CFE-Fraud-Schemes-and-Financial-Crimes Valid Exam Questions - Exam CFE-Fraud-Schemes-and-Financial-Crimes Outline

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

SectionObjectives
Topic 1: Financial Crimes- Corruption Schemes
  • 1. Kickbacks
    • 2. Bribery
      • 3. Conflicts of interest
        - Financial Statement Fraud
        • 1. Expense understatement
          • 2. Revenue manipulation
            • 3. Asset overstatement
              - Money Laundering
              • 1. Integration stage
                • 2. Layering stage
                  • 3. Placement stage
                    Topic 2: Fraud Schemes- Fraudulent Disbursements
                    • 1. Check tampering
                      • 2. Billing schemes
                        • 3. Billing shell companies
                          - Asset Misappropriation Schemes
                          • 1. Inventory and asset theft
                            • 2. Payroll fraud
                              • 3. Cash theft and skimming
                                • 4. Expense reimbursement fraud

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q83-Q88):

                                  NEW QUESTION # 83
                                  __________ is required if and when officers, executives, or other persons in trusted positions become subjects of a criminal indictment.

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Disclosure is required whenever individuals in positions of trust are indicted or otherwise compromised. Transparency ensures stakeholders are aware of potential conflicts or risks.
                                  * Analysis of Incorrect Options:
                                  * A. Conflict of interest - A scheme, not the corrective measure.
                                  * B. Turnaround sale or flip - Specific scheme, irrelevant here.
                                  * D. Resource diversion - A fraud method, not a governance requirement.
                                  * Key Concept: Importance of Disclosure in preventing or responding to conflicts of interest.
                                  Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Disclosure Requirements .


                                  NEW QUESTION # 84
                                  Which of the following statements is MOST ACCURATE regarding how the challenges in government and public sector fraud prevention differ from those in the private sector?

                                  Answer: C

                                  Explanation:
                                  Option A is the most accurate because government and public sector entities commonly face slower implementation of fraud prevention initiatives due to budget cycles, staffing rules, public accountability requirements, and formal approval structures. Public sector fraud prevention is often affected by legal mandates, appropriations, political priorities, and administrative constraints. Option B reverses the distinction; government entities are generally more directly constrained by legal and budgetary requirements. Option C is inaccurate because public sector organizations often have less flexibility over operations and objectives than private entities. Option D is also reversed because government and public sector fraud prevention is more likely to be influenced by public policy and prevailing government priorities. The ACFE material recognizes public-sector accountability and auditing standards as distinct from private sector governance.


                                  NEW QUESTION # 85
                                  The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Comparing register tape totals to the actual cash on hand is a classic reconciliation test used to detect employee theft . Discrepancies suggest cash has been skimmed or stolen after recording.
                                  * Analysis of Incorrect Options:
                                  * B. Recorded sales - Register tapes already show recorded sales; comparison is for theft detection.
                                  * C. Internal audits - A process, not the purpose of the comparison.
                                  * D. Occupational frauds - Too broad a term.
                                  * Key Concept: Cash Reconciliation as a control to detect employee theft.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Detection Methods for Skimming and Larceny .


                                  NEW QUESTION # 86
                                  Financial statement fraud is BEST described as the intentional or accidental misstatement of amounts in the financial statements.

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: By definition, financial statement fraud is intentional . Errors or accidents in reporting are not fraud; they are mistakes. Fraud requires deliberate misrepresentation to deceive users of financial statements.
                                  * Analysis of Incorrect Option:
                                  * A. True - Incorrect because it includes "accidental" misstatements, which fall outside fraud.
                                  * Key Concept: Intentional misstatement is the defining element of financial statement fraud.
                                  Reference: ACFE Manual, Financial Statement Fraud - Definition and Elements .


                                  NEW QUESTION # 87
                                  A fraud examiner is attempting to determine whether an online retailer's customers have committed card-not- present (CNP) payment card fraud schemes. Which of the following measures would be MOST EFFECTIVE in detecting this type of fraud?

                                  Answer: B

                                  Explanation:
                                  Card-not-present fraud occurs when payment card information is used without the physical card being presented, commonly in online transactions. Comparing IP addresses for internet orders with those used in previous orders by the same customer is the most effective detection measure listed because it helps identify unusual access patterns. If an order is placed from an unfamiliar or suspicious IP address inconsistent with the customer's historical activity, it can indicate unauthorized use of stolen card data. Small orders from new accounts might be suspicious but are less reliable alone. Declining rush shipping is not a typical fraud indicator, and purchasing several unique items is not necessarily suspicious. The ACFE materials identify payment card fraud and card-not-present transactions as key payment fraud risks.


                                  NEW QUESTION # 88
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