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| Section | Objectives |
|---|---|
| Financial Crimes | - Money Laundering
|
| Fraud Schemes | - Fraudulent Disbursements
|
>> CFE-Fraud-Schemes-and-Financial-Crimes Reliable Exam Questions <<
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NEW QUESTION # 28
Valentin purchases a property and shortly thereafter sells the real estate at an inflated price using the results of a fraudulent appraisal. Which of the following terms BEST describes this scheme?
Answer: C
Explanation:
Valentin's scheme is best described as property flipping. Property flipping becomes fraudulent when real estate is quickly resold at an artificially inflated price supported by false or misleading appraisals, sham transactions, or misrepresentations. The key facts are the quick resale and inflated value created through a fraudulent appraisal. A daisy chain generally involves a sequence of related transactions or parties used to inflate value or conceal the nature of the transaction, but the question asks for the best description of the basic scheme. A fraudulent sale is too general, and an air loan involves a fictitious borrower, fictitious property, or nonexistent transaction. The ACFE material discusses fraudulent appraisals, real estate fraud, and property flipping as financial institution fraud risks.
NEW QUESTION # 29
Jay works in the warehouse of a retail company. When a shipment of 100 pieces of jewelry arrives, Jay hides
20 pieces in the waste containers behind the store so he can retrieve them at the end of the workday. Jay sends a receiving report to accounts payable indicating that all 100 pieces arrived. However, he alters a copy of the receiving report to exclude the 20 pieces he hid so that the physical inventory matches the inventory records.
What type of scheme did Jay commit?
Answer: B
Explanation:
Jay committed a purchasing and receiving scheme because the theft occurred during the receiving process and was concealed by falsifying receiving documentation. In this type of inventory misappropriation, an employee involved in receiving goods can steal part of an incoming shipment and manipulate records so the shortage is not detected. The ACFE material identifies purchasing and receiving schemes, falsifying incoming shipments, and altered inventory records as inventory theft methods. This is not a false sale because no fictitious customer sale is created. It is not a register disbursement scheme because no refund, void, or cash register transaction is involved. It is also not skimming because no unrecorded cash receipt is stolen.
NEW QUESTION # 30
Which of the following would NOT be helpful in preventing expense reimbursement schemes?
Answer: B
Explanation:
The ACFE Fraud Examiners Manual addresses Expense Reimbursement Schemes under Asset Misappropriation: Fraudulent Disbursements and separates the discussion into:
* Detection of Expense Reimbursement Schemes
* Prevention of Expense Reimbursement Schemes
The Manual specifically identifies "Detailed Expense Reports: Submission and Review" as the prevention approach for expense reimbursement fraud.
Why A is correct
Requiring all employees to submit receipts electronically is not, by itself, a preventive control recognized by the Manual. The ACFE's prevention focus is on requiring detailed expense reports , adequate supporting documentation, and careful review-not merely changing the format of submission from paper to electronic.
In fact, because expense reimbursement fraud often involves altered receipts , fictitious receipts , and other manipulated support, simply requiring electronic submission does not meaningfully prevent the scheme. The Manual lists schemes such as altered receipts and producing fictitious receipts , showing that the problem is the authenticity and review of documentation, not whether the receipt is submitted electronically.
Why the other options are helpful
B). Comparing current expenses to budgeted expense amounts
This is helpful because the Manual includes review and analysis of expense accounts as part of detecting these schemes. Comparing reported expenses to expected or budgeted levels can reveal unusual spikes or anomalies that may indicate fraud.
C). Requiring employees to explain the specific business purpose of each expense This is clearly helpful and consistent with the Manual's prevention emphasis on detailed expense reports and proper documentation. Requiring a specific business purpose makes it harder to submit personal, inflated, or fictitious expenses.
D). Comparing current expenses to historical expenditure amounts
This is also helpful because the Manual's review and analysis of expense accounts supports analytical comparisons to identify irregularities, trends, or unexplained increases in reimbursements. Historical comparison is a classic way to spot padded or abnormal expense claims.
Conclusion
Under the ACFE Manual, prevention of expense reimbursement schemes depends on detailed reporting, documentation, and review . Merely requiring receipts to be submitted electronically does not address whether the receipts are false, altered, duplicated, or unsupported. Therefore, the choice that would NOT be helpful in preventing expense reimbursement schemes is:
A). Requiring all employees to submit receipts electronically
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Expense Reimbursement Schemes
* Detection of Expense Reimbursement Schemes / Review and Analysis of Expense Accounts
* Prevention of Expense Reimbursement Schemes / Detailed Expense Reports: Submission and Review
* Altered Receipts / Producing Fictitious Receipts
NEW QUESTION # 31
Which of the following is the MOST APPROPRIATE technique for detecting a nonconforming goods or services scheme?
Answer: B
Explanation:
The ACFE Fraud Examiners Manual addresses Nonconforming Goods or Services under Contract and Procurement Fraud . The Manual states that, to detect nonconforming schemes, the fraud examiner should examine contract specifications, contractor statements, invoices, supporting documents, the received product, and test and inspection results for discrepancies with contract specifications. It then specifically adds:
"Additionally, to detect nonconforming schemes, the fraud examiner should:
* Review correspondence and contract files for indications of noncompliance.
* Request assistance from outside technical personnel to conduct after-the-fact tests." This language matches Option B exactly, so it is the most appropriate detection technique.
Why the other options are incorrect
A). Interviewing complaining contractors and unsuccessful bidders about the presence of red flags This is a detection technique the Manual associates with change order abuse , not nonconforming goods or services schemes.
C). Comparing the direct and indirect labor account totals from the prior year to the current year This type of comparative cost analysis is more consistent with testing for cost mischarging or other accounting irregularities, not the primary detection methods for nonconforming goods/services. The Manual's nonconforming-scheme detection guidance focuses on specifications, inspection results, product testing, and contract/correspondence review.
D). Determining if the costs of the contract have exceeded or are expected to exceed the value of the contract That is not identified by the Manual as the most appropriate method for detecting nonconforming goods or services. Again, the Manual directs the examiner to look for noncompliance with specifications and supporting documentation.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Contract and Procurement Fraud - Nonconforming Goods or Services
* Detecting Nonconforming Goods or Services Schemes
* Related contrast: Detecting Change Order Abuse
NEW QUESTION # 32
Which of the following is a recommended activity that organizations should engage in to protect their proprietary information from threats?
Answer: A
Explanation:
The correct answer is D. Organizations should protect proprietary information by using appropriate physical, administrative, and technical safeguards. For highly confidential discussions, specially constructed quiet rooms can reduce the risk of eavesdropping, interception, or unauthorized disclosure. The ACFE materials identify quiet rooms as part of a program for safeguarding proprietary information. Option A is not the best answer because the focus should be on protecting the organization's own information, not merely studying competitors. Option B is impractical and too absolute; visitor access should be monitored and controlled, not necessarily prohibited entirely. Option C is incorrect because data minimization, not maximization, reduces exposure during a breach. Effective protection also includes policies, training, data classification, nondisclosure agreements, and access controls.
NEW QUESTION # 33
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