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| Section | Objectives |
|---|---|
| Topic 1: Fraud Schemes | - Financial Statement Fraud
|
| Topic 2: Fraud Investigation and Analysis | - Data analysis in fraud detection
|
| Topic 3: Financial Crimes | - Banking and Payment Fraud
|
>> Valid CFE-Fraud-Schemes-and-Financial-Crimes Exam Tutorial <<
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NEW QUESTION # 215
When an incorrect total is carried from the journal to the ledger or from the ledger to the financial statements, this method is called:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A false balance occurs when incorrect totals are intentionally carried forward from the journal to the ledger or from the ledger to the financial statements. This is often used as a concealment technique in fraud to make the books appear balanced while hiding irregularities.
* Analysis of Incorrect Options:
* A. Forced Balance - Involves adding fictitious entries to force accounts into balance.
* B. Out-of-balance - Results when entries don't match, but not specifically from carried totals.
* D. None of all - Incorrect since "false balance" is the precise term.
* Key Concept: False balance entries as concealment techniques in fraudulent bookkeeping.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Concealment by False Balances .
NEW QUESTION # 216
Which of the following must be present for a fraud to exist?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: For fraud to exist, several legal elements must be established. These include: (1) a material false statement made by the perpetrator, (2) knowledge of the falsity of that statement (scienter or intent to deceive), and (3) reliance on the false statement by the victim, resulting in harm or damages. The Fraud Examiners Manual (2020 International Edition) explains that all elements must be present for a fraud case to be sustained. Thus, the correct answer is D. All of the above .
* Analysis of Incorrect Options (Distractors):
* A. A material false statement - A false statement alone is insufficient unless there is intent to deceive and victim reliance.
* B. Knowledge that the statement was false when it was uttered - Intent is critical, but without the victim's reliance and damages, fraud is incomplete.
* C. Reliance on the false statement by the victim - Victim reliance is necessary, but without a knowingly false statement and intent, fraud cannot be proven.
* Key Concept: The essential legal elements of fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Law section - The Law Related to Fraud , which explains the legal foundation and elements necessary to establish fraud.
NEW QUESTION # 217
Conflict of interest cases are more easily prevented than detected.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Conflict of interest cases are difficult to detect because the transactions often appear legitimate on their face. However, they can be prevented more effectively through proactive controls such as disclosure requirements, vendor vetting, and employee training. The Fraud Examiners Manual (2020) emphasizes that prevention mechanisms are more effective than detection when it comes to conflicts of interest.
* Analysis of Incorrect Options:
* B. False - Incorrect because detection is challenging; prevention is comparatively easier.
* Key Concept: Prevention vs. detection in Conflict of Interest schemes .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Conflict of Interest .
NEW QUESTION # 218
The behavior profile of employees who are involved in bribery schemes may include:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Employees involved in bribery or corruption schemes often exhibit lifestyle red flags such as gambling habits, drug/alcohol addiction, or extravagant spending . These behaviors create financial pressures that may motivate or result from corrupt activity.
* Analysis of Incorrect Options:
* A, B, C individually - Each is a red flag, but the most accurate answer is all of the above .
* Key Concept: Behavioral red flags in corruption cases.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Red Flags of Bribery .
NEW QUESTION # 219
Bob, a purchasing agent for Gallenkamp, directed a portion of Gallenkamp's business to Oak Company. In exchange for receiving additional business, Oak Company's sales manager agreed to pay Bob a percentage of the extra profits. Which of the following BEST describes the type of corruption scheme in which Bob engaged?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A kickback scheme occurs when vendors make payments to employees of a purchasing organization in exchange for steering business their way. Here, Bob steered contracts to Oak Company and received a percentage of profits, a textbook kickback arrangement.
* Analysis of Incorrect Options:
* B. Illegal gratuity scheme - Involves rewards after a decision, without a prior agreement. Here, the agreement was prearranged.
* C. Diversion scheme - Refers to diversion of assets, not procurement favoritism.
* D. Economic extortion scheme - Involves coercion of the vendor; this was voluntary bribery.
* Key Concept: Bribery and kickbacks as forms of corruption.
Reference: ACFE Manual, Corruption - Kickback Schemes .
NEW QUESTION # 220
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