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| Section | Weight | Objectives |
|---|---|---|
| Financial Statement Fraud | 10–15% | - Detection and red flags - Expense and liability understatements - Timing and disclosure manipulations - Revenue and asset overstatements |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Payroll schemes - Expense reimbursement schemes - Check and payment tampering - Billing schemes |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Inventory and equipment theft - Misuse of assets |
| Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion |
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Real estate and securities fraud - Healthcare fraud - Financial institution fraud - Cyber-enabled and cryptocurrency fraud |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Accounting Concepts | 5–10% | - Basic accounting principles - Financial statements structure - Internal control fundamentals - Recording and summarizing transactions |
| Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
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NEW QUESTION # 247
When expenses used to produce income-all of them-should be matched in a consistent manner against that income, this is referred to:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Accrual basis accounting requires revenues and related expenses to be recorded in the same accounting period. This is known as the matching principle , ensuring accurate measurement of income.
* Analysis of Incorrect Options:
* A. Equity - Not relevant to matching expenses.
* C. Expense - A category of cost, not a principle.
* D. Financial record - Too general.
* Key Concept: Accrual Accounting & Matching Principle .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting and Matching Principle .
NEW QUESTION # 248
Which of the following is NOT a red flag of register disbursement schemes?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Finding personal checks in the cash register is unusual, but it does not specifically indicate a register disbursement scheme (such as false refunds or voids). The other options are classic red flags for such schemes.
* Analysis of Incorrect Options:
* A - Missing transaction numbers suggest manipulation.
* C - Excessive voids near approval limits indicate fraud concealment.
* D - Allowing cashiers to void their own sales creates opportunity for abuse.
* Key Concept: Register disbursement schemes and their red flags.
Reference: ACFE Manual, Fraudulent Disbursements - Register Disbursement Schemes .
NEW QUESTION # 249
John is a salesperson whose job requires him to entertain potential clients frequently. When John and another salesperson from a different company take a potential client to dinner, the other salesperson pays for the meal.
John creates his own receipt for the meal and submits the expense for reimbursement from his company.
John's scheme can BEST be characterized as:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: John created a completely false expense claim for a meal that he did not personally pay for. This is a fictitious expense reimbursement scheme , where employees invent expenses and submit them for reimbursement.
* Analysis of Incorrect Options:
* A. Mischaracterized expense - Legitimate expenses claimed as business when they are personal. Not applicable here.
* C. Multiple reimbursement - Involves submitting the same receipt more than once. Not the case here.
* D. Overstated expense - Inflating a legitimate expense, which is not what John did.
* Key Concept: Expense reimbursement fraud - fictitious expenses .
Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Expense Reimbursement Schemes .
NEW QUESTION # 250
Which of the following are the classifications for Corruption?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: According to the ACFE Fraud Tree , corruption is divided into four classifications: bribery, illegal gratuities, economic extortion, and conflicts of interest . These cover the major ways employees misuse influence for personal gain.
* Analysis of Incorrect Options:
* B. Corruption... - Redundant; corruption is the main category, not a sub-classification.
* C. Overbilling and bid-rigging - These are disbursement schemes, not corruption categories.
* D. Corruption repeated - Incorrect for the same reason as option B.
* Key Concept: Corruption classifications under the Fraud Tree.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Fraud Tree Categories .
NEW QUESTION # 251
Which of the following is NOT one of the information security goals that should be achieved to secure an e- commerce system for users and account holders?
Answer: D
Explanation:
The ACFE Fraud Examiners Manual (2020 International Edition) , under the section on Information Security in Electronic Commerce Systems , describes the three primary security goals that must be achieved to protect users and account holders:
* Confidentiality
* Integrity
* Availability
These three goals form the cornerstone of information system protection and are often referred to as the CIA triad .
1. Confidentiality
Confidentiality ensures that sensitive information is accessible only to authorized individuals. The Manual highlights that e-commerce systems must protect customers' personal and financial data from unauthorized access.
2. Integrity
Integrity requires that the information in the system is accurate and has not been improperly altered. This prevents fraudulent manipulation of records, transactions, and account balances.
3. Availability
Availability ensures that systems and data are accessible to authorized users when needed. This includes preventing disruptions caused by system failures, denial-of-service attacks, or internal sabotage.
These three goals are explicitly documented in the ACFE Manual as essential security requirements for safeguarding electronic financial systems.
Why Option C is the Correct Answer
"Penetrability of data" is NOT an information security goal.
In fact, it is the opposite of what an information security framework seeks to achieve. No section of the ACFE Manual identifies "penetrability" as a required or legitimate objective. Instead, systems should be resistant to penetration attempts.
Thus, Option C does not belong to the CIA model or any ACFE-described security framework.
ACFE Manual Reference
These concepts are covered in the Financial Transactions and Fraud Schemes section discussing information security objectives for e-commerce environments, which identifies confidentiality, integrity, and availability as the foundational goals of secure systems.
NEW QUESTION # 252
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