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| Section | Objectives |
|---|---|
| Fraud Schemes | - Financial Statement Fraud
|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
| Financial Crimes | - Banking and Payment Fraud
|
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NEW QUESTION # 101
To prevent expense reimbursement fraud, it is recommended that companies require employees to submit receipts electronically.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Expense reimbursement schemes are a common type of fraudulent disbursement. Requiring employees to submit receipts electronically improves controls by ensuring legibility, reducing the chance of altered or duplicate submissions, and creating a digital audit trail. This measure is recommended in the Fraud Examiners Manual as part of strengthening internal controls over reimbursement processes.
* Analysis of Incorrect Option:
* B. False - Incorrect because electronic receipt submission is indeed a recognized anti-fraud measure.
* Key Concept: Fraudulent disbursements prevention through documentation controls.
Reference: ACFE Manual, Fraudulent Disbursements - Expense Reimbursement Schemes .
NEW QUESTION # 102
Which of the following is NOT a red flag of register disbursement schemes?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Finding personal checks in the cash register is unusual, but it does not specifically indicate a register disbursement scheme (such as false refunds or voids). The other options are classic red flags for such schemes.
* Analysis of Incorrect Options:
* A - Missing transaction numbers suggest manipulation.
* C - Excessive voids near approval limits indicate fraud concealment.
* D - Allowing cashiers to void their own sales creates opportunity for abuse.
* Key Concept: Register disbursement schemes and their red flags.
Reference: ACFE Manual, Fraudulent Disbursements - Register Disbursement Schemes .
NEW QUESTION # 103
Which of the following statements describes a best practice for preventing contract and procurement fraud?
Answer: C
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Conducting vendor background checks before adding them to the master file is a strong preventive control against shell companies, conflicts of interest, and vendor collusion. It helps ensure vendor legitimacy before business begins.
* Analysis of Incorrect Options:
* B - Too broad; monitoring should focus on practical red flags, not "all schemes."
* C - Violates segregation of duties, increasing fraud risk.
* D - Monitoring should be ongoing, not limited to once a year.
* Key Concept: Procurement fraud prevention through vendor due diligence and segregation of duties.
Reference: ACFE Manual, Corruption - Contract and Procurement Fraud Controls .
NEW QUESTION # 104
Which of the following options is the BEST example of a technical security control that organizations can use to block unauthorized or unverified transmissions?
Answer: B
Explanation:
The correct answer is A. Firewalls are technical security controls designed to monitor, filter, and control network traffic based on established security rules. They help block unauthorized, suspicious, or unverified transmissions between trusted internal systems and external networks. Application security is also technical in nature, but it focuses on protecting software applications rather than broadly controlling network transmissions. Cipher locks are physical access controls used to restrict entry to facilities or secured areas.
Data classification is an administrative control that categorizes information according to sensitivity and handling requirements. The ACFE computer and internet fraud materials recognize firewalls, routers, logging, monitoring, and technical safeguards as key components of a secure computing environment.
NEW QUESTION # 105
Employees with the authority to grant discounts in order to skim revenues may use which authority?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Employees authorized to grant discounts may exploit this by issuing false discounts . They pocket part of the customer's payment while recording a reduced sale amount, making the books appear balanced.
* Analysis of Incorrect Options:
* B. Recording a discount on sale procedure - A legitimate process, not fraud.
* C. Internal discount sales audits - A control, not a scheme.
* D. None of the above - Incorrect since false discounts are a recognized method.
* Key Concept: False discount schemes as a skimming method.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming through Discounts and Write-offs .
NEW QUESTION # 106
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