Getting the Certified Fraud Examiner -Fraud Schemes and Financial Crimes (CFE-Fraud-Schemes-and-Financial-Crimes) certification is the way to go if you're planning to get into ACFE or want to start earning money quickly. Success in the Certified Fraud Examiner -Fraud Schemes and Financial Crimes (CFE-Fraud-Schemes-and-Financial-Crimes) exam of this credential plays an essential role in the validation of your skills so that you can crack an interview or get a promotion in an ACFE company. Many people are attempting the ACFE CFE-Fraud-Schemes-and-Financial-Crimes test nowadays because its importance is growing rapidly.
| Section | Objectives |
|---|---|
| Topic 1: Financial Crimes | - Financial Statement Fraud
|
| Topic 2: Fraud Schemes | - Asset Misappropriation Schemes
|
>> CFE-Fraud-Schemes-and-Financial-Crimes Valid Test Questions <<
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NEW QUESTION # 180
Organizations that had external audits actually had higher median losses and longer-lasting fraud schemes than those organizations that were not audited.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is True . ACFE research shows that external audits, while valuable, are generally not effective at detecting fraud quickly . Organizations with only external audits often experience higher median losses and longer-lasting schemes compared to those with stronger internal controls and fraud-specific detection mechanisms. External audits are not designed to catch fraud; their focus is on financial statement accuracy.
* Key Concept: Effectiveness of External Audits in fraud detection versus prevention and internal controls.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Prevention and Detection
- Effectiveness of External Audits .
NEW QUESTION # 181
Which of the following scenarios is an example of a cash larceny scheme?
Answer: B
Explanation:
The correct answer is D because cash larceny involves stealing cash after it has already been recorded in the organization's accounting records. Julia processes transactions as usual, meaning the sales and cash should already be reflected in the register records, and then she removes $100. Option A is closer to skimming because the payment is stolen before being reported. Option B is also skimming because Petra records only part of the sale and steals the unrecorded portion. Option C involves deleting the register log, which suggests an attempt to prevent the transactions from remaining recorded. The ACFE materials distinguish cash larceny from skimming based on whether the stolen funds were recorded before theft.
NEW QUESTION # 182
According to best practices regarding large cash transactions with customers as provided by the Financial Action Task Force (FATF) Recommendations, which of the following transactions would require a report to be filed with the appropriate designated government agency?
Answer: B
Explanation:
The correct answer is A because the FATF Recommendations provide that financial institutions and designated nonfinancial businesses and professions should report covered cash transactions that exceed the jurisdiction's designated threshold. Dealers in precious metals and stones, such as businesses selling gold jewelry, are commonly treated as higher-risk entities for anti-money laundering purposes. A domestic cash purchase above the threshold would therefore require reporting. Options B and C are below the designated threshold, so they do not meet the reporting requirement based on amount. Option D involves a food purchase, which is not the type of covered high-risk transaction described in the FATF large cash transaction guidance. The key issue is both the covered business type and the threshold amount.
NEW QUESTION # 183
___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.
Answer:
Explanation:
Sampling
* Rationale for Correct Answer: Sampling is a fraud examination technique that enables investigators to review a subset of documents rather than all records. Properly designed sampling provides reasonable assurance and allows focus on anomalies or red flags.
* Key Concept: Sampling in fraud examination and audit testing.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Examination Techniques
- Sampling and Document Review .
NEW QUESTION # 184
Which of the following is the MOST APPROPRIATE technique for detecting a nonconforming goods or services scheme?
Answer: A
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 # 185
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