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Exam CFE - Financial Transactions and Fraud Schemes All Questions

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Exam CFE - Financial Transactions and Fraud Schemes topic 1 question 47 discussion

Actual exam question from ACFE's CFE - Financial Transactions and Fraud Schemes
Question #: 47
Topic #: 1
[All CFE - Financial Transactions and Fraud Schemes Questions]

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

  • A. Companies should have vendor-monitoring procedures that are based on the red flags of the vendor schemes that pose the greatest risk.
  • B. Companies should not conduct background checks on vendors until after they are added to the vendor master file.
  • C. Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability over time.
  • D. Companies should permit the person who maintains the vendor master file to have the authority to approve invoices for payment.
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Suggested Answer: A 🗳️
by AML_1234 at Dec. 16, 2024, 2:06 p.m.

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AML_1234
1 month ago
Selected Answer: A
Companies should have vendor-monitoring procedures
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