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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
| Topic 2: Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Topic 3: Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
| Topic 4: Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Topic 5: Accounting Concepts | 5–10% | - Internal control fundamentals - Recording and summarizing transactions - Basic accounting principles - Financial statements structure |
| Topic 6: Financial Statement Fraud | 10–15% | - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements |
| Topic 7: Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
| Topic 8: Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Billing schemes - Payroll schemes - Expense reimbursement schemes |
| Topic 9: Industry-Specific Financial Crimes | 15–25% | - Real estate and securities fraud - Healthcare fraud - Insurance fraud - Cyber-enabled and cryptocurrency fraud - Financial institution fraud |
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NEW QUESTION # 32
The scheme in which the same vendor is receiving favorable treatment can be found in purchases by vendor searches.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is True . Fraud examiners often analyze purchases by vendor to detect schemes where a single vendor receives disproportionately favorable treatment. This may indicate kickbacks, conflicts of interest, or vendor collusion schemes.
* Analysis of Incorrect Options:
* B. False - Incorrect, as vendor analysis is a valid tool to identify such schemes.
* Key Concept: Purchases by vendor analysis as a fraud detection method.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraudulent Disbursements - Vendor Analysis Techniques .
NEW QUESTION # 33
______________ is required not only for theft, but for procedures to detect errors, avoid waste, and ensure a proper amount of inventory is maintained.
Answer:
Explanation:
Internal control (Inventory Control)
* Rationale for Correct Answer: Strong internal controls - particularly inventory controls - are essential not just to prevent theft, but also to detect errors, reduce waste, and ensure that inventory levels are appropriate. Controls such as physical counts, reconciliations, and segregation of duties protect against misappropriation and inefficiencies.
* Key Concept: Internal Controls as a preventive and detective mechanism in asset safeguarding.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Control procedures.
NEW QUESTION # 34
Which of the following statements about competitive intelligence is CORRECT?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Competitive intelligence refers to the legal and ethical gathering of publicly available information about competitors. It is a legitimate business practice and differs from corporate espionage , which involves illegal or covert methods.
* Analysis of Incorrect Options:
* B. Government-sanctioned espionage - This describes intelligence operations, not business practice.
* C. Identical to espionage - False; competitive intelligence is legal, espionage is illegal.
* D. Illegal covert methods - That is espionage, not competitive intelligence.
* Key Concept: Competitive intelligence vs. corporate espionage .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Corporate Espionage and Competitive Intelligence .
NEW QUESTION # 35
Which counts sometimes can give rise to inventory theft detection?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Physical inventory counts involve actually counting items on hand and comparing them to book records. These counts can reveal theft, errors, or shrinkage when discrepancies are identified.
* Analysis of Incorrect Options:
* A. Perpetual inventory counts - The system tracks expected balances but cannot independently confirm theft.
* C. Concealment inventory counts - Not a recognized term.
* D. None of the above - Incorrect, since physical counts do aid detection.
* Key Concept: Physical inventory counts as a fraud detection tool.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Counts and Fraud Detection .
NEW QUESTION # 36
In which approach do fraudsters produce whatever financial statements they wish, perhaps using just a typewriter or a personal computer?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The "outside the accounting system" approach occurs when perpetrators simply fabricate financial statements without regard to actual accounting records.
Fraudsters may create entirely false reports using external tools (typewriters, spreadsheets, word processors).
* Analysis of Incorrect Options:
* A. Organized accounting - Not a fraud classification.
* B. Playing the accounting - Uses the real accounting system but manipulates entries.
* C. Beating accounting - Refers to overriding controls but within the system.
* D. Outside accounting system - Correct, as it involves entirely fabricated statements.
* Key Concept: Outside-the-books fraud - fabricated financial reports not tied to accounting records.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Approaches to Fraudulent Reporting .
NEW QUESTION # 37
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