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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:

1. Which of the following statements describes a best practice for preventing contract and procurement fraud?

A) Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability from year to year.
B) Companies should have vendor-monitoring procedures that address the red flags of all vendor schemes.
C) Companies should permit the person who maintains the vendor master file to also have authority to approve payments for invoices.
D) Companies should conduct background checks on all vendors before they are added to the vendor master file.

2. Which of the following is an example of a cash larceny scheme?

A) Emily is an accounts receivable clerk. She stole Customer A's monthly payment. When Customer B's payment arrived, she applied it to Customer A's account. When Customer C's payment arrived, she applied it to Customer B's account.
B) Mark, a cashier, knew the access code for Joe's cash register. He logged in as Joe and processed transactions as usual. He then took $50 from the register at the end of his shift.
C) Sarah returned a $250 mirror to the store. Jenna, the cashier, recorded a $350 return on the cash register and kept the remaining $100.
D) Paul sold insurance policies to individuals but never filed the policies with the insurance company. He then stole the customers' payments, which he was able to do because the insurance company did not know the policies existed.

3. A contractor visits Lindsay's home and informs her that she has a damaged roof. The contractor offers roofing services and quotes Lindsay a price. Which of the following is the BEST action Lindsay can take to prevent being victimized by a potential consumer fraud scheme?

A) Verify that the contractor has a valid license by contacting the licensing agency for confirmation.
B) Require the contractor to provide the phone number of a reference who can attest to the quality of their services.
C) Ask the contractor how many roofs they have repaired in the past to ascertain how much experience they have.
D) Agree to the contractor's services orally to avoid being bound by contract terms if the work is unsatisfactory.

4. Hondo is investigating allegations of fraud in a government agency's procurement process. While reviewing procurement documentation, Hondo observes that the agency employee responsible for drafting the solicitation created unnecessarily broad specifications for the type of work the agency needed. The organization that ultimately won the contract submitted a bid that fit within the broad specifications but not the agency's more relevant specific needs. This is MOST LIKELY an example of which procurement fraud scheme?

A) Bid splitting
B) Bid suppression
C) Bid manipulation
D) Bid tailoring

5. Which of the following terms BEST describes a property and casualty insurance scheme that involves filing an insurance claim for destroyed items, such as a boat or expensive equipment, that never actually existed?

A) Inflated inventory scheme
B) Paper property scheme
C) Inflated theft scheme
D) Staged theft scheme

Solutions: