CFE-Fraud-Schemes-and-Financial-Crimes Study Practice Guide Give Customers Best Certified Fraud Examiner -Fraud Schemes and Financial Crimes Exam Materials

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

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

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q70-Q75):

NEW QUESTION # 70
To reduce his tax bill, John adds fake deductions to his personal tax return. John is MOST LIKELY engaging in:

A. Tax misappropriation
B. Tax avoidance
C. Tax evasion
D. Tax sheltering

Answer: C

Explanation:
John is engaging in tax evasion because he intentionally adds false deductions to reduce the amount of tax he owes. The ACFE material distinguishes tax evasion from tax avoidance. Tax avoidance involves legal planning, such as legitimate deductions, credits, or shelters. Tax evasion involves fraudulent actions taken to avoid reporting or paying taxes. Fake deductions are not legitimate tax planning because they misrepresent facts on the return. This conduct can also be described as falsifying tax deductions, a specific type of tax evasion scheme. Tax sheltering is not the best answer because the facts do not describe a lawful or abusive shelter arrangement. Tax misappropriation is not the correct classification. Because John knowingly uses false deductions, option B is correct.

NEW QUESTION # 71
Black, an accounts receivable clerk, stole Customer A's monthly payment instead of posting it to A's account.
When Customer B's payment arrives a few days later, Black applies the payment to Customer A's account.
When Customer C's payment arrives a few days after that, Black applies it to Customer B's account. Black's method of crediting one account with money taken from another account is known as:

A. Substitution
B. Lapping
C. Padding
D. Daisy chain

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The described scheme is lapping , a classic accounts receivable fraud.
It involves covering up stolen payments by applying subsequent receipts from other customers to hide the shortage.
* Analysis of Incorrect Options:
* A. Padding - Usually refers to overstating expense reimbursements, not AR fraud.
* C. Substitution - Refers to replacing missing assets with others, not AR manipulation.
* D. Daisy chain - Not a recognized fraud concealment method in this context.
* Key Concept: Skimming concealment techniques - lapping of receivables.
Reference: ACFE Manual, Cash Receipts - Lapping Schemes .

NEW QUESTION # 72
Which of the following is the MOST ACCURATE statement about the phases of procurements involving open and free competition among contractors?

A. In the post-award and administration phase, the parties that were contracted perform their contractual obligations.
B. In the bid evaluation and award phase, the procuring entity issues the solicitation document.
C. In the presolicitation phase, prospective contractors prepare and submit their bids.
D. In the solicitation phase, the procuring entity identifies its needs and develops the criteria used to award the contract.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: In the procurement cycle, the post-award and administration phase involves the actual performance of contractual duties by the awarded contractor(s) and monitoring by the procuring entity. This is consistent with procurement process descriptions in the Fraud Examiners Manual (2020) .
* Analysis of Incorrect Options:
* B - Needs identification occurs in the presolicitation phase , not solicitation.
* C - In presolicitation, the entity defines needs; contractors submit bids during the solicitation phase.
* D - The solicitation document is issued during the solicitation phase , not evaluation.
* Key Concept: Understanding procurement phases to detect fraud opportunities (e.g., bid rigging, kickbacks).
Reference: ACFE Manual, Corruption - Procurement Fraud .

NEW QUESTION # 73
Which of the following scenarios BEST describes a method commonly used to make corrupt payments in corruption schemes?

A. A payer uses a credit card to pay a recipient's travel and entertainment expenses.
B. A payer offers a recipient a legitimate loan with a high interest rate.
C. A payer rents property from a recipient at a lower-than-average price.
D. A payer sells property to a recipient at a price that is higher than market value.

Answer: A

Explanation:
The correct answer is B. Corrupt payments are not limited to direct cash bribes; they may be disguised as gifts, meals, travel, entertainment, loans, discounts, consulting fees, or other benefits. Paying a recipient's travel and entertainment expenses with a credit card provides something of value to the recipient and can be used to influence official or business decision-making. Option A is not the best answer because renting property from the recipient at below-market rent benefits the payer, not the recipient. Option C similarly benefits the payer if the recipient overpays. Option D is not corrupt as stated because the loan is legitimate and has a high interest rate, not favorable terms. The professional focus is whether value is transferred to influence conduct.

NEW QUESTION # 74
Which of the following controls BEST describes the safeguards an organization implements to provide protection for computing resources by increasing security policies and awareness, conducting security audits and tests, and properly classifying data?

A. Administrative security controls
B. Technical security controls
C. Logical access controls
D. Physical access controls

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Administrative security controls involve policies, procedures, and practices designed to manage the overall security environment-such as awareness training, audits, data classification, and enforcement of policies. These controls focus on governance rather than direct system configuration.
* Analysis of Incorrect Options:
* A. Technical security controls - These are automated safeguards (e.g., firewalls, encryption).
* B. Logical access controls - Restrict access to systems through passwords, tokens, or biometrics.
* D. Physical access controls - Restrict physical access (e.g., locks, guards, CCTV).
* Key Concept: Layers of security controls (administrative, technical, physical).
Reference: ACFE Manual, Fraud Prevention and Deterrence - Information Security Controls .

NEW QUESTION # 75
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