaction, not merely its legal form. This is consistent with the Manual's discussion of proper reporting under GAAP.
D). Following GAAP would produce misleading results on financial statements This is one of the classic reasons a departure can be justified, because the objective of financial reporting is fair presentation rather than mechanical compliance that misleads users.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Accounting Concepts - Generally Accepted Accounting Principles
* Accounting Concepts - Departures from Generally Accepted Accounting Principles (1.122)
NEW QUESTION # 355
Reconciling the sales records to the cash receipts is an effective way to detect a sales skimming scheme.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming involves the theft of cash before it is recorded in the accounting system. Since sales are never recorded, reconciling sales to receipts will not detect skimming-it can only detect larceny (theft after recording).
* Analysis of Incorrect Options:
* A. True - Incorrect because no discrepancy exists in the records (the sale itself is omitted).
* Key Concept: Distinction between skimming (off-book theft) and cash larceny (on-book theft).
Reference: ACFE Fraud Examiners Manual (2020) , Cash Receipts: Skimming Schemes .
NEW QUESTION # 356
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 # 357
The principal way to detect omitted credits from books of account is through:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Trend analysis is one of the most effective ways to detect omitted credits. By analyzing patterns in revenue, expenses, or balances over time, discrepancies such as missing credits become apparent. Forensic examiners rely on comparative financial analysis to identify anomalies that suggest manipulation.
* Analysis of Incorrect Options:
* A. Forced Balance - Describes concealment, not detection.
* C. Expense account - Accounts can be manipulated but are not detection methods.
* D. None of all - Incorrect, since trend analysis is correct.
* Key Concept: Analytical procedures (trend analysis) in fraud detection.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Examination Techniques
- Analytical Procedures .
NEW QUESTION # 358
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