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| Section | Objectives |
|---|---|
| Fraud Investigation and Analysis | - Data analysis in fraud detection
|
| Financial Crimes | - Money Laundering
|
| Fraud Schemes | - Financial Statement Fraud
|
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NEW QUESTION # 208
Maria is Annie's beneficiary under a life insurance policy. The two need a large sum of money, so Maria submits a claim with a phony death certificate indicating that Annie is no longer living, even though Annie is alive and has fled to a different town. Maria and Annie's actions are an example of which of the following fraud schemes?
Answer: C
Explanation:
Maria and Annie's actions are a fraudulent death claim scheme. In life insurance fraud, a fraudulent death claim occurs when a person falsely represents that the insured has died to obtain policy proceeds. The scheme can involve a fabricated death, a phony death certificate, staged disappearance, or collusion between the insured and beneficiary. Here, Annie is alive, and Maria submits a false claim supported by a phony death certificate. A tombstone policy claim generally involves policies or claims connected to deceased persons or fraudulent use of death information, but the facts here involve a living insured falsely reported as dead.
Premium theft concerns misappropriation of premiums, and beneficiary extortion is not the scheme described.
NEW QUESTION # 209
Which of the following is the MOST APPROPRIATE technique for detecting a cost mischarging scheme?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Cost mischarging occurs when costs are charged to improper accounts or contracts. The best way to detect it is through analytical review -comparing direct vs.
indirect labor account totals across periods to identify unusual shifts or spikes.
* Analysis of Incorrect Options:
* A. Reviewing inspection/testing reports - Effective for detecting defective/substituted goods, not mischarging.
* C. Inspecting packaging - Identifies product substitution, not accounting mischarges.
* D. Examining change orders - Useful for contract fraud, but not direct mischarging.
* Key Concept: Cost mischarging detection through analytical procedures .
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Contract and Procurement Fraud .
NEW QUESTION # 210
__________ can be defined as conduct detrimental to the organization and to the employee.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The term Employee deviance refers to conduct that is harmful both to the organization and to the employee engaging in it. This encompasses a broad set of behaviors, including fraud, theft, abuse, and violations of organizational norms. While employee theft and fraud are subsets, deviance is the umbrella concept.
* Analysis of Incorrect Options:
* B. Employee theft - Specific to stealing from the employer, not the broader definition of detrimental conduct.
* C. Employee fraud - Specific to deceptive practices, not all deviant acts.
* D. All of the above - Incorrect, since the definition most accurately matches "Employee deviance."
* Key Concept: Employee Deviance - broader behavioral category that includes fraud, theft, and other misconduct.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Employee Deviance and Occupational Fraud .
NEW QUESTION # 211
A person is said to be in ________ act, when the business which he transacts, or the money or property which he handles, is not for his own benefit, but for another person:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The correct answer is A. Fiduciary Capacity . According to the Fraud Examiners Manual (2020 International Edition) , a fiduciary relationship exists when a person is entrusted with the property or affairs of another and is obligated to act in the best interest of that person, rather than for their own benefit. Fiduciary capacity is a key legal concept in fraud examinations, particularly in cases involving breaches of trust, embezzlement, or misappropriation.
* Analysis of Incorrect Options (Distractors):
* B. Embezzlement - Embezzlement is the wrongful appropriation of assets by a person entrusted with them. While it often arises from a fiduciary relationship, it describes the act of theft , not the capacity in which the person acts.
* C. Conversion - Conversion refers to the unauthorized use or control over another's property, a civil wrong, but it does not describe the relationship of acting on another's behalf.
* D. None of the above - Incorrect, since "fiduciary capacity" directly fits the definition in the question.
* Key Concept: Understanding fiduciary duty and fiduciary capacity , which form the legal foundation for identifying when a person has a duty to act on behalf of another, often forming the basis for fraud-related legal claims.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Law section - Breach of Fiduciary Duty and related principles of fiduciary responsibility.
NEW QUESTION # 212
Which of the following measures would be MOST EFFECTIVE in helping a company detect electronic payment tampering fraud?
Answer: B
Explanation:
The correct answer is C. Electronic payment tampering occurs when an employee improperly alters or creates electronic payments, such as ACH payments, wire transfers, or online banking payments. Reviewing non- payroll payments made to employees is highly effective because employees generally should not receive vendor-style electronic disbursements outside normal payroll or approved reimbursement channels. Such payments can indicate that an employee inserted their own bank account, created an unauthorized payee, or diverted electronic funds. Vendor duplicate confirmations are more relevant to duplicate-payment issues.
Customer complaints about late account postings relate more to cash receipts or accounts receivable.
Quarterly reconciliations are too infrequent for timely detection. The ACFE materials identify electronic payment tampering as a fraudulent disbursement risk requiring strong monitoring and bank controls.
NEW QUESTION # 213
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