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| Section | Weight | Objectives |
|---|---|---|
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
| Accounting Concepts | 5–10% | - Financial statements structure - Basic accounting principles - Internal control fundamentals - Recording and summarizing transactions |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Inventory and equipment theft - Misuse of assets |
| Financial Statement Fraud | 10–15% | - Expense and liability understatements - Timing and disclosure manipulations - Revenue and asset overstatements - Detection and red flags |
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
| Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Payroll schemes - Expense reimbursement schemes - Billing schemes |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Industry-Specific Financial Crimes | 15–25% | - Healthcare fraud - Financial institution fraud - Insurance fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud |
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NEW QUESTION # 336
Which of the following is NOT the reason why senior management will overstate business statements?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Management may overstate financial statements to (B) meet performance criteria, (C) trigger bonuses/compensation, or (D) show growth to enhance valuation for sale. However, when seeking to comply with debt covenants , management typically understates liabilities or expenses - not overstates performance. Thus, A is not aligned with overstatement motives.
* Analysis of Incorrect Options:
* B, C, D - All are recognized motives for overstating business performance.
* A. Comply with debt covenants - More linked to manipulation of liabilities (often understatement), not overstatement of revenue.
* Key Concept: Motives for overstatement in financial statement fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Overstatement Motives .
NEW QUESTION # 337
The person or persons who have access to __________ are often the targets of unethical vendors seeking an advantage in the process.
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudsters often attempt to influence or bribe employees who have access to sealed bids . Access to sealed bids provides unfair knowledge of competitors' pricing and terms, enabling collusion or bid manipulation.
* Analysis of Incorrect Options:
* A. Bid-splitting - A fraud scheme, not what vendors seek access to.
* C. General purchasing - Too broad; not specifically tied to vendor fraud.
* D. Tailor specifications - A corruption scheme, but not the specific target of vendor bribery.
* Key Concept: Sealed bid access as a key target in procurement fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid Manipulation .
NEW QUESTION # 338
Which of the following options is a type of insurance fraud scheme in which an agent changes the beneficiary on record for an insured's policy to a made-up person and then absconds with the proceeds after authorizing a distribution of funds?
Answer: A
Explanation:
The correct answer is B. A fictitious payee scheme occurs when an insurance insider directs payments to a fabricated or unauthorized recipient and then misappropriates the funds. In this scenario, the agent changes the beneficiary to a made-up person and authorizes distribution of policy proceeds, enabling the agent to abscond with the money. The fraudulent feature is the creation or use of a false payee, not a false death. A false information scheme is broader and does not specifically describe the payment diversion. A fictitious death scheme would involve falsely claiming that the insured died. "False heir scheme" is not the best ACFE category. The ACFE insurance fraud materials identify fictitious payees as an agent or broker fraud method.
NEW QUESTION # 339
XYZ Company files for bankruptcy. The court requires XYZ Company to sell its properties and inventory and use the proceeds to pay creditors, thereby discharging all of the company's dischargeable debts. This type of bankruptcy filing is known as:
Answer: A
Explanation:
The correct answer is D. Liquidation bankruptcy involves identifying the debtor's assets, selling nonexempt assets, and using the proceeds to pay creditors. After the liquidation process, the debtor may receive a discharge of eligible debts, depending on the applicable jurisdiction and the nature of the obligations. The facts state that XYZ Company must sell its properties and inventory and apply the proceeds to creditors, which is the defining feature of liquidation. Reorganization bankruptcy allows a debtor to continue operating while restructuring debts under an approved plan. Receivership is a court-supervised arrangement involving a receiver, but it is not the filing type described. "Debt forgiveness bankruptcy" is not the proper ACFE classification.
NEW QUESTION # 340
Cynthia receives a fraudulent text message that appears to be from her credit card company. The message claims that the company has detected suspicious card transactions and provides a link for her to click to sign into her account for more information. Cynthia is MOST LIKELY being targeted by which of the following types of social engineering schemes?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Smishing (SMS phishing) uses fraudulent text messages to trick victims into clicking malicious links or revealing credentials. This matches Cynthia's scenario.
* Analysis of Incorrect Options:
* A. Vishing - Voice phishing by phone call, not text message.
* C. Catfishing - Fake online persona in social contexts, not financial fraud via text.
* D. Pharming - Redirecting users to fake websites via DNS manipulation, not text messages.
* Key Concept: Social engineering methods-email (phishing), phone (vishing), text (smishing).
Reference: ACFE Manual, Fraud Prevention and Deterrence - Social Engineering Attacks .
NEW QUESTION # 341
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