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

Section	Weight	Objectives
Accounting Concepts	5–10%	- Recording and summarizing transactions - Financial statements structure - Basic accounting principles - Internal control fundamentals
Industry-Specific Financial Crimes	15–25%	- Healthcare fraud - Real estate and securities fraud - Cyber-enabled and cryptocurrency fraud - Insurance fraud - Financial institution fraud
Identity Theft	1–5%	- Types and techniques - Prevention and detection
Asset Misappropriation – Cash Receipts	5–10%	- Cash skimming schemes - Cash larceny schemes - Prevention and detection methods
Asset Misappropriation – Non-Cash Assets	5–10%	- Concealment techniques - Inventory and equipment theft - Misuse of assets
Financial Statement Fraud	10–15%	- Timing and disclosure manipulations - Detection and red flags - Expense and liability understatements - Revenue and asset overstatements
Theft of Data and Intellectual Property	5–10%	- Corporate espionage - Data and IP theft methods - Safeguarding proprietary information
Corruption Schemes	5–10%	- Illegal gratuities and extortion - Conflicts of interest - Bribery and kickbacks
Asset Misappropriation – Cash Disbursements	10–15%	- Payroll schemes - Expense reimbursement schemes - Check and payment tampering - Billing schemes

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q285-Q290):

NEW QUESTION # 285
______________ is required not only for theft, but for procedures to detect errors, avoid waste, and ensure a proper amount of inventory is maintained.

Answer:

Explanation:
Internal control (Inventory Control)
* Rationale for Correct Answer: Strong internal controls - particularly inventory controls - are essential not just to prevent theft, but also to detect errors, reduce waste, and ensure that inventory levels are appropriate. Controls such as physical counts, reconciliations, and segregation of duties protect against misappropriation and inefficiencies.
* Key Concept: Internal Controls as a preventive and detective mechanism in asset safeguarding.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Control procedures.

NEW QUESTION # 286
Which of the following measures would be MOST EFFECTIVE in helping a financial institution prevent new account fraud?

A. Require that the customer's employer submit a letter of recommendation to the financial institution.
B. Question when customers use small cash deposits to open an account with the financial institution.
C. Contact third-party credit reporting agencies and customer identification services to verify the customer' s identity.
D. Send a communication to all of the customer's previous residences to verify that they lived at those locations.

Answer: C

Explanation:
The correct answer is C. New account fraud often involves opening accounts with false, stolen, or synthetic identities. The most effective preventive measure listed is to verify the customer's identity through reliable third-party credit reporting agencies and customer identification services. These sources can help confirm identity details, detect inconsistencies, identify suspicious histories, and reduce reliance on documents that might be forged. Employer recommendation letters are not standard or reliable identity controls. Small cash deposits are not automatically suspicious and might be normal for many customers. Sending communications to all previous residences is inefficient and unlikely to be the strongest verification method. The ACFE financial institution fraud materials identify new account fraud schemes and emphasize customer identification controls as a prevention method.

NEW QUESTION # 287
Any expenses that are incurred but not paid by the end of the year are counted in our records of profit and loss, and are called:

A. Accruals
B. Expenses
C. Depreciations
D. Financial record

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Accruals represent expenses that have been incurred but not yet paid.
Under the accrual basis of accounting, these must be recognized in the same period as the related revenues or obligations. Common examples include accrued wages and accrued interest.
* Analysis of Incorrect Options:
* B. Depreciations - Allocation of asset cost, not unpaid expenses.
* C. Expenses - A broader term, but not specific to unpaid obligations.
* D. Financial record - Too vague.
* Key Concept: Accruals under the accrual basis of accounting.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Accrual Accounting .

NEW QUESTION # 288
Which of the following statements is MOST ACCURATE?

A. Government and public sector organizations might need to conduct and respond to fraud risk assessments more frequently than private sector organizations.
B. Government and public sector organizations have more autonomy in how they practice fraud detection than private sector organizations.
C. Government and public sector organizations are required to reprioritize areas of focus for fraud detection less frequently than private sector organizations.
D. Government and public sector organizations can usually accept more fraud risk than private sector organizations because there are no shareholders.

Answer: A

Explanation:
The correct answer is C. Government and public sector organizations might need to conduct and respond to fraud risk assessments more frequently because their risks can change with political priorities, public programs, emergency funding, legislative mandates, and changing public expectations. Public entities are accountable to citizens, regulators, oversight bodies, and funding authorities. Option A is incorrect because the absence of shareholders does not permit higher fraud tolerance; public stewardship often requires strong accountability. Option B is inaccurate because public sector priorities can shift quickly based on laws, budgets, and government initiatives. Option D is also incorrect because public organizations usually have less autonomy than private entities due to statutory requirements, public scrutiny, procurement rules, and oversight obligations. Fraud risk assessment should therefore be dynamic and responsive.

NEW QUESTION # 289
Which of the following would be MOST INDICATIVE of loan fraud in a draw request submitted by a construction developer?

A. Change orders have been included.
B. Lien releases from subcontractors are not included with the request.
C. There are several inspection reports.
D. The developer's personal account statements have been omitted.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A draw request is used by construction developers to obtain loan funds for work completed. If lien releases are missing, it suggests subcontractors may not have been paid, and the developer might be misrepresenting completed work-an indicator of loan fraud.
* Analysis of Incorrect Options:
* A - Omission of personal account statements isn't unusual for a draw request.
* B - Change orders are common in construction projects.
* D - Multiple inspection reports support validity, not fraud.
* Key Concept: Loan fraud detection through supporting documentation review.
Reference: ACFE Manual, Financial Transactions - Loan Fraud .

NEW QUESTION # 290
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