ACFE CFE-Fraud-Schemes-and-Financial-Crimes Interactive Questions - CFE-Fraud-Schemes-and-Financial-Crimes Exam Voucher

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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:

Section	Objectives
Topic 1: Fraud Schemes	- Fraudulent Disbursements 1. Billing shell companies 2. Billing schemes 3. Check tampering - Asset Misappropriation Schemes 1. Payroll fraud 2. Cash theft and skimming 3. Inventory and asset theft 4. Expense reimbursement fraud
Topic 2: Financial Crimes	- Money Laundering 1. Integration stage 2. Placement stage 3. Layering stage - Corruption Schemes 1. Conflicts of interest 2. Bribery 3. Kickbacks - Financial Statement Fraud 1. Expense understatement 2. Asset overstatement 3. Revenue manipulation

Section

Objectives

Topic 1: Fraud Schemes

- Fraudulent Disbursements

1. Billing shell companies
2. Billing schemes
3. Check tampering

- Asset Misappropriation Schemes

1. Payroll fraud
2. Cash theft and skimming
3. Inventory and asset theft
4. Expense reimbursement fraud

Topic 2: Financial Crimes

- Money Laundering

1. Integration stage
2. Placement stage
3. Layering stage

- Corruption Schemes

1. Conflicts of interest
2. Bribery
3. Kickbacks

- Financial Statement Fraud

1. Expense understatement
2. Asset overstatement
3. Revenue manipulation

>> ACFE CFE-Fraud-Schemes-and-Financial-Crimes Interactive Questions <<

CFE-Fraud-Schemes-and-Financial-Crimes Exam Voucher - CFE-Fraud-Schemes-and-Financial-Crimes Test Pattern

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q116-Q121):

NEW QUESTION # 116
Which of the following measures is recommended to help prevent payroll fraud?

A. Discourage employees from using direct deposit for payroll payments.
B. Require supervisors to authorize all overtime and to verify the time worked by each of their employees.
C. Require employees to designate a coworker to collect paychecks on their behalf if they are absent during distribution.
D. Assign payroll preparation and payroll bank account reconciliations to one employee.

Answer: B

Explanation:
The correct answer is D. Supervisor authorization of overtime and verification of hours worked are strong preventive controls against payroll fraud, especially falsified hours and salary schemes. Payroll fraud frequently occurs when employees overstate hours, submit unauthorized overtime, manipulate time records, or receive pay for time not worked. Supervisory review creates accountability and provides an independent check before payroll is processed. Option A is improper because payroll preparation and bank reconciliation should be segregated. Option B is not recommended because direct deposit can reduce paycheck theft and distribution risks. Option C is weak because allowing coworkers to collect paychecks can create opportunities for misappropriation. The ACFE materials identify overtime authorization and payroll review as important payroll fraud controls.

NEW QUESTION # 117
Which of the following statements describes a best practice for preventing electronic payment tampering?

A. Positive pay for ACH should be declined to stop unauthorized transactions from being withdrawn from bank accounts.
B. The same individual should be responsible for making electronic payments and applying ACH filters to accounts.
C. ACH blocks should be used by account holders to notify their banks which of their accounts should not be used for ACH debits.
D. Companies should use the same bank account for paper checks and electronic transactions to improve their ability to monitor all banking activity.

Answer: C

Explanation:
The correct answer is B. ACH blocks are a preventive bank control that allows an account holder to instruct the bank not to permit ACH debits from designated accounts. This reduces the risk of unauthorized electronic withdrawals. Option A is incorrect because positive pay for ACH should not be declined; it can help verify ACH transactions before they clear. Option C violates segregation of duties because the person initiating electronic payments should not also control ACH filters or payment security settings. Option D is also weak because using separate accounts for paper checks and electronic transactions can improve monitoring and limit exposure. The ACFE materials identify ACH blocks, ACH filters, positive pay, segregation of duties, and bank security services as important controls against electronic payment tampering.

NEW QUESTION # 118
Which of the following scenarios BEST describes an electronic funds transfer (EFT) fraud scheme?

A. An individual uses another person's personal identifying information to fill out a credit card application in their name and plans to make online purchases using the new card.
B. An employee of a person-to-person (P2P) provider misrepresents the number of hours that they worked to increase the amount of money earned on their paycheck.
C. A restaurant server secretly scans a customer's credit card information into a small device for fraudulent use at a later time.
D. A hacker obtains the account and password information of consumers and uses them to direct funds from their accounts.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: EFT fraud involves the unauthorized transfer of money from victims' accounts using stolen access credentials. A hacker using stolen log-in details to redirect funds is the textbook example.
* Analysis of Incorrect Options:
* A - Describes identity theft/credit card fraud, not EFT fraud.
* C - Describes skimming of card data, not EFT.
* D - Describes payroll fraud , not EFT.
* Key Concept: EFT fraud = unauthorized access to electronic banking/payment systems.
Reference: ACFE Manual, Financial Transactions - Electronic Payment Fraud .

NEW QUESTION # 119
Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.

A. Single employee
B. Two employees
C. More than two employees
D. None of the above

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When a single employee is responsible for opening the mail and recording payments, the risk of theft of incoming checks is greatest. This lack of segregation of duties allows one person both custody of funds and recordkeeping authority, a classic internal control weakness.
* Analysis of Incorrect Options:
* B & C - Involving two or more employees provides better segregation of duties, reducing the risk.
* D. None of the above - Incorrect since option A directly matches.
* Key Concept: Segregation of duties to prevent skimming/theft of incoming checks.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Theft of Incoming Payments .

NEW QUESTION # 120
Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?

A. A transaction is considered immaterial and therefore irrelevant to the accurate interpretation of financial statements.
B. The expected costs associated with following GAAP would exceed the expected benefits of compliance.
C. The application of GAAP could produce misleading financial statements.
D. It is likely that assets would be understated and liabilities would be overstated.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Departures from GAAP may be justified if compliance produces misleading results, if the transaction is immaterial, or if the costs exceed benefits. However, simply departing from GAAP because assets would be understated and liabilities overstated is not an acceptable reason ; GAAP requires faithful representation even if results are unfavorable.
* Analysis of Incorrect Options:
* A - Cost-benefit considerations are valid grounds in practice.
* C - Materiality is a recognized exception to strict GAAP application.
* D - Preventing misleading statements is a valid justification.
* Key Concept: GAAP exceptions are limited to cost-benefit, immateriality, and preventing misleading reporting .
Reference: ACFE Manual, Accounting Concepts - GAAP Principles .

NEW QUESTION # 121
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