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| Section | Weight | Objectives |
|---|---|---|
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
| Corruption Schemes | 5–10% | - Bribery and kickbacks - Conflicts of interest - Illegal gratuities and extortion |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Prevention and detection methods - Cash larceny schemes |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Misuse of assets - Concealment techniques |
| Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Cyber-enabled and cryptocurrency fraud - Real estate and securities fraud - Healthcare fraud - Insurance fraud |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Check and payment tampering - Payroll schemes - Billing schemes |
| Financial Statement Fraud | 10–15% | - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements - Detection and red flags |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Accounting Concepts | 5–10% | - Internal control fundamentals - Financial statements structure - Recording and summarizing transactions - Basic accounting principles |
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NEW QUESTION # 346
When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A need recognition scheme occurs when an employee uses their influence to convince their employer to purchase unnecessary goods or services. This benefits the supplier (often paying kickbacks) but harms the employer.
* Analysis of Incorrect Options:
* A. Presolicitation scheme - General stage of procurement, not specific.
* C. False sole-source scheme - Involves eliminating competition by claiming only one vendor can supply the good/service.
* D. Submission scheme - Related to bid-rigging, not need recognition.
* Key Concept: Need recognition schemes - corruption through unnecessary purchases.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Need Recognition Schemes .
NEW QUESTION # 347
According to the Fraud Tree, cash has three following schemes:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: According to the ACFE Fraud Tree, cash-related asset misappropriation schemes fall into three categories: Skimming (off-book theft), Cash Larceny (on- book theft), and Fraudulent Disbursements (bogus outflows such as billing, payroll, and check tampering) .
* Analysis of Incorrect Options:
* B. Fraud analysis, skimming, and cash misappropriations - "Fraud analysis" and "cash misappropriations" are not fraud tree categories.
* C. Cash larceny, cash distribution, and fraudulent disbursements - "Cash distribution" is not a fraud tree category.
* D. Cash distribution, skimming, and fraud analysis - Includes non-fraud tree terms.
* Key Concept: Fraud Tree - Cash Schemes: Skimming, Cash Larceny, Fraudulent Disbursements.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Tree - Cash .
NEW QUESTION # 348
Which of the following measures would be MOST EFFECTIVE in helping a company detect electronic payment tampering fraud?
Answer: C
Explanation:
The correct answer is C. Electronic payment tampering occurs when an employee improperly alters or creates electronic payments, such as ACH payments, wire transfers, or online banking payments. Reviewing non- payroll payments made to employees is highly effective because employees generally should not receive vendor-style electronic disbursements outside normal payroll or approved reimbursement channels. Such payments can indicate that an employee inserted their own bank account, created an unauthorized payee, or diverted electronic funds. Vendor duplicate confirmations are more relevant to duplicate-payment issues.
Customer complaints about late account postings relate more to cash receipts or accounts receivable.
Quarterly reconciliations are too infrequent for timely detection. The ACFE materials identify electronic payment tampering as a fraudulent disbursement risk requiring strong monitoring and bank controls.
NEW QUESTION # 349
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: C
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 # 350
_____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudulent financial statements (or "fraudulent statement") refer to the intentional misrepresentation of financial condition, typically through overstating revenues, understating expenses, inflating assets, or concealing liabilities. The intent is to mislead stakeholders such as investors, creditors, or regulators.
* Analysis of Incorrect Options:
* B. Corruption - Refers to abuses of influence and conflicts of interest, not misreporting financial information.
* C. Asset misappropriations - Involve theft of assets, not misrepresentation of reports.
* D. None of the above - Incorrect since option A is correct.
* Key Concept: Financial Statement Fraud - misrepresentation of organizational performance and position.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud section
- Definition and Types .
NEW QUESTION # 351
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