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| Section | Weight | Objectives |
|---|---|---|
| Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Revenue and asset overstatements - Expense and liability understatements - Detection and red flags |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Concealment techniques - Misuse of assets |
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks |
| Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Healthcare fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Financial institution fraud |
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Check and payment tampering - Billing schemes - Expense reimbursement schemes |
| Accounting Concepts | 5–10% | - Financial statements structure - Recording and summarizing transactions - Basic accounting principles - Internal control fundamentals |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Cash skimming schemes - Prevention and detection methods |
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NEW QUESTION # 160
Which of the following statements is TRUE regarding cash-basis accounting?
Answer: B
Explanation:
The correct answer is B. Under cash-basis accounting, revenues and expenses are recorded based on the movement of cash. Revenue is recorded when cash is received, and expenses are recorded when cash is paid, regardless of when goods are delivered, services are performed, or obligations are incurred. Options A and C describe accrual-basis concepts. Accrual accounting records revenue when earned and matches related expenses to the same accounting period. Option D is incorrect because cash-basis accounting is generally simpler than accrual-basis accounting, although it can provide a less complete picture of financial performance. The ACFE materials emphasize that accrual accounting gives a truer financial picture and is required under GAAP.
NEW QUESTION # 161
Which of the following would NOT be helpful in preventing expense reimbursement schemes?
Answer: B
Explanation:
The ACFE Fraud Examiners Manual addresses Expense Reimbursement Schemes under Asset Misappropriation: Fraudulent Disbursements and separates the discussion into:
* Detection of Expense Reimbursement Schemes
* Prevention of Expense Reimbursement Schemes
The Manual specifically identifies "Detailed Expense Reports: Submission and Review" as the prevention approach for expense reimbursement fraud.
Why A is correct
Requiring all employees to submit receipts electronically is not, by itself, a preventive control recognized by the Manual. The ACFE's prevention focus is on requiring detailed expense reports , adequate supporting documentation, and careful review-not merely changing the format of submission from paper to electronic.
In fact, because expense reimbursement fraud often involves altered receipts , fictitious receipts , and other manipulated support, simply requiring electronic submission does not meaningfully prevent the scheme. The Manual lists schemes such as altered receipts and producing fictitious receipts , showing that the problem is the authenticity and review of documentation, not whether the receipt is submitted electronically.
Why the other options are helpful
B). Comparing current expenses to budgeted expense amounts
This is helpful because the Manual includes review and analysis of expense accounts as part of detecting these schemes. Comparing reported expenses to expected or budgeted levels can reveal unusual spikes or anomalies that may indicate fraud.
C). Requiring employees to explain the specific business purpose of each expense This is clearly helpful and consistent with the Manual's prevention emphasis on detailed expense reports and proper documentation. Requiring a specific business purpose makes it harder to submit personal, inflated, or fictitious expenses.
D). Comparing current expenses to historical expenditure amounts
This is also helpful because the Manual's review and analysis of expense accounts supports analytical comparisons to identify irregularities, trends, or unexplained increases in reimbursements. Historical comparison is a classic way to spot padded or abnormal expense claims.
Conclusion
Under the ACFE Manual, prevention of expense reimbursement schemes depends on detailed reporting, documentation, and review . Merely requiring receipts to be submitted electronically does not address whether the receipts are false, altered, duplicated, or unsupported. Therefore, the choice that would NOT be helpful in preventing expense reimbursement schemes is:
A). Requiring all employees to submit receipts electronically
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Expense Reimbursement Schemes
* Detection of Expense Reimbursement Schemes / Review and Analysis of Expense Accounts
* Prevention of Expense Reimbursement Schemes / Detailed Expense Reports: Submission and Review
* Altered Receipts / Producing Fictitious Receipts
NEW QUESTION # 162
The process of disguising illegal proceeds as legitimate proceeds that criminals have a right to possess and spend can BEST be described as:
Answer: B
Explanation:
The correct answer is A, money laundering. The ACFE material defines money laundering as the process by which criminals disguise illicit assets as legitimate assets that they have a right to possess and spend. It involves concealing the existence, nature, source, control, beneficial ownership, location, or disposition of property derived from criminal activity. Cross-border financing may be a feature of laundering, but it is not the overall process described. Asset trafficking is not the best ACFE classification for disguising criminal proceeds. Concealment of assets may occur in fraud or bankruptcy matters, but it is broader and does not specifically capture the laundering of illegal proceeds into apparently legitimate funds.
NEW QUESTION # 163
Which of the following measures would be MOST EFFECTIVE in helping an individual detect whether they have become a victim of identity theft?
Answer: A
Explanation:
The correct answer is C. Regularly requesting and reviewing credit reports is one of the most effective ways for individuals to detect identity theft because unauthorized loans, credit cards, inquiries, addresses, or accounts may appear on the report. A credit report provides structured information from credit reporting agencies and is more reliable than general internet searches. Option A is impractical and incomplete because an individual cannot reasonably contact every international bank. Option B is incorrect because identity theft often causes negative credit activity, not necessarily a large improvement. Option D might reveal exposed information but is not a strong method for detecting fraudulent accounts. The ACFE materials discuss identity theft prevention and response, including monitoring financial and credit information for suspicious activity.
NEW QUESTION # 164
An organization that plans to continue as a going concern files for bankruptcy. In accordance with the World Bank Principles for Effective Insolvency and Creditor/Debtor Regimes, which of the following approaches is MOST APPROPRIATE regarding governance and management of the bankruptcy proceedings?
Answer: A
Explanation:
The correct answer is B. When a debtor organization intends to continue as a going concern, effective insolvency practice may permit existing management to remain involved, subject to oversight by an independent insolvency representative. This approach balances operational continuity with creditor protection, transparency, and accountability. Exclusive control by secured creditors is inappropriate because insolvency proceedings must consider the legal framework and the rights of all affected parties. Creditors may have participation rights, but they do not automatically manage the organization. Mandatory shared governance between management and creditors is also not the best statement of the World Bank Principles.
Professionally, the independent representative's role is to supervise, preserve value, investigate improper transactions, and protect the integrity of the process.
NEW QUESTION # 165
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