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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:

SectionObjectives
Financial Crimes- Money Laundering
  • 1. Placement, layering, integration stages
    - Banking and Payment Fraud
    • 1. Wire fraud and electronic transfers
      • 2. Check and credit card fraud
        Fraud Schemes- Financial Statement Fraud
        • 1. Asset overstatement and liability concealment
          • 2. Revenue recognition manipulation
            - Asset Misappropriation Schemes
            • 1. Billing and expense reimbursement fraud
              • 2. Skimming and cash larceny
                Fraud Investigation and Analysis- Evidence collection and documentation
                • 1. Chain of custody principles
                  - Data analysis in fraud detection
                  • 1. Trend and anomaly identification

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q20-Q25):

                    NEW QUESTION # 20
                    Which of the following is NOT the reason why senior management will overstate business statements?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Management may overstate financial statements to (B) meet performance criteria, (C) trigger bonuses/compensation, or (D) show growth to enhance valuation for sale. However, when seeking to comply with debt covenants , management typically understates liabilities or expenses - not overstates performance. Thus, A is not aligned with overstatement motives.
                    * Analysis of Incorrect Options:
                    * B, C, D - All are recognized motives for overstating business performance.
                    * A. Comply with debt covenants - More linked to manipulation of liabilities (often understatement), not overstatement of revenue.
                    * Key Concept: Motives for overstatement in financial statement fraud.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Overstatement Motives .


                    NEW QUESTION # 21
                    Which of the following is NOT the reason to bribe employees of the purchaser?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Bribes to purchasing employees often aim to:
                    * Ensure late bids are accepted,
                    * Extend deadlines unfairly,
                    * Or falsify bid logs. Bid-splitting , however, is a scheme performed to avoid approval thresholds and does not require bribery of purchasing employees.
                    * Analysis of Incorrect Options:
                    * A. Receipt of late bid - Real reason to bribe.
                    * B. Extend opening date - Real reason to bribe.
                    * D. Falsify bid log - Real reason to bribe.
                    * C. Ensure bid-splitting - Not a bribery motivation.
                    * Key Concept: Bribery motivations in procurement fraud.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bribery Schemes in Procurement .


                    NEW QUESTION # 22
                    Which of the following statements regarding a nonconforming goods or services procurement fraud scheme is MOST ACCURATE?

                    Answer: B

                    Explanation:
                    The correct answer is C. A nonconforming goods or services scheme occurs when a contractor delivers goods or services that do not meet contract specifications while representing them as compliant. Using refurbished materials when the contract requires new materials is a classic example because the contractor provides inferior or substituted materials but seeks payment as if the required materials were supplied. Option A describes change order abuse, where a low bid is later increased through contract modifications. Option B describes cost mischarging because the contractor bills for costs not incurred or improperly allocated. Option D describes a need recognition or collusive procurement scheme involving unnecessary goods or services.
                    The key professional distinction is whether the deliverable itself fails to conform to contract requirements.


                    NEW QUESTION # 23
                    White used a company vehicle for unauthorized, personal purposes while working in a different city. He provided false written and oral information regarding the use of the vehicle. The vehicle was returned without damages. What type of fraud did White commit?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Misuse of noncash assets occurs when employees use company assets for personal purposes without authorization. Even though the vehicle was returned undamaged, unauthorized use and concealment by false statements makes it a fraud scheme under asset misappropriation.
                    * Analysis of Incorrect Options:
                    * A - Incorrect; unauthorized use with deception constitutes fraud.
                    * B - Expense reimbursement involves falsified claims for travel/expenses, not vehicle misuse.
                    * D - Financial statement fraud involves misstating accounting entries, unrelated here.
                    * Key Concept: Misuse of company assets (noncash) as part of asset misappropriation.
                    Reference: ACFE Manual, Asset Misappropriation - Misuse of Noncash Assets .


                    NEW QUESTION # 24
                    Which of the following is NOT one of the information security goals that should be achieved to secure an e- commerce system for users and account holders?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The key goals of information security (the CIA triad plus authentication and non-repudiation ) are confidentiality, integrity, availability, authentication, and non-repudiation . While accuracy of data is important, it is not formally one of the core security goals.
                    * Analysis of Incorrect Options:
                    * A. Availability - Ensures users can access data when needed.
                    * C. Authentication - Confirms identities before granting access.
                    * D. Non-repudiation - Prevents denial of legitimate transactions.
                    * Key Concept: Information security objectives for fraud prevention.
                    Reference: ACFE Manual, Fraud Prevention and Deterrence - Cybersecurity Principles .


                    NEW QUESTION # 25
                    ......

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