Exam (elaborations)
ACFE REPORT QUESTIONS AND ANSWERS
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ACFE REPORT QUESTIONS AND ANSWERS
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ACFE REPORT QUESTIONS AND ANSWERSPercentage of annual revenue lost - answers -5%
Categories of fraud based on how common they each are in occurrence - answers -
misappropriation of assets
Corruption
Financial statement fraud
Cost per occurrence - answers -misappropriation of assets - 120,000
Corruption - 250,000
Financial statement fraud 1,000,000
Fraud that is most common and least costly - answers -misappropriation of assets
Fraud that is least common and most costly - answers -financial statement fraud
How occupational frauds are most likely to be detected - answers -a tip
Who is most likely to detect occupational fraud - answers -from an employee
What control should be put in place as a result of occupational fraud - answers -
separation of duties
Type of perpetrator that causes the greatest damage - answers -perpetrators with high
levels of authority
Relationship between length of time worked by fraud perpetrator and the cost of fraud
losses - answers -the longer the perpetrator has worked for an organization the higher
fraud losses tend to be
Relationship between position of fraud perpetrator and duration of fraud - answers -the
higher up the perpetrator is in the organization, the longer the fraud has gone on
Top three departments that penetrate the most fraud - answers -accounting, sales,
opporations
Relationship between perpetrating fraud and being previously charged or convicted for
a fraud related-expense - answers -most occupational fraudsters are first-time offenders
with clean employment histories
Top three most common behavioral red flags displayed by perpetrators - answers -living
beyond means, financial difficulties, unusually close relationship with vendors or
customers
Detection method that is over-relied upon by organizations - answers -external audits
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