CFE-Fraud-Schemes-and-Financial-Crimes Learning Materials & CFE-Fraud-Schemes-and-Financial-Crimes Exam Simulation & CFE-Fraud-Schemes-and-Financial-Crimes Test Dumps

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

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

Section

Objectives

Topic 1: Financial Crimes

- Corruption Schemes

1. Bribery
2. Kickbacks
3. Conflicts of interest

- Money Laundering

1. Placement stage
2. Integration stage
3. Layering stage

- Financial Statement Fraud

1. Revenue manipulation
2. Expense understatement
3. Asset overstatement

Topic 2: Fraud Schemes

- Asset Misappropriation Schemes

1. Inventory and asset theft
2. Payroll fraud
3. Expense reimbursement fraud
4. Cash theft and skimming

- Fraudulent Disbursements

1. Billing schemes
2. Billing shell companies
3. Check tampering

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q167-Q172):

NEW QUESTION # 167
A ___________ occurs when an employee, manager, or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.

A. Unauthorized purchase
B. Conflict of interest
C. Illegal sale
D. Financial disclosure

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A conflict of interest occurs when an employee secretly has a personal or financial stake in a transaction, and that interest compromises their duty of loyalty to the employer. This is one of the four categories of corruption under the ACFE Fraud Tree.
* Analysis of Incorrect Options:
* B. Illegal sale - Not a fraud classification.
* C. Unauthorized purchase - Could describe asset misuse, not corruption.
* D. Financial disclosure - Relates to reporting, not the fraud itself.
* Key Concept: Conflict of interest schemes as a category of corruption.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Conflicts of Interest
.

NEW QUESTION # 168
Which of the following options BEST describes horizontal analysis?

A. A means of measuring the relationship between two different financial statement amounts
B. A means of examining the percentage change in individual line items on a financial statement from one accounting period to the next
C. A means of measuring the performance of a parent company to one of its subsidiaries
D. A means of examining the relationship of items on a financial statement by expressing components as percentages of a specified base value

Answer: B

Explanation:
The correct answer is B. Horizontal analysis compares financial statement amounts across accounting periods and focuses on changes over time. Fraud examiners use it to identify unusual increases, decreases, or trends in individual line items, such as revenue, expenses, inventory, accounts receivable, or liabilities. Option C describes ratio analysis, which measures relationships between different financial statement amounts. Option D describes vertical analysis, which expresses financial statement items as percentages of a base amount, such as total assets or net sales. Option A is unrelated. In financial statement fraud detection, horizontal analysis helps reveal abnormal trends that might indicate improper revenue recognition, concealed liabilities, manipulated expenses, or other misstatements requiring further investigation.

NEW QUESTION # 169
A running count that records how much inventory should be on hand is referred to:

A. Perpetual inventory
B. Fictitious inventory
C. Shrinking inventory
D. Altered inventory

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Perpetual inventory systems maintain a continuous, running balance of inventory on hand. They are updated with each purchase and sale, providing a theoretical count at all times. Discrepancies between perpetual and physical counts may indicate theft, errors, or fraud.
* Analysis of Incorrect Options:
* A. Altered inventory - Fraudulent manipulation, not a system.
* C. Shrinking inventory - Refers to shrinkage, not the system.
* D. Fictitious inventory - Fraudulent reporting, not a legitimate system.
* Key Concept: Perpetual inventory systems as internal controls.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Systems .

NEW QUESTION # 170
Which of the following signs is MOST LIKELY to indicate that a third-party vendor or contractor is engaging in a corruption scheme?

A. The third party requests that payment be sent to a different country from where it conducts business.
B. The third party charges lower-than-average prices for the goods and services it offers to customers.
C. The third party is consistently awarded contracts based on a reputation for providing higher quality services than its competitors.
D. The third party provides contact information that contains a single address and a telephone number.

Answer: A

Explanation:
The correct answer is B. A request to send payment to a country different from where the third party conducts business is a significant red flag in corruption and bribery schemes. Such payment instructions can indicate attempts to conceal beneficial ownership, route funds through offshore accounts, disguise improper commissions, or make corrupt payments difficult to trace. Option A is not necessarily suspicious because many legitimate vendors use one business address and phone number. Option C can reflect legitimate competitive strength if the vendor truly provides superior services. Option D is also not inherently suspicious because lower prices may result from efficiency or market strategy. Fraud examiners should treat unusual third-party payment destinations as high-risk indicators requiring enhanced due diligence and documentation review.

NEW QUESTION # 171
Warner is part of management at ABC Corporation. He has been asked to implement measures to help prevent fraudulent billing schemes. Which of the following measures would likely be MOST EFFECTIVE?

A. Enforcing competitive bidding from potential vendors
B. Combining the purchasing and payment functions within a single department
C. Requiring all fraud tips to be reported to employees' direct supervisors
D. Using an external vendor to negotiate procurement contracts

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: One of the strongest internal controls against fraudulent billing schemes (such as shell companies, inflated invoices, and kickbacks) is to require competitive bidding .
This ensures transparency, reduces favoritism, and makes it harder for employees and vendors to collude.
* Analysis of Incorrect Options:
* A - Fraud tips are valuable, but routing them only through supervisors may suppress reporting; hotlines are more effective.
* B - Combining purchasing and payment increases fraud risk by reducing segregation of duties.
* D - Outsourcing negotiations does not directly prevent billing fraud.
* Key Concept: Internal controls and segregation of duties in preventing billing schemes.
Reference: ACFE Manual, Fraudulent Disbursements - Billing Schemes .

NEW QUESTION # 172
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