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

SectionWeightObjectives
Basic Accounting and Auditing Concepts15–20%- Fundamental accounting principles
- Financial statement components and relationships
- Internal control frameworks and objectives
- Auditing standards and procedures
Internal Control and Fraud Prevention10–15%- Fraud risk assessment
- Control testing and evaluation
- Design of anti-fraud controls
Financial Statement Fraud10–15%- Improper disclosures
- Financial statement analysis techniques
- Asset and liability misrepresentation
- Revenue recognition schemes
Asset Misappropriation – Fraudulent Disbursements15–20%- Register disbursement fraud
- Billing schemes
- Expense reimbursement fraud
- Electronic payment tampering
- Payroll fraud schemes
Corruption Schemes5–10%- Bribery and kickbacks
- Conflicts of interest
- Illegal gratuities and extortion
- Prevention and detection strategies
Other Fraud Schemes10–15%- Healthcare fraud
- Identity theft and financial crimes
- Theft of data and intellectual property
- Insurance fraud
- Procurement and contract fraud
Asset Misappropriation – Inventory and Other Assets5–10%- Prevention and detection controls
- Inventory theft and misuse
- Concealment of asset shrinkage
Asset Misappropriation – Cash Receipts5–10%- Prevention and detection methods
- Cash skimming schemes
- Cash larceny

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ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam Sample Questions (Q49-Q54):

NEW QUESTION # 49
The behavior profile of employees who are involved in bribery schemes may include:

Answer: D


NEW QUESTION # 50
A variation between the physical inventory and the perpetual inventory totals is called:

Answer: A


NEW QUESTION # 51
Placing any restriction in the solicitation documents that tend to restrict competition is called prebid solicitation.

Answer: B


NEW QUESTION # 52
What type of fraud scheme would MOST LIKELY be revealed by comparing a company's personnel records with its payroll records to identify duplicate addresses and government identification numbers?

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:A ghost employee scheme occurs when fictitious or former employees remain on payroll. Detecting duplicate addresses, Social Security/Government ID numbers, or other anomalies between HR and payroll records is a classic detection method for ghost employees.
* Analysis of Incorrect Options:
* A. Fraudulent commissions scheme - Relates to sales manipulation, not duplicate personnel records.
* B. Falsified hours and salary scheme - Involves timekeeping, not fictitious employees.
* C. Expense reimbursement scheme - Concerns fraudulent expense claims, unrelated to payroll records.
* Key Concept: Payroll fraud - Ghost Employee scheme.
Reference: ACFE Fraud Examiners Manual (2020), Asset Misappropriation: Payroll Schemes.


NEW QUESTION # 53
Every bribe is a two-sided transaction, in which where a vendor bribes a purchaser, there is someone on the vendor's side of the transaction who is not making an illicit payment.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer:This statement is False. Every bribe involves two willing parties: one who offers and one who accepts the illicit payment. If one party is not making or accepting the payment, the transaction cannot be classified as a bribe.
* Analysis of Incorrect Options:
* A. True - Incorrect because both sides are complicit in bribery.
* Key Concept:Bribery requires two-sided participation.
Reference:ACFE Fraud Examiners Manual (2020 International Edition), Corruption - Bribery Elements.


NEW QUESTION # 54
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