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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Healthcare fraud - Insurance fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud |
| Topic 2: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 3: Corruption Schemes | 5–10% | - Bribery and kickbacks - Illegal gratuities and extortion - Conflicts of interest |
| Topic 4: Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash skimming schemes - Cash larceny schemes |
| Topic 5: Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Expense reimbursement schemes - Billing schemes - Payroll schemes |
| Topic 6: Theft of Data and Intellectual Property | 5–10% | - Data and IP theft methods - Safeguarding proprietary information - Corporate espionage |
| Topic 7: Accounting Concepts | 5–10% | - Recording and summarizing transactions - Basic accounting principles - Internal control fundamentals - Financial statements structure |
| Topic 8: Financial Statement Fraud | 10–15% | - Expense and liability understatements - Revenue and asset overstatements - Detection and red flags - Timing and disclosure manipulations |
| Topic 9: Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Concealment techniques - Inventory and equipment theft |
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NEW QUESTION # 160
A fraudster poses as ABC Organization's chief executive officer (CEO) and sends an email to an employee requesting that company funds be transferred to an account that the fraudster owns. This is an example of which of the following types of fraud schemes?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This scheme is a business email compromise (BEC) , also known as CEO fraud. Fraudsters impersonate high-ranking executives to trick employees into transferring money or disclosing confidential information.
* Analysis of Incorrect Options:
* A. Reverse social engineering - Involves the fraudster posing as a helper and then exploiting the victim, not impersonating executives.
* B. Executive email attack - A generic term, but the ACFE recognizes BEC as the precise classification.
* C. Electronic piggybacking - Refers to unauthorized access through another user's session, not impersonation.
* Key Concept: Social engineering and cyber-enabled fraud - BEC schemes.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Business Email Compromise .
NEW QUESTION # 161
Which of the following statements about skimming is CORRECT?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Skimming is the theft of incoming cash before it is recorded in the books . Since the payment is never recorded, no audit trail exists, making it an "off-book" scheme.
* Analysis of Incorrect Options:
* A - Incorrect; skimming can involve both sales and receivable payments.
* C - Incorrect; skimming is off-book , not on-book.
* D - Incorrect; skimming is typically harder to detect than larceny, since there is no record.
* Key Concept: Skimming vs. larceny - off-book theft of cash receipts.
Reference: ACFE Manual, Cash Receipts - Skimming Schemes .
NEW QUESTION # 162
___________ is to allow the owner, investors, creditors, and others with an interest to know the appropriate book worth of the business at a particular date.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The balance sheet provides a snapshot of a company's financial position at a specific date. It shows assets, liabilities, and equity, allowing stakeholders to assess book value and solvency.
* Analysis of Incorrect Options:
* A. Equity - A component of the balance sheet, not the full report.
* C. Income statement - Shows performance over a period, not book worth at a date.
* D. Financial record - Too general.
* Key Concept: Balance Sheet as a tool for determining book worth at a point in time.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Financial Statements Overview .
NEW QUESTION # 163
In accordance with the accounting equation, which of the following actions would conceal the fraudulent removal of a liability from the books?
Answer: A
Explanation:
The correct answer is A because the accounting equation is Assets = Liabilities + Owners' Equity. If a fraudster removes a liability from the books, total liabilities decrease. To keep the equation balanced without drawing attention to the improper removal, the fraudster could increase another liability account. This offsets the decrease and keeps total liabilities from appearing reduced. Decreasing owners' equity or creating a fictitious expense would further reduce the right side of the equation and would not conceal the removal in the same way. Increasing an asset would increase the left side, worsening the imbalance unless another entry were also made. The ACFE accounting concepts materials explain that understanding debit-credit relationships and the accounting equation is essential in detecting concealment entries.
NEW QUESTION # 164
Which of the following is FALSE regarding electronic payment tampering?
Answer: D
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 # 165
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