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| Section | Objectives |
|---|---|
| Fraud Schemes | - Fraudulent Disbursements
|
| Financial Crimes | - Corruption Schemes
|
>> CFE-Fraud-Schemes-and-Financial-Crimes Valid Test Topics <<
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NEW QUESTION # 348
The more power a person has over the bidding process, the more likely the person can influence the selection of a supplier.
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . When an employee has significant authority or discretion in the procurement process (e.g., drafting specifications, approving vendors, or evaluating bids), they are more capable of steering contracts toward favored suppliers. This increases the risk of corruption schemes like kickbacks or bid-rigging .
* Analysis of Incorrect Options:
* B. False - Incorrect; influence grows with authority over procurement.
* Key Concept: Procurement authority is a key risk factor for corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Procurement Schemes .
NEW QUESTION # 349
Which of the following is NOT a method for stealing inventory and other assets?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Recognized schemes for stealing inventory include:
* Larceny schemes (direct theft)
* Asset requisition and transfer schemes (false requisitions to divert assets)
* Purchasing and receiving schemes (over-ordering or falsifying deliveries).
" Sales & Equipment handling " is not a defined fraud scheme, making D correct.
* Analysis of Incorrect Options:
* A. Larceny schemes - Valid theft method.
* B. Asset requisition and transfer - Document manipulation method.
* C. Purchasing and receiving schemes - Valid misappropriation scheme.
* Key Concept: Inventory theft schemes under the Fraud Tree.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Theft Schemes .
NEW QUESTION # 350
Georgina works for TAK Intelligence, a competitive intelligence firm. She is tasked with gathering intelligence about ERO Corp., a competitor of one of TAK's clients. To gather the intelligence, Georgina poses as a customer and contacts ERO. She then elicits sensitive information from an ERO employee.
Georgina's approach is an example of:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Human intelligence (HUMINT) involves gathering information directly from people, often through deception, elicitation, or impersonation. Georgina's posing as a customer to obtain confidential details fits this method.
* Analysis of Incorrect Options:
* B. Baiting - A social engineering tactic using false promises (e.g., malware disguised as freebies).
* C. Scavenging - Collecting discarded information (e.g., dumpster diving).
* D. Open-source intelligence - Gathering data from public records, news, or websites, not through elicitation.
* Key Concept: Methods of competitive intelligence and social engineering.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Intelligence Gathering Methods .
NEW QUESTION # 351
Which of the following scenarios BEST describes an electronic funds transfer (EFT) fraud scheme?
Answer: D
Explanation:
The correct answer is A. Electronic funds transfer fraud involves the misuse of electronic payment systems to move money improperly. A vendor submitting an electronic bill through a client's online payment system for services not provided is a fraudulent use of electronic bill presentment or payment processes. Option B is payroll fraud, specifically falsified hours or salary. Option C involves theft and misuse of prepaid cards, not EFT manipulation by the payee. Option D describes payment card skimming, where card information is captured for later unauthorized use. The ACFE materials discuss electronic funds transfers, wire transfer fraud, electronic bill presentment and payment, and detection of EFT fraud as part of payment fraud risk.
NEW QUESTION # 352
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 # 353
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