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| Section | Weight | Objectives |
|---|---|---|
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
| Asset Misappropriation – Cash Receipts | 5–10% | - Prevention and detection methods - Cash larceny schemes - Cash skimming schemes |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Concealment techniques - Inventory and equipment theft |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Billing schemes - Payroll schemes - Expense reimbursement schemes - Check and payment tampering |
| Financial Statement Fraud | 10–15% | - Expense and liability understatements - Revenue and asset overstatements - Timing and disclosure manipulations - Detection and red flags |
| Theft of Data and Intellectual Property | 5–10% | - Corporate espionage - Safeguarding proprietary information - Data and IP theft methods |
| Accounting Concepts | 5–10% | - Recording and summarizing transactions - Internal control fundamentals - Basic accounting principles - Financial statements structure |
| Industry-Specific Financial Crimes | 15–25% | - Insurance fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Healthcare fraud |
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NEW QUESTION # 253
______________ is required not only for theft, but for procedures to detect errors, avoid waste, and ensure a proper amount of inventory is maintained.
Answer:
Explanation:
Internal control (Inventory Control)
* Rationale for Correct Answer: Strong internal controls - particularly inventory controls - are essential not just to prevent theft, but also to detect errors, reduce waste, and ensure that inventory levels are appropriate. Controls such as physical counts, reconciliations, and segregation of duties protect against misappropriation and inefficiencies.
* Key Concept: Internal Controls as a preventive and detective mechanism in asset safeguarding.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Control procedures.
NEW QUESTION # 254
The difference between assets and liabilities is called:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By definition, Equity (or net assets) represents the residual interest in the assets of an entity after deducting liabilities. This aligns with the basic accounting equation: Assets
= Liabilities + Equity . Thus, the difference between assets and liabilities is Equity .
* Analysis of Incorrect Options:
* B. Expense - A cost incurred in earning revenue, not residual interest.
* C. Revenue - Inflows from operations, not assets minus liabilities.
* D. Income statement - A financial report, not a balance sheet component.
* Key Concept: Equity as residual interest in the accounting equation.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Assets, Liabilities, and Equity .
NEW QUESTION # 255
A fraudster poses as ABC Organization's chief executive officer (CEO) and sends an email to an employee requesting that company funds be transferred to an account that the fraudster owns. This is an example of which of the following types of fraud schemes?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This scheme is a business email compromise (BEC) , also known as CEO fraud. Fraudsters impersonate high-ranking executives to trick employees into transferring money or disclosing confidential information.
* Analysis of Incorrect Options:
* A. Reverse social engineering - Involves the fraudster posing as a helper and then exploiting the victim, not impersonating executives.
* B. Executive email attack - A generic term, but the ACFE recognizes BEC as the precise classification.
* C. Electronic piggybacking - Refers to unauthorized access through another user's session, not impersonation.
* Key Concept: Social engineering and cyber-enabled fraud - BEC schemes.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Business Email Compromise .
NEW QUESTION # 256
Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not result from theft.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is False . Shrinkage is a general term for unaccounted- for inventory losses, and it can indeed result from theft, errors, damage, or waste . To say shrinkage does not result from theft is misleading because theft is one of its primary causes.
* Analysis of Incorrect Options:
* A. True - Incorrect, as theft is often a major contributor to shrinkage.
* B. False - Correct, since shrinkage can include theft.
* Key Concept: Shrinkage includes theft as a cause of unexplained inventory loss.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Definition and Causes of Shrinkage .
NEW QUESTION # 257
Employees with the authority to grant discounts in order to skim revenues may use which authority?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Employees authorized to grant discounts may exploit this by issuing false discounts . They pocket part of the customer's payment while recording a reduced sale amount, making the books appear balanced.
* Analysis of Incorrect Options:
* B. Recording a discount on sale procedure - A legitimate process, not fraud.
* C. Internal discount sales audits - A control, not a scheme.
* D. None of the above - Incorrect since false discounts are a recognized method.
* Key Concept: False discount schemes as a skimming method.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming through Discounts and Write-offs .
NEW QUESTION # 258
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