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

SectionObjectives
Topic 1: Fraud Investigation and Analysis- Evidence collection and documentation
  • 1. Chain of custody principles
    - Data analysis in fraud detection
    • 1. Trend and anomaly identification
      Topic 2: Financial Crimes- Banking and Payment Fraud
      • 1. Check and credit card fraud
        • 2. Wire fraud and electronic transfers
          - Money Laundering
          • 1. Placement, layering, integration stages
            Topic 3: Fraud Schemes- Asset Misappropriation Schemes
            • 1. Skimming and cash larceny
              • 2. Billing and expense reimbursement fraud
                - Financial Statement Fraud
                • 1. Revenue recognition manipulation
                  • 2. Asset overstatement and liability concealment

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q204-Q209):

                    NEW QUESTION # 204
                    A typical issue involving materiality and fraud would be:

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Materiality is most often associated with fraudulent financial statements because fraudsters may argue that misstatements are "immaterial." However, deliberate misstatements of any size can be fraudulent. Materiality thus plays a critical role in assessing fraudulent statement cases .
                    * Analysis of Incorrect Options:
                    * B. Misappropriations - Involve theft, but materiality is less central than in reporting fraud.
                    * C. Civil lawsuit - A possible outcome, not the core accounting issue.
                    * D. Quality control - Not related to materiality in fraud.
                    * Key Concept: Materiality in Financial Statement Fraud - even small misstatements may be fraudulent.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Materiality and Misstatements .


                    NEW QUESTION # 205
                    Which of the following statements describes a best practice for preventing contract and procurement fraud?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Conducting vendor background checks before adding them to the master file is a strong preventive control against shell companies, conflicts of interest, and vendor collusion. It helps ensure vendor legitimacy before business begins.
                    * Analysis of Incorrect Options:
                    * B - Too broad; monitoring should focus on practical red flags, not "all schemes."
                    * C - Violates segregation of duties, increasing fraud risk.
                    * D - Monitoring should be ongoing, not limited to once a year.
                    * Key Concept: Procurement fraud prevention through vendor due diligence and segregation of duties.
                    Reference: ACFE Manual, Corruption - Contract and Procurement Fraud Controls .


                    NEW QUESTION # 206
                    Assets that are long-lived and that differ from property, plant, and equipment that has been purchased outright or acquired under a capital lease are:

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Intangible assets are long-lived assets that lack physical substance and differ from property, plant, and equipment. Examples include goodwill, patents, trademarks, and copyrights. They provide long-term benefits but cannot be physically touched.
                    * Analysis of Incorrect Options:
                    * A. Tangible Assets - These have physical form (e.g., equipment, land).
                    * C. Forced Assets - Not an accounting category.
                    * D. None of the above - Incorrect since intangible assets match the definition.
                    * Key Concept: Classification of Assets - tangible vs. intangible.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Types of Assets .


                    NEW QUESTION # 207
                    Delivery has not occurred or services have not been rendered when:

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Revenue recognition requires that delivery has occurred or services have been rendered . If installation, testing, and customer acceptance have not occurred (A), or if a written order exists but with a right of return (B), delivery is not considered complete. Both scenarios prevent proper revenue recognition. Hence, the correct answer is C. Both A & B .
                    * Analysis of Incorrect Options:
                    * A - Correct condition, but incomplete.
                    * B - Correct condition, but incomplete.
                    * D. Neither A nor B - Incorrect, as both conditions do prevent recognition.
                    * Key Concept: Revenue recognition fraud risks - recognizing revenue prematurely.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Improper Revenue Recognition .


                    NEW QUESTION # 208
                    The fraudster's interest lies with an employer other than the company.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: By definition, conflict of interest fraud arises when an employee has a hidden financial or ownership interest in another entity with which the employer does business. The fraudster's loyalty is divided because their interest lies outside of their primary employer.
                    * Analysis of Incorrect Options:
                    * B. False - Incorrect because the essence of conflict of interest is precisely that the fraudster's interest lies outside their company.
                    * Key Concept: Conflict of Interest (divided loyalty).
                    Reference: ACFE Fraud Examiners Manual (2020) , Conflict of Interest .


                    NEW QUESTION # 209
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