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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Check and payment tampering - Payroll schemes - Expense reimbursement schemes |
| Topic 2: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Prevention and detection methods - Cash skimming schemes |
| Topic 3: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Topic 4: Accounting Concepts | 5–10% | - Financial statements structure - Recording and summarizing transactions - Basic accounting principles - Internal control fundamentals |
| Topic 5: Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
| Topic 6: Industry-Specific Financial Crimes | 15–25% | - Cyber-enabled and cryptocurrency fraud - Healthcare fraud - Insurance fraud - Financial institution fraud - Real estate and securities fraud |
| Topic 7: Corruption Schemes | 5–10% | - Bribery and kickbacks - Illegal gratuities and extortion - Conflicts of interest |
| Topic 8: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Topic 9: Financial Statement Fraud | 10–15% | - Expense and liability understatements - Revenue and asset overstatements - Detection and red flags - Timing and disclosure manipulations |
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NEW QUESTION # 340
Warner is part of management at ABC Corporation. He has been asked to implement measures to help prevent fraudulent billing schemes. Which of the following measures would likely be MOST EFFECTIVE?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One of the strongest internal controls against fraudulent billing schemes (such as shell companies, inflated invoices, and kickbacks) is to require competitive bidding .
This ensures transparency, reduces favoritism, and makes it harder for employees and vendors to collude.
* Analysis of Incorrect Options:
* A - Fraud tips are valuable, but routing them only through supervisors may suppress reporting; hotlines are more effective.
* B - Combining purchasing and payment increases fraud risk by reducing segregation of duties.
* D - Outsourcing negotiations does not directly prevent billing fraud.
* Key Concept: Internal controls and segregation of duties in preventing billing schemes.
Reference: ACFE Manual, Fraudulent Disbursements - Billing Schemes .
NEW QUESTION # 341
The fraudster's interest lies with an employer other than the company.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By definition, conflict of interest fraud arises when an employee has a hidden financial or ownership interest in another entity with which the employer does business. The fraudster's loyalty is divided because their interest lies outside of their primary employer.
* Analysis of Incorrect Options:
* B. False - Incorrect because the essence of conflict of interest is precisely that the fraudster's interest lies outside their company.
* Key Concept: Conflict of Interest (divided loyalty).
Reference: ACFE Fraud Examiners Manual (2020) , Conflict of Interest .
NEW QUESTION # 342
Which of the following is TRUE regarding pyramid schemes?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Illegal pyramid schemes rely on continual recruitment of new members. Early participants are paid from the investments of later recruits, meaning later participants almost always lose money. This matches option B.
* Analysis of Incorrect Options:
* A - Not true; pyramid-shaped hierarchies exist in legitimate organizations.
* C - The goal isn't product sales but rather recruitment; products, if present, are often incidental.
* D - Incorrect because B is true.
* Key Concept: Ponzi and pyramid schemes - payment to early investors with later investors' funds.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Pyramid Schemes .
NEW QUESTION # 343
A common way that dishonest contractors collude to evade the competitive bidding process is:
Answer: A
Explanation:
Submitting token bids is a common collusive procurement fraud method known as complementary bidding, also called protective, shadow, or cover bidding. In this scheme, competing contractors submit bids that are not serious attempts to win the contract. These bids might be intentionally too high, technically unacceptable, or structured with unfavorable terms so the preferred contractor wins while the process still appears competitive. This undermines the purpose of competitive bidding, which is to place bidders on equal terms and obtain the best price and conditions. Option B is inconsistent with market division, where conspirators divide markets rather than seek all areas. Option C refers more generally to shell or fictitious bidding, and option D is a billing fraud issue, not the common collusive bidding method described here.
NEW QUESTION # 344
Brenda was a cashier at a retail store. When Brenda's friend shopped at the store, she would take her merchandise to Brenda's cash register. Instead of charging her friend, Brenda would record a No-Sale transaction on the register, and her friend would pretend to pay for the merchandise. Brenda's friend would leave the store without paying for the merchandise, and the two would later divide the merchandise between themselves. This scheme can BEST be described as:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is a false sale scheme , in which an employee processes fictitious transactions (such as false refunds, voids, or no-sales) to conceal theft of merchandise. Here, Brenda pretends to conduct a sale but records no payment.
* Analysis of Incorrect Options:
* A. Register disbursement scheme - Involves fraudulent refunds or disbursements of cash, not merchandise theft.
* C. Purchasing and receiving scheme - Refers to inventory fraud during procurement, not point- of-sale theft.
* D. Skimming scheme - Involves theft of cash before it enters accounting records, not merchandise theft.
* Key Concept: Cash receipts and register manipulation schemes.
Reference: ACFE Manual, Cash Receipts - False Sales and Register Schemes .
NEW QUESTION # 345
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