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| Section | Weight | Objectives |
|---|---|---|
| Identity Theft | 1–5% | - Types and techniques - Prevention and detection |
| Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion |
| Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash skimming schemes - Cash larceny schemes |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Payroll schemes - Check and payment tampering - Expense reimbursement schemes |
| Financial Statement Fraud | 10–15% | - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements - Revenue and asset overstatements |
| Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
| Industry-Specific Financial Crimes | 15–25% | - Healthcare fraud - Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Real estate and securities fraud - Insurance fraud |
| Accounting Concepts | 5–10% | - Basic accounting principles - Internal control fundamentals - Recording and summarizing transactions - Financial statements structure |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
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NEW QUESTION # 317
Ada uses her mother's government identification card to impersonate her mother and obtain health care for herself under her mother's insurance benefits. Which type of patient health care fraud scheme is Ada MOST LIKELY committing?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is third-party fraud , where someone uses another person's identity (often a relative or acquaintance) to obtain services or benefits they are not entitled to, such as medical treatment under another's insurance.
* Analysis of Incorrect Options:
* A. Misrepresentations fraud - Usually involves false information by a legitimate patient or provider.
* B. Fictitious claims fraud - Involves billing for services that never occurred.
* D. Multiple claims fraud - Involves submitting duplicate claims for the same service.
* Key Concept: Health care fraud typologies - patient third-party impersonation.
Reference: ACFE Manual, Financial Transactions - Health Care Fraud .
NEW QUESTION # 318
Which of the following statements is MOST ACCURATE regarding financial reporting practices and accounting frameworks, such as U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS)?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The accounting framework a company must follow depends on the jurisdiction in which it is publicly traded . For example, U.S.-listed companies must follow GAAP, while companies in the EU must use IFRS. Some countries allow or require IFRS, others mandate local GAAP.
* Analysis of Incorrect Options:
* B - Incorrect; some jurisdictions have their own national GAAP not tied to U.S. GAAP or IFRS.
* C - Incorrect; international operations do not mandate IFRS-jurisdictional rules apply.
* D - Incorrect; U.S. GAAP is rules-based, IFRS is principles-based (the reverse of what's stated).
* Key Concept: Financial reporting standards are jurisdiction-driven.
Reference: ACFE Manual, Accounting Concepts - GAAP vs. IFRS .
NEW QUESTION # 319
What can make it easy for an employee to skim sales or receivables?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Weak or poor collection and recording procedures create opportunities for employees to skim. Without strong controls over cash receipts and documentation, employees can divert funds without detection.
* Analysis of Incorrect Options:
* A. Revenue sources and recording procedures - Too general; it is weak procedures that matter.
* C. Internal audits and recording procedures - Audits help detect fraud, not enable it.
* D. Register manipulations and recording procedures - Describes concealment, not the root cause.
* Key Concept: Control weaknesses enable skimming.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Causes and Opportunities for Skimming .
NEW QUESTION # 320
Which of the following scenarios BEST illustrates a misrepresentation health care fraud scheme?
Answer: B
Explanation:
The correct answer is B. Misrepresentation in health care or insurance fraud occurs when an applicant or insured person provides false information to obtain coverage, reduce premiums, or receive benefits that would not otherwise be available. Marco falsely states that he is a nonsmoker to obtain full insurance coverage, making the application materially misleading. Option A is a fictitious claim because the procedure was canceled. Option C involves improper use of another person's policy or coverage. Option D is closer to multiple-claim or duplicate reimbursement fraud. The ACFE health care fraud materials specifically identify misrepresentation on applications as an insured or beneficiary fraud scheme, making Marco's false smoking status the best example.
NEW QUESTION # 321
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . The net result of revenues and expenses (credits and debits) on the income statement flows into retained earnings, which is part of equity on the balance sheet. Therefore, excess credits (profits) increase equity, while excess debits (losses) decrease equity.
* Analysis of Incorrect Options:
* B. False - Incorrect, as the closing process of the accounting cycle directly affects equity.
* Key Concept: Closing process and impact of net income on equity.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Income Statement Flow to Equity .
NEW QUESTION # 322
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