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| Section | Weight | Objectives |
|---|---|---|
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Financial institution fraud - Real estate and securities fraud - Healthcare fraud - Cyber-enabled and cryptocurrency fraud |
| Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash larceny schemes - Cash skimming schemes |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Timing and disclosure manipulations - Expense and liability understatements - Detection and red flags |
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
| Accounting Concepts | 5–10% | - Internal control fundamentals - Recording and summarizing transactions - Basic accounting principles - Financial statements structure |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Billing schemes - Payroll schemes - Expense reimbursement schemes |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
>> CFE-Fraud-Schemes-and-Financial-Crimes Exam Quiz <<
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NEW QUESTION # 122
__________ are the amounts which are owed to other entities:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Liabilities are defined as obligations to transfer assets or provide services to other entities in the future as a result of past transactions. They represent what the organization owes, distinguishing them from assets.
* Analysis of Incorrect Options:
* A. Supplies - Assets consumed within a year, not obligations.
* B. Expenses - Costs incurred, but not necessarily amounts owed.
* C. Assets - Resources owned, not obligations.
* Key Concept: Definition of Liabilities in accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Assets and Liabilities .
NEW QUESTION # 123
Aja is implementing measures to help ABC Company detect signs that its proprietary information has been stolen. Which of the following practices would be MOST HELPFUL for Aja to implement?
Answer: A
Explanation:
The best practice is to identify employees leaving the company who have downloaded an unusually large number of data files. Departing employees present a heightened risk of proprietary information theft because they might take customer lists, pricing data, product designs, research, formulas, source code, or strategic plans for use with a competitor or new venture. Monitoring abnormal downloading activity is a targeted detective control that focuses on actual access and extraction of sensitive data. Options A and C rely on external competitor activity and might reveal only indirect indicators after damage occurs. Option B is too broad because permitted access alone does not show theft. The ACFE material emphasizes insider threats, safeguarding proprietary information, and monitoring unusual access or transfer of sensitive data.
NEW QUESTION # 124
The process of disguising illegal proceeds as legitimate proceeds that criminals have a right to possess and spend can BEST be described as:
Answer: C
Explanation:
The correct answer is A, money laundering. The ACFE material defines money laundering as the process by which criminals disguise illicit assets as legitimate assets that they have a right to possess and spend. It involves concealing the existence, nature, source, control, beneficial ownership, location, or disposition of property derived from criminal activity. Cross-border financing may be a feature of laundering, but it is not the overall process described. Asset trafficking is not the best ACFE classification for disguising criminal proceeds. Concealment of assets may occur in fraud or bankruptcy matters, but it is broader and does not specifically capture the laundering of illegal proceeds into apparently legitimate funds.
NEW QUESTION # 125
Which of the following would NOT be helpful in preventing expense reimbursement schemes?
Answer: C
Explanation:
The ACFE Fraud Examiners Manual addresses Expense Reimbursement Schemes under Asset Misappropriation: Fraudulent Disbursements and separates the discussion into:
* Detection of Expense Reimbursement Schemes
* Prevention of Expense Reimbursement Schemes
The Manual specifically identifies "Detailed Expense Reports: Submission and Review" as the prevention approach for expense reimbursement fraud.
Why A is correct
Requiring all employees to submit receipts electronically is not, by itself, a preventive control recognized by the Manual. The ACFE's prevention focus is on requiring detailed expense reports , adequate supporting documentation, and careful review-not merely changing the format of submission from paper to electronic.
In fact, because expense reimbursement fraud often involves altered receipts , fictitious receipts , and other manipulated support, simply requiring electronic submission does not meaningfully prevent the scheme. The Manual lists schemes such as altered receipts and producing fictitious receipts , showing that the problem is the authenticity and review of documentation, not whether the receipt is submitted electronically.
Why the other options are helpful
B). Comparing current expenses to budgeted expense amounts
This is helpful because the Manual includes review and analysis of expense accounts as part of detecting these schemes. Comparing reported expenses to expected or budgeted levels can reveal unusual spikes or anomalies that may indicate fraud.
C). Requiring employees to explain the specific business purpose of each expense This is clearly helpful and consistent with the Manual's prevention emphasis on detailed expense reports and proper documentation. Requiring a specific business purpose makes it harder to submit personal, inflated, or fictitious expenses.
D). Comparing current expenses to historical expenditure amounts
This is also helpful because the Manual's review and analysis of expense accounts supports analytical comparisons to identify irregularities, trends, or unexplained increases in reimbursements. Historical comparison is a classic way to spot padded or abnormal expense claims.
Conclusion
Under the ACFE Manual, prevention of expense reimbursement schemes depends on detailed reporting, documentation, and review . Merely requiring receipts to be submitted electronically does not address whether the receipts are false, altered, duplicated, or unsupported. Therefore, the choice that would NOT be helpful in preventing expense reimbursement schemes is:
A). Requiring all employees to submit receipts electronically
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Expense Reimbursement Schemes
* Detection of Expense Reimbursement Schemes / Review and Analysis of Expense Accounts
* Prevention of Expense Reimbursement Schemes / Detailed Expense Reports: Submission and Review
* Altered Receipts / Producing Fictitious Receipts
NEW QUESTION # 126
Which of the following is FALSE regarding electronic payment tampering?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In sound internal controls, the person initiating electronic payments should not also be responsible for setting filters or approving transactions . This creates a segregation of duties violation. Therefore, statement D is false.
* Analysis of Incorrect Options:
* A. Positive pay for ACH - True; it helps verify transactions.
* B. ACH blocks - Correct; a control against unauthorized debits.
* C. Lack of physical evidence - True; electronic fraud lacks paper trails, making detection harder.
* Key Concept: Electronic payment tampering controls .
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Electronic Payment Fraud .
NEW QUESTION # 127
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