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| Section | Objectives |
|---|---|
| Financial Crimes | - Banking and Payment Fraud
|
| Fraud Schemes | - Financial Statement Fraud
|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
>> Valid CFE-Fraud-Schemes-and-Financial-Crimes Test Materials <<
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NEW QUESTION # 122
Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This statement is True . Asset misappropriations reduce the organization's assets. In double-entry accounting, a decrease in assets without a corresponding decrease in liabilities results in a reduction of owner's equity. Therefore, fraud not only depletes assets but also indirectly reduces equity.
* Analysis of Incorrect Options:
* B. False - Incorrect because asset theft clearly reduces net assets and thereby equity.
* Key Concept: Impact of Asset Misappropriation on the accounting equation: Assets = Liabilities + Equity.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Impact of Fraud on the Accounting Equation .
NEW QUESTION # 123
Jonathan, a Certified Fraud Examiner (CFE), is tasked with identifying potential indicators of intrusion into his employer's computer network. Which of the following might indicate that the organization's network has been compromised or accessed without authorization?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Being prompted to install unfamiliar software is a red flag for malware or unauthorized access, often indicating that attackers are attempting to establish persistence in the system. This is a classic indicator of a compromised network.
* Analysis of Incorrect Options:
* A - Standard security measure, not a red flag.
* C - Data from supplier countries is normal if consistent with business operations.
* D - Access denial to files outside a user's role is a normal access control, not an intrusion sign.
* Key Concept: Cyberfraud detection - identifying intrusion indicators.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Cybersecurity Threats .
NEW QUESTION # 124
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Kickbacks are undisclosed payments made by vendors to employees of purchasing companies to secure favorable treatment. They are a classic form of bribery under the corruption classification of the Fraud Tree.
* Analysis of Incorrect Options:
* A. Bid-rigging - Involves collusion among bidders, not secret payments.
* C. Presolicitation - A phase in procurement fraud, not the scheme itself.
* D. None of the above - Incorrect, as kickbacks are the precise answer.
* Key Concept: Kickbacks - secret vendor payments for favorable purchasing treatment.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Kickback Schemes .
NEW QUESTION # 125
Which of the following is the criterion for bid solicitation?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fraudulent bid solicitation practices include issuing requests for proposals or bid documents that contain false statements or misleading conditions to favor a particular vendor.
* Analysis of Incorrect Options:
* B. Employment discussions - A conflict of interest, not bid solicitation fraud.
* C. Withdraw low bids - A submission phase scheme.
* D. Falsify bid log - A separate manipulation method, not solicitation criterion.
* Key Concept: Fraudulent bid solicitation - using false or misleading statements to limit competition.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid Solicitation Manipulation .
NEW QUESTION # 126
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 # 127
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