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| Section | Objectives |
|---|---|
| Financial Crimes | - Banking and Payment Fraud
|
| Fraud Investigation and Analysis | - Data analysis in fraud detection
|
| Fraud Schemes | - Asset Misappropriation Schemes
|
>> CFE-Fraud-Schemes-and-Financial-Crimes Exam Objectives <<
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NEW QUESTION # 198
Larceny is the scheme in which an employee simply takes inventory from the company premises without attempting to conceal it in the books and records.
Answer: B
NEW QUESTION # 199
Which of the following is a condition that facilitates insider cyberfraud?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Insider cyberfraud thrives in environments where monitoring is weak
. If access logs are not reviewed , malicious activity can go undetected, enabling fraud.
* Analysis of Incorrect Options:
* B. Programs run during business day - Normal IT operations, not a fraud risk.
* C. Restricted access - This is a preventive control, not a facilitator.
* D. Separation of duties - Strong control, prevents insider fraud.
* Key Concept: Conditions facilitating insider cyberfraud .
Reference: ACFE Fraud Examiners Manual (2020) , Computer and Internet Fraud: Insider Threats .
NEW QUESTION # 200
Which of the following statements describes a best practice for preventing procurement fraud?
Answer: D
Explanation:
The correct answer is D. Procurement fraud prevention requires ongoing vendor monitoring based on the organization's highest-risk vendor schemes. Monitoring should focus on practical red flags, such as unusual pricing, duplicate vendors, related-party indicators, excessive change orders, suspicious payment patterns, or vendors lacking proper support. Option A violates segregation of duties because the person maintaining the vendor master file should not also approve invoice payments. Option B is weak because vendor background checks should occur before vendors are added to the master file, not after. Option C is incorrect because procurement monitoring should be ongoing and risk-based, not restricted to annual reviews. The ACFE material emphasizes vendor management, vendor master file controls, and monitoring based on relevant red flags.
NEW QUESTION # 201
A variation between the physical inventory and the perpetual inventory totals is called:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Shrinkage refers to discrepancies between physical inventory counts and perpetual inventory records. Causes include theft, errors, waste, or fraud. It is one of the most common indicators of asset misappropriation.
* Analysis of Incorrect Options:
* A. Altered inventory - Not a recognized accounting term.
* B. Account receivable - Unrelated to inventory.
* D. Write-offs - A corrective accounting entry, not the variance itself.
* Key Concept: Inventory shrinkage as a red flag for fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Shrinkage as a Red Flag .
NEW QUESTION # 202
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: A
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 # 203
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