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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Statement Fraud | 10–15% | - Revenue recognition schemes - Financial statement analysis techniques - Improper disclosures - Asset and liability misrepresentation |
| Topic 2: Asset Misappropriation – Fraudulent Disbursements | 15–20% | - Billing schemes - Expense reimbursement fraud - Register disbursement fraud - Electronic payment tampering - Payroll fraud schemes |
| Topic 3: Other Fraud Schemes | 10–15% | - Healthcare fraud - Insurance fraud - Identity theft and financial crimes - Theft of data and intellectual property - Procurement and contract fraud |
| Topic 4: Asset Misappropriation – Inventory and Other Assets | 5–10% | - Inventory theft and misuse - Prevention and detection controls - Concealment of asset shrinkage |
| Topic 5: Corruption Schemes | 5–10% | - Prevention and detection strategies - Bribery and kickbacks - Illegal gratuities and extortion - Conflicts of interest |
| Topic 6: Internal Control and Fraud Prevention | 10–15% | - Design of anti-fraud controls - Control testing and evaluation - Fraud risk assessment |
| Topic 7: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny - Prevention and detection methods - Cash skimming schemes |
| Topic 8: Basic Accounting and Auditing Concepts | 15–20% | - Financial statement components and relationships - Fundamental accounting principles - Internal control frameworks and objectives - Auditing standards and procedures |
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NEW QUESTION # 207
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer:A need recognition scheme occurs when an employee uses their influence to convince their employer to purchase unnecessary goods or services. This benefits the supplier (often paying kickbacks) but harms the employer.
* Analysis of Incorrect Options:
* A. Presolicitation scheme - General stage of procurement, not specific.
* C. False sole-source scheme - Involves eliminating competition by claiming only one vendor can supply the good/service.
* D. Submission scheme - Related to bid-rigging, not need recognition.
* Key Concept:Need recognition schemes - corruption through unnecessary purchases.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Corruption - Need Recognition Schemes.
NEW QUESTION # 208
A client contacts Emma, a Certified Fraud Examiner (CFE), and explains that they prepaid a commission to a broker for help with obtaining a loan. However, after sending the payment for services, the client did not receive a response from the broker and is unable to contact them. This type of fraud is known as a(n):
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An advance-fee scheme occurs when fraudsters request upfront payments (fees, commissions, or deposits) for services or opportunities that never materialize. The broker taking the fee without providing services is a classic case.
* Analysis of Incorrect Options:
* A. Bait and switch - Advertising one product/service but delivering another, not applicable here.
* C. Split deposit scheme - Involves diversion of payroll or deposits, not loans.
* D. Scavenger scheme - Charging for unnecessary services, often debt collection or foreclosure help, not applicable.
* Key Concept: Advance-fee frauds as common financial scams.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Advance-Fee Schemes.
NEW QUESTION # 209
Which of the following would be MOST INDICATIVE of loan fraud in a draw request submitted by a construction developer?
Answer: A
NEW QUESTION # 210
_________ 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 # 211
Which of the following statements about skimming is INCORRECT?
Answer: B
Explanation:
Explanation/Reference: https://www.acfe.com/uploadedFiles/Shared_Content/Products/Self-Study_CPE/Intro%20to%20Fraud-Chapter%20Excerpt.pdf
NEW QUESTION # 212
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