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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 2: Financial Crimes | - Money Laundering
|
| Topic 3: Fraud Investigation and Analysis | - Data analysis in fraud detection
|
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NEW QUESTION # 22
__________ can be defined as conduct detrimental to the organization and to the employee.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The term Employee deviance refers to conduct that is harmful both to the organization and to the employee engaging in it. This encompasses a broad set of behaviors, including fraud, theft, abuse, and violations of organizational norms. While employee theft and fraud are subsets, deviance is the umbrella concept.
* Analysis of Incorrect Options:
* B. Employee theft - Specific to stealing from the employer, not the broader definition of detrimental conduct.
* C. Employee fraud - Specific to deceptive practices, not all deviant acts.
* D. All of the above - Incorrect, since the definition most accurately matches "Employee deviance."
* Key Concept: Employee Deviance - broader behavioral category that includes fraud, theft, and other misconduct.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Employee Deviance and Occupational Fraud .
NEW QUESTION # 23
Physical assets including _________ and ________ are the most commonly misappropriated noncash assets in our study.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Studies by the ACFE consistently show that inventory and equipment are the most commonly misappropriated noncash assets. They are highly liquid, valuable, and often difficult to monitor without strong controls.
* Analysis of Incorrect Options:
* A. Interest & Collusion - Not physical assets.
* C. Inventory & Purchase - Purchase is a process, not a physical asset.
* D. Sales & Equipment - Sales are transactions, not assets.
* Key Concept: Noncash asset misappropriation - inventory and equipment are the primary targets.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Common Targets of Misappropriation .
NEW QUESTION # 24
A restaurant offers to provide David, a senior executive at ALT Consulting, with free dinners once a month for his family and friends if he agrees to use the restaurant for all of ALT Consulting's catering needs. This scheme can BEST be described as a(n):
Answer: B
Explanation:
The correct answer is D. A kickback scheme occurs when a vendor or contractor provides something of value to an employee or decision-maker in exchange for business or favorable treatment. Here, the restaurant offers David free monthly dinners for his family and friends if he directs ALT Consulting's catering business to the restaurant. The benefit is tied directly to David's agreement to steer business, which is the defining feature of a kickback. An illegal gratuity typically involves a reward for an official act without the same negotiated exchange. Economic extortion involves the employee demanding payment from the vendor. A diversion scheme is not the best classification. The ACFE materials identify gifts, travel, entertainment, and other benefits as common methods of making corrupt payments.
NEW QUESTION # 25
A running count that records how much inventory should be on hand is referred to:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Perpetual inventory systems maintain a continuous, running balance of inventory on hand. They are updated with each purchase and sale, providing a theoretical count at all times. Discrepancies between perpetual and physical counts may indicate theft, errors, or fraud.
* Analysis of Incorrect Options:
* A. Altered inventory - Fraudulent manipulation, not a system.
* C. Shrinking inventory - Refers to shrinkage, not the system.
* D. Fictitious inventory - Fraudulent reporting, not a legitimate system.
* Key Concept: Perpetual inventory systems as internal controls.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Systems .
NEW QUESTION # 26
Which of the following methods might a procuring employee use to engage in a bid manipulation scheme?
Answer: C
Explanation:
The correct answer is D. In a bid manipulation scheme, a procuring employee improperly influences the bidding process to benefit a favored contractor. One common method is restricting or eliminating legitimate competitors so the preferred vendor has a greater chance of winning. Disqualifying bids that were submitted correctly is a direct manipulation of the competitive process because it removes valid bidders without a proper basis. Charging impermissible costs is more closely related to cost mischarging. Using low-quality materials relates to nonconforming goods or services. Opening the bidding process at the designated time is a proper procurement activity, not fraud. The ACFE material explains that bid manipulation occurs when a corrupt procurement employee affects contractor selection by restricting competition.
NEW QUESTION # 27
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