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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Expense reimbursement schemes - Payroll schemes - Billing schemes |
| Topic 2: Industry-Specific Financial Crimes | 15–25% | - Real estate and securities fraud - Financial institution fraud - Healthcare fraud - Insurance fraud - Cyber-enabled and cryptocurrency fraud |
| Topic 3: Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Cash skimming schemes - Prevention and detection methods |
| Topic 4: Financial Statement Fraud | 10–15% | - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements |
| Topic 5: Accounting Concepts | 5–10% | - Internal control fundamentals - Recording and summarizing transactions - Financial statements structure - Basic accounting principles |
| Topic 6: Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Misuse of assets - Inventory and equipment theft |
| Topic 7: Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Topic 8: Corruption Schemes | 5–10% | - Conflicts of interest - Illegal gratuities and extortion - Bribery and kickbacks |
| Topic 9: Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
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NEW QUESTION # 311
The _______________ cost method of pricing would carry an asset's value on the financial statements as what it would currently cost, considering inflation.
Answer:
Explanation:
Price-level adjusted historical cost
* Rationale for Correct Answer: The price-level adjusted historical cost method adjusts the original purchase price of an asset for inflation, providing a more current value while still tied to historical cost principles. It addresses one of the limitations of strict historical cost accounting.
* Key Concept: Inflation adjustments in asset valuation.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Alternative Valuation Methods .
NEW QUESTION # 312
On the balance sheet, assets must equal the sum of which two components?
Answer: B
Explanation:
The correct answer is D. The balance sheet is based on the fundamental accounting equation: Assets = Liabilities + Owners' Equity. Assets represent resources owned or controlled by the entity. Liabilities represent obligations owed to creditors, while owners' equity represents the owners' residual interest after liabilities are deducted from assets. Because every accounting transaction affects at least two accounts, the equation must remain in balance. Revenues, expenses, cost of goods sold, and gross profit are primarily income statement elements, not the two main components that balance against assets on the statement of financial position. Understanding this equation is essential for fraud examiners because improper entries, concealed liabilities, overstated assets, and equity manipulation can distort financial statements.
NEW QUESTION # 313
Which of the following is a red flag that might indicate the existence of a need recognition scheme?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In a need recognition scheme , an employee creates or exaggerates a need for goods or services to benefit a favored supplier. One red flag is that materials are ordered prematurely or not at the optimal reorder point , suggesting that purchases are being manipulated to benefit a corrupt vendor rather than based on actual business needs.
* Analysis of Incorrect Options:
* A - A large list of suppliers suggests competition, not fraud.
* C - A need met by various suppliers does not indicate fraud.
* D - Low requirements for stock may reflect lean inventory management, not fraud.
* Key Concept: Corruption - need recognition schemes and red flags.
Reference: ACFE Manual, Corruption - Need Recognition Schemes .
NEW QUESTION # 314
To detect fraud committed by a health care provider, a fraud examiner should look for which of the following red flags?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A high percentage of coding outliers (e.g., using higher-paying diagnosis or procedure codes more often than peers) is a red flag of upcoding or fraudulent billing. This signals possible abuse of reimbursement systems.
* Analysis of Incorrect Options:
* A - Fewer claims would not suggest fraud.
* C - Matching documentation is expected, not suspicious.
* D - Low profits may indicate inefficiency, not fraud.
* Key Concept: Health care fraud detection through data analytics and coding anomalies.
Reference: ACFE Manual, Financial Transactions - Health Care Fraud .
NEW QUESTION # 315
A journal in which all sales made on credit or cash are listed is:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounts receivable journal (also called the sales journal) records all sales transactions, whether on credit or cash. It provides a detailed subsidiary record of customer accounts and sales activity.
* Analysis of Incorrect Options:
* A. Disbursement journal - Records cash outflows, not sales.
* C. Accounts payable journal - Records amounts owed to vendors, not sales.
* D. General journal - Records miscellaneous entries not suited to specialized journals.
* Key Concept: Special journals - sales activity recorded in the accounts receivable journal.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Subsidiary Journals .
NEW QUESTION # 316
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