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| Section | Weight | Objectives |
|---|---|---|
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Concealment techniques - Misuse of assets - Inventory and equipment theft |
| Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Healthcare fraud |
| Accounting Concepts | 5–10% | - Basic accounting principles - Financial statements structure - Recording and summarizing transactions - Internal control fundamentals |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Check and payment tampering - Billing schemes - Expense reimbursement schemes - Payroll schemes |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Cash skimming schemes - Prevention and detection methods |
| Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Detection and red flags - Expense and liability understatements - Timing and disclosure manipulations |
| Corruption Schemes | 5–10% | - Conflicts of interest - Bribery and kickbacks - Illegal gratuities and extortion |
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
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NEW QUESTION # 251
Skylar messages Timothy on a social media platform even though they have never met and expresses romantic interest. When Timothy responds, Skylar asks him to move the conversation to an outside messaging platform, and they develop a romantic relationship over several months through their communications. During this time, Skylar never requests that Timothy send her money or items of value, but she does convince him to make several large purchases of cryptocurrencies through a new cryptocurrency exchange. When Timothy tries to sell the cryptocurrency at a profit and withdraw his funds, Skylar stops responding to his messages, and he discovers the cryptocurrency exchange did not actually exist. Timothy is a victim of:
Answer: A
Explanation:
Timothy is a victim of a pig butchering scheme. This scam combines long-term relationship manipulation with fraudulent investment activity, commonly involving cryptocurrency. The fraudster builds trust over weeks or months, moves the victim to a private messaging channel, and encourages investments through a fake platform. The victim often sees apparent gains, but the trading platform is controlled by the fraudster or does not exist. Once the victim attempts to withdraw funds, the fraudster disappears or demands more money.
This is not a Ponzi scheme because the facts do not involve paying old investors with new investor funds. It is not a pump-and-dump because no market manipulation of a traded security is described. It is broader than a simple advance-fee scheme.
NEW QUESTION # 252
Which of the following recommendations for individuals is likely to be MOST EFFECTIVE in preventing identity theft?
Answer: C
Explanation:
The correct answer is A. Creating answers to security questions using unique, nonpublic details helps prevent identity thieves from bypassing account protections. Many security-question answers, such as a mother's maiden name, school name, pet name, or birthplace, can be discovered through social media, public records, or data breaches. Using answers that cannot be easily verified through public sources makes account recovery processes harder to exploit. Option B is weak because passwords and passphrases should not be reused across accounts at all. Option C is unsafe because email can be intercepted or misdirected, even when contacting reputable organizations. Option D is inadequate because moving files to the recycle bin does not securely erase data from a device before disposal.
NEW QUESTION # 253
Which of the following statements describes a best practice for preventing procurement fraud?
Answer: A
Explanation:
The correct answer is D. Procurement fraud prevention requires ongoing vendor monitoring based on the organization's highest-risk vendor schemes. Monitoring should focus on practical red flags, such as unusual pricing, duplicate vendors, related-party indicators, excessive change orders, suspicious payment patterns, or vendors lacking proper support. Option A violates segregation of duties because the person maintaining the vendor master file should not also approve invoice payments. Option B is weak because vendor background checks should occur before vendors are added to the master file, not after. Option C is incorrect because procurement monitoring should be ongoing and risk-based, not restricted to annual reviews. The ACFE material emphasizes vendor management, vendor master file controls, and monitoring based on relevant red flags.
NEW QUESTION # 254
Which of the following methods is NOT used to detect conflicts of interest?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Conflict of interest is often uncovered through proactive investigative methods such as tips, vendor ownership review, and employee interviews. Underbilling schemes, however, relate to Financial Statement Fraud and Revenue Recognition Manipulation , not conflict of interest detection.
* Analysis of Incorrect Options:
* A. Tips & Complaints - Common detection method; many corruption schemes are revealed this way.
* B. Review of vendor ownership files - Critical to identify hidden ownership ties.
* D. Interviews with purchasing personnel - Helps detect suspicious relationships or favoritism.
* Key Concept: Detection of Conflict of Interest schemes .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Detection of Conflicts of Interest .
NEW QUESTION # 255
How many accounts are affected in fraudulent accounting entries and therefore the same number of categories on the financial statement?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By double-entry accounting rules, every accounting entry affects at least two accounts (debit and credit). Fraudulent entries must also follow this rule, meaning manipulation will show up in at least two categories on the financial statements.
* Analysis of Incorrect Options:
* A. One - Impossible in double-entry accounting.
* C. More than two - Possible, but not always; the minimum is two.
* D. None of above - Incorrect since "at least two" is correct.
* Key Concept: Double-entry accounting ensures at least two accounts are affected in every transaction, including fraudulent ones.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Double- entry Accounting and Fraudulent Entries .
NEW QUESTION # 256
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