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| Section | Weight | Objectives |
|---|---|---|
| Corruption Schemes | 5–10% | - Bribery and kickbacks - Illegal gratuities and extortion - Conflicts of interest |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Inventory and equipment theft - Concealment techniques - Misuse of assets |
| Industry-Specific Financial Crimes | 15–25% | - Healthcare fraud - Insurance fraud - Financial institution fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud |
| Accounting Concepts | 5–10% | - Internal control fundamentals - Basic accounting principles - Recording and summarizing transactions - Financial statements structure |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Detection and red flags - Timing and disclosure manipulations - Expense and liability understatements |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Expense reimbursement schemes - Payroll schemes - Check and payment tampering |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash larceny schemes - Cash skimming schemes - Prevention and detection methods |
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Data and IP theft methods - Safeguarding proprietary information |
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NEW QUESTION # 33
Which of the following controls BEST describes the safeguards an organization implements to provide protection for computing resources by increasing security policies and awareness, conducting security audits and tests, and properly classifying data?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Administrative security controls involve policies, procedures, and practices designed to manage the overall security environment-such as awareness training, audits, data classification, and enforcement of policies. These controls focus on governance rather than direct system configuration.
* Analysis of Incorrect Options:
* A. Technical security controls - These are automated safeguards (e.g., firewalls, encryption).
* B. Logical access controls - Restrict access to systems through passwords, tokens, or biometrics.
* D. Physical access controls - Restrict physical access (e.g., locks, guards, CCTV).
* Key Concept: Layers of security controls (administrative, technical, physical).
Reference: ACFE Manual, Fraud Prevention and Deterrence - Information Security Controls .
NEW QUESTION # 34
Malcolm is a manager at a financial institution. To safeguard the bank and its customers from electronic funds transfer (EFT) fraud, Malcolm is implementing preventive measures. What is one measure Malcolm can take to prevent EFT fraud?
Answer: B
Explanation:
The correct answer is C. Multifactor authentication is an effective preventive control for electronic funds transfer fraud because it requires users to verify their identity through more than one authentication factor before initiating or approving payments. This reduces the risk that stolen usernames, passwords, or account credentials alone will allow unauthorized transfers through EBPP or P2P systems. Option A is unsafe because sending PINs, usernames, and passwords together increases exposure if the communication is intercepted.
Option B is also poor practice because sensitive credentials should be encrypted. Option D weakens segregation of duties by allowing one employee to control both PIN issuance and access device information.
The ACFE materials emphasize authentication, access controls, and segregation of duties in preventing EFT fraud.
NEW QUESTION # 35
Which of the following statements is MOST ACCURATE?
Answer: B
Explanation:
The correct answer is C. Government and public sector organizations might need to conduct and respond to fraud risk assessments more frequently because their risks can change with political priorities, public programs, emergency funding, legislative mandates, and changing public expectations. Public entities are accountable to citizens, regulators, oversight bodies, and funding authorities. Option A is incorrect because the absence of shareholders does not permit higher fraud tolerance; public stewardship often requires strong accountability. Option B is inaccurate because public sector priorities can shift quickly based on laws, budgets, and government initiatives. Option D is also incorrect because public organizations usually have less autonomy than private entities due to statutory requirements, public scrutiny, procurement rules, and oversight obligations. Fraud risk assessment should therefore be dynamic and responsive.
NEW QUESTION # 36
Which of the following factors is NOT included in most financial statement schemes?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Common financial statement fraud schemes include: (A) recording fictitious revenues, (C) concealing liabilities/expenses, and (D) improper asset valuations. Persuasive evidence is not a fraud scheme; it is an auditing concept used to support accounting entries.
* Analysis of Incorrect Options:
* A, C, D - All are well-documented methods of financial statement fraud.
* B. Persuasive Evidence - Correct, since it is not part of fraud schemes.
* Key Concept: Major categories of financial statement fraud schemes.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Fraudulent Reporting Categories .
NEW QUESTION # 37
Delivery has not occurred or services have not been rendered when:
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Revenue recognition requires that delivery has occurred or services have been rendered . If installation, testing, and customer acceptance have not occurred (A), or if a written order exists but with a right of return (B), delivery is not considered complete. Both scenarios prevent proper revenue recognition. Hence, the correct answer is C. Both A & B .
* Analysis of Incorrect Options:
* A - Correct condition, but incomplete.
* B - Correct condition, but incomplete.
* D. Neither A nor B - Incorrect, as both conditions do prevent recognition.
* Key Concept: Revenue recognition fraud risks - recognizing revenue prematurely.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Improper Revenue Recognition .
NEW QUESTION # 38
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