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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Asset Misappropriation Schemes
|
| Topic 2: Financial Crimes | - Financial Statement Fraud
|
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NEW QUESTION # 121
Which of the following would be MOST INDICATIVE of loan fraud in a draw request submitted by a construction developer?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A draw request is used by construction developers to obtain loan funds for work completed. If lien releases are missing, it suggests subcontractors may not have been paid, and the developer might be misrepresenting completed work-an indicator of loan fraud.
* Analysis of Incorrect Options:
* A - Omission of personal account statements isn't unusual for a draw request.
* B - Change orders are common in construction projects.
* D - Multiple inspection reports support validity, not fraud.
* Key Concept: Loan fraud detection through supporting documentation review.
Reference: ACFE Manual, Financial Transactions - Loan Fraud .
NEW QUESTION # 122
A scheme is classified as a Conflict of Interest:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Conflict of interest schemes occur when an employee, manager, or agent has an undisclosed personal interest in a transaction that is adverse to their employer. The Fraud Examiners Manual (2020) notes that one of the most common forms is when an employee has a hidden ownership or financial interest in a vendor that does business with the company. This compromises objectivity and creates self-dealing risks.
* Analysis of Incorrect Options:
* B. Salesman interest - Too narrow and not representative of the standard conflict scheme definition.
* C. Purchaser interest - Purchasers are often involved, but the broader definition encompasses all employees.
* D. Dealer interest - "Dealership interest" is not a recognized ACFE fraud scheme classification.
* Key Concept: Conflict of Interest scheme under Corruption .
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption: Conflict of Interest Schemes .
NEW QUESTION # 123
Which of the following must be present for a fraud to exist?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: For fraud to exist, several legal elements must be established. These include: (1) a material false statement made by the perpetrator, (2) knowledge of the falsity of that statement (scienter or intent to deceive), and (3) reliance on the false statement by the victim, resulting in harm or damages. The Fraud Examiners Manual (2020 International Edition) explains that all elements must be present for a fraud case to be sustained. Thus, the correct answer is D. All of the above .
* Analysis of Incorrect Options (Distractors):
* A. A material false statement - A false statement alone is insufficient unless there is intent to deceive and victim reliance.
* B. Knowledge that the statement was false when it was uttered - Intent is critical, but without the victim's reliance and damages, fraud is incomplete.
* C. Reliance on the false statement by the victim - Victim reliance is necessary, but without a knowingly false statement and intent, fraud cannot be proven.
* Key Concept: The essential legal elements of fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Law section - The Law Related to Fraud , which explains the legal foundation and elements necessary to establish fraud.
NEW QUESTION # 124
Which of the following statements is TRUE regarding the prevention of inventory theft?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Prenumbering and controlling shipping documents is a strong preventive measure against inventory theft because it ensures all inventory leaving the warehouse is properly authorized and tracked.
* Analysis of Incorrect Options:
* A. Same person for requisition and receiving - Violates segregation of duties.
* B. Purchasing supervisor counting inventory - Creates conflict; inventory should be counted by independent staff.
* D. Same person for shipping and scrap - Increases fraud risk.
* Key Concept: Inventory theft prevention - control over documentation.
Reference: ACFE Fraud Examiners Manual (2020) , Inventory and Other Assets: Inventory Theft Controls .
NEW QUESTION # 125
Which of the following measures would be MOST EFFECTIVE in helping a company detect electronic payment tampering fraud?
Answer: D
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 # 126
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