CFE-Investigation Certification - The Ultimate Guide [Updated 2023]
CFE-Investigation Practice Exam and Study Guides - Verified By ExamDumpsVCE
ACFE is the world's largest anti-fraud organization and is dedicated to fighting fraud and white-collar crime. The organization offers certification programs for professionals in various fields, including accounting, law enforcement, and investigations. The CFE-Investigation Exam is one of the most prestigious certifications in the field of fraud investigation, and it is recognized worldwide.
The CFE-Investigation Exam is a comprehensive test that covers various topics related to fraud investigation, such as fraud schemes, investigation techniques, legal issues, and report writing. CFE-Investigation exam is comprised of four sections, each of which contains multiple-choice questions that test the candidate's understanding of the subject matter. To become a certified fraud examiner, candidates must pass all four sections of the CFE-Investigation Exam and meet other eligibility requirements set by the ACFE.
NEW QUESTION # 51
Scarlett, a Certified Fraud Examiner (CFE). is assigned to the internal audit department of the ABC Company. She is getting ready to conduct an interview with another company employee who might be involved in a fraud. Which of the following is the MOST APPROPRIATE introduction for Scarlett to use with the employee?
- A. "Hello, my name is Scarlett. I'm a Certified Fraud Examiner and an auditor with the ABC Company."
- B. "Hello, my name is Scarlett. I'm a Certified Fraud Examiner with the ABC Company."
- C. "Hello, my name is Scarlett. I'm an auditor with the ABC Company."
- D. "Hello, my name is Scarlett, and I'm with the ABC Company."
Answer: D
NEW QUESTION # 52
Tony, a fraud examiner, believes that vendors might be submitting multiple invoices for the same sales with the hope that they will be paid more than once. He wants to ensure that no two invoices in the system have the same number. Which of the Mowing data analysis functions would be most useful for this test?
- A. Duplicate search
- B. Correlation analysis
- C. Benford's Law analysis
- D. Linear regression
Answer: A
NEW QUESTION # 53
Which of the following statements about fraud response plans is FALSE?
- A. A fraud response plan must be simple to understand and administer
- B. A fraud response plan should specify how every fraud examination should be conducted regardless of the type of fraud
- C. A fraud response plan outlines the actions an organization will take when suspicions of fraud have arisen.
- D. A fraud response plan should create an environment to minimize risk and maximize the potential for success
Answer: C
NEW QUESTION # 54
Which of the following sets of numbers could a fraud examiner MOST LIKELY benefit from running a Benford's Law analysis on?
- A. Telephone numbers
- B. Vendor invoice amounts
- C. Employee identification numbers
- D. Bank account numbers
Answer: B
NEW QUESTION # 55
Which of the following types of information would LEAST LIKELY be found when searching external sources without the subject's consent or a legal order?
- A. A subject's employee personnel file
- B. A competitor's ownership information
- C. A witness's address
- D. Assets owned by a subject
Answer: B
NEW QUESTION # 56
Andrew wants to use a confidential informant in his investigation. He plans to compensate the informant with cash and obtain a receipt. He also plans to identify his source in a memorandum and his final report using only the informant's initials. Which of Andrew's plans is NOT considered a best practice when using an informant?
- A. Creating a receipt regarding the cash payment
- B. Referring to the informant in the memorandum using the informant's initials
- C. Compensating the informant with cash
- D. Using information from the informant in his final report
Answer: B
NEW QUESTION # 57
Eric, a Certified Fraud Examiner (CFE) is conducing an admission-seeking interview with Sean, a fraud suspect Sean is seated across the table from Eric. The door is closed but not locked and there are no windows or wall hangings in the room According to admission seeking interview best practices, what change should Eric make to the interview environment to increase that chances of the interview's success?
- A. Open the door so that Sean feels tree to leave at any time
- B. Remove the table from the room to prevent physical and psychological barriers
- C. Lock the door to ensure the interview is not interrupted
- D. Move the interview to a room with a window so that Sean feels more comfortable.
Answer: A
NEW QUESTION # 58
A fraud examiner believes that a suspect might have used illicit funds to construct a commercial building to fit a restaurant. Which of the following records would be the MOST helpful in confirming the owner of the building?
- A. Commercial filings
- B. Local court records
- C. Voter registration records
- D. Building permit records
Answer: D
NEW QUESTION # 59
______________ can be detected by closely examining the documentation submitted with the cash receipts.
- A. Fictitious refunds
- B. None of the above
- C. Voided purchases
- D. Approved transaction
Answer: A
NEW QUESTION # 60
Jade, a Certrfied Fraud Examiner (CFE). is conducting an internal investigation in which an employee is suspected of stealing inventory and selling it through a possible shell company called Hidden Finds. LLC. When Jade tries to check Hidden Finds' website, a message appears that redirects customers to a web address that ends with onion To view the website's content. Jade will need to install a specialized web browser that enables her to access which of the following?
- A. The free web
- B. The dark web
- C. The internet archives
- D. The deep archives
Answer: C
NEW QUESTION # 61
Max The controller of XYZ Company, noticed that the company's hotel expenses increased substantially from the prior year. He wants to check to see if this is reasonable by comparing hotel expenses from both years to the number to that XYZ's employees traveled. Which of the following date analysis function would be the most useful In helping Max analyze these two variables?
- A. Correlation analysis
- B. Verifying mutinies of a number
- C. Benford's Law analysts
- D. Duplicate testing
Answer: A
NEW QUESTION # 62
Which of the following situations would MOST LIKELY require access to nonpublic records to develop evidence?
- A. Obtaining a company's business filings
- B. Determining who owns a piece of real estate
- C. Finding out where a person lives
- D. Reviewing an individual's personal mobile phone records
Answer: A
NEW QUESTION # 63
Anne used Will as a confidential informant in her investigation Anne listed information provided by Will in her final report, referring to him using his initials. She paid Will in cash and obtained a receipt for the transaction. Which of Anne's methods was NOT considered a best practice when using informants?
- A. Using cash to pay Will
- B. Using information provided by Will in her report
- C. Obtaining a receipt from Will
- D. Referring to Will using his initials
Answer: D
NEW QUESTION # 64
Which of the following statements concerning access to nonpublic records is MOST ACCURATE?
- A. Nonpublic records cannot be obtained by subpoena or legal order in a civil action
- B. The government usually will not share nonpublic records with a fraud victim during an investigation into the underlying fraud.
- C. Once a criminal case is filed, all records obtained by the government are considered public records
- D. In most junsdictions. banks are allowed to turn over a suspect's account information directly to a fraud victim when there is adequate evidence of wrongdoing.
Answer: B
NEW QUESTION # 65
Which of the following statements about how fraud examiners should approach fraud examinations is FALSE?
- A. When conducting fraud examinations, fraud examiners should adhere to the fraud theory approach.
- B. When conducting fraud examinations, fraud examiners should begin with general information that is known and then move to the more specific details.
- C. In most examinations, fraud examiners should start interviewing the least involved candidates and proceed toward those who are potentially more involved.
- D. When conducting fraud examinations, fraud examiners should start with specific details and move toward more general information.
Answer: D
NEW QUESTION # 66
Martin is a fraud examiner. He contacts Dianne for the purpose of conducting a routine, information-gathering interview. Dianne says that she wants her coworker. Sheila, whom Martin also plans to interview, to be present during the interview. Martin should:
- A. Interview Dianne and Sheila separately
- B. Interview Dianne and Sheila together by himself
- C. Allow Sheila to be present but only if she does not speak
- D. Interview Dianne and Sheila together, but bring in a second interviewer
Answer: D
NEW QUESTION # 67
When planning for the interview phase of an Investigation, which of the following steps should NOT be taken by the fraud examiner?
- A. Consider what the interview is intended to accomplish and state an objective.
- B. Ensure that the Interview is held in venue where the subject will feel uncomfortable
- C. Review the case Be to ensure that they have not overlooked Important information
- D. Prepare a brief outline of key points to discuss during the interview
Answer: D
NEW QUESTION # 68
Which of the following types of data is BEST suited for a BenfordTs Law analysis?
- A. Telephone numbers
- B. A listing of payment amounts
- C. Employee identification numbers
- D. Vendor addresses
Answer: B
NEW QUESTION # 69
Barnes a Certified Fraud Examiner (CFE) is using data analysis to identity anomalies that might indicate fraud In XYZ Company's accounts payable transactions. Which of the following is the most effective data analysis function that Barnes could use to look for potential fraud in accounts payable?
- A. Compare book and tax deprecation and indicate variances
- B. Identify paycheck amounts over a certain limit
- C. Al of the above
- D. Review recurring monthly expenses and compare to posted/paid invoices
Answer: C
NEW QUESTION # 70
Which of the following sources of information is usually considered to be the MOST IMPORTANT in tracing a subject's assets?
- A. Financial institution records
- B. PaystuDs
- C. Surveillance footage
- D. Credit card statements
Answer: A
NEW QUESTION # 71
Which of the following statements concerning access to nonpublic records it MOST ACCURATE?
- A. Nonpublic records cannot be obtained by subpoena or legal order in a civil action
- B. In most jurisdictions, banks are allowed to turn over a suspects account information directly to a fraud victim when there is adequate evidence of wrongdoing.
- C. Thai government usually will not share nonpublic records with a fraud victim during an Investigation Into the underlying fraud.
- D. Once a criminal case is filed all records obtained by the government are considered public records
Answer: B
NEW QUESTION # 72
Assuming that a jurisdiction has prohibited pretexting with financial institutes, which of the following actions would constitute illegal pretexting?
- A. Withdrawing another person's funds using a stolen bank account number and PIN
- B. Making purchases with a credit card account under a fictitious identity
- C. Falsely claiming to be the spouse of an account holder to access bank records
- D. Digging through a person's trash to obtain their bank account information
Answer: C
NEW QUESTION # 73
When reporting the results of a fraud examination is best to include copies (not originals) of important documents in the formal report.
- A. True
- B. False
Answer: B
NEW QUESTION # 74
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The Certified Fraud Examiner (CFE) credential is a globally recognized certification for professionals who specialize in detecting, deterring, and investigating fraud. The CFE credential is awarded by the Association of Certified Fraud Examiners (ACFE), the world's largest anti-fraud organization. The CFE-Investigation Exam, also known as the CFE-Exam, is one of the three exams required to become a Certified Fraud Examiner.
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