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| Section | Objectives |
|---|---|
| Fraud Schemes | - Fraudulent Disbursements
|
| Financial Crimes | - Financial Statement Fraud
|
>> CFE-Fraud-Schemes-and-Financial-Crimes Reliable Braindumps Questions <<
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NEW QUESTION # 181
Which of the following scenarios would be considered a conflict of interest?
Answer: B
Explanation:
The correct answer is B. A conflict of interest occurs when an employee has an undisclosed personal, financial, or family interest that could influence decisions made on behalf of the employer. Cindy purchases supplies from a company owned by her aunt and does not disclose the relationship. This creates at least a potential conflict because Cindy's family connection could cause her to favor the vendor over her employer's best interests. Options A and D involve relationships or financial interests, but they have been disclosed to the employer, allowing the organization to evaluate and approve or manage the conflict. Option C might create employment or scheduling concerns, but it does not establish a conflict in a purchasing or transactional decision. Disclosure is central to proper conflict management.
NEW QUESTION # 182
Which of the four basic measures, if properly installed and implemented, may help prevent inventory fraud?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The ACFE emphasizes four cornerstone internal controls to prevent inventory fraud:
* Proper documentation (accurate, prenumbered records),
* Segregation of duties (custody, recordkeeping, and authorization separated),
* Independent checks (reconciliations and audits), and
* Physical safeguards (locks, cameras, restricted access).
* Analysis of Incorrect Options:
* B. Inventory control - Too general; physical safeguards are the key preventive measure.
* C. Physical padding - Not a recognized control.
* D. Prenumbered affiliations - Misworded; prenumbered documents are part of proper documentation.
* Key Concept: Internal control framework for preventing inventory fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Prevention Controls .
NEW QUESTION # 183
Warner is part of management at ABC Corporation. He has been asked to implement measures to help prevent fraudulent billing schemes. Which of the following measures would likely be MOST EFFECTIVE?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One of the strongest internal controls against fraudulent billing schemes (such as shell companies, inflated invoices, and kickbacks) is to require competitive bidding .
This ensures transparency, reduces favoritism, and makes it harder for employees and vendors to collude.
* Analysis of Incorrect Options:
* A - Fraud tips are valuable, but routing them only through supervisors may suppress reporting; hotlines are more effective.
* B - Combining purchasing and payment increases fraud risk by reducing segregation of duties.
* D - Outsourcing negotiations does not directly prevent billing fraud.
* Key Concept: Internal controls and segregation of duties in preventing billing schemes.
Reference: ACFE Manual, Fraudulent Disbursements - Billing Schemes .
NEW QUESTION # 184
__________ can be defined as conduct detrimental to the organization and to the employee.
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The term Employee deviance refers to conduct that is harmful both to the organization and to the employee engaging in it. This encompasses a broad set of behaviors, including fraud, theft, abuse, and violations of organizational norms. While employee theft and fraud are subsets, deviance is the umbrella concept.
* Analysis of Incorrect Options:
* B. Employee theft - Specific to stealing from the employer, not the broader definition of detrimental conduct.
* C. Employee fraud - Specific to deceptive practices, not all deviant acts.
* D. All of the above - Incorrect, since the definition most accurately matches "Employee deviance."
* Key Concept: Employee Deviance - broader behavioral category that includes fraud, theft, and other misconduct.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Employee Deviance and Occupational Fraud .
NEW QUESTION # 185
Henrietta works at XYZ Corporation, managing one of several large facilities. Henrietta conspires with a local contractor who offers highly specialized pest control services for an invasive species of beetle. Henrietta creates false reports of beetle sightings at her facility and presents them to XYZ management, convincing them to procure the services of the local contractor. In exchange for the business, Henrietta receives a sum of money from the contractor. Henrietta is MOST LIKELY engaging in which of the following procurement fraud schemes?
Answer: C
Explanation:
Henrietta is engaging in a need recognition scheme. Procurement begins when the organization identifies a need for goods or services. In a fraudulent need recognition scheme, an employee creates, exaggerates, or falsely justifies a need so the organization will purchase unnecessary goods or services from a favored vendor.
Henrietta fabricates beetle sightings to convince management that specialized pest control services are required. Her receipt of money from the contractor shows corrupt motivation and vendor collusion. This is not bid tailoring because the facts do not involve drafting specifications to favor a bidder. It is not nonconforming services because the issue is the false need, not defective performance. It is not bid manipulation because the bidding process itself is not the main misconduct.
NEW QUESTION # 186
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