ACFCS Financial Crime SpecialistExam CFCS Question # 73 Topic 3 Discussion

ACFCS Financial Crime SpecialistExam CFCS Question # 73 Topic 3 Discussion

CFCS Exam Topic 3 Question 73 Discussion:
Question #: 73
Topic #: 3

An individual wrote emails lo a local government posing as officials from companies with ongoing contracts with the government In the emails, he requested that wire transfers for payments owed be remitted to new bank accounts The emails appeared legitimate because they included valid but unlawfully obtained tax identification numbers for the companies In all the individual managed to steal nearly $2 million.

Which step would BEST address Ihe gap in the localgovernment’sfraud prevention program?


A.

Conducting a fraud risk assessment of the controls used for funds transfer approvals


B.

Conducting more frequent bank reconciliations to screen for fraudulent electronic transactions


C.

Conducting thorough due diligence on all contractors and subcontractors


D.

Conducting analyses of contractor tax identification numbers and their approved bank accounts


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