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

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

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q317-Q322):

                    NEW QUESTION # 317
                    A running count that records how much inventory should be on hand is referred to:

                    Answer: B

                    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 # 318
                    Which of the following statements is TRUE regarding the prevention of inventory theft?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Prenumbering and controlling shipping documents is a strong preventive measure against inventory theft because it ensures all inventory leaving the warehouse is properly authorized and tracked.
                    * Analysis of Incorrect Options:
                    * A. Same person for requisition and receiving - Violates segregation of duties.
                    * B. Purchasing supervisor counting inventory - Creates conflict; inventory should be counted by independent staff.
                    * D. Same person for shipping and scrap - Increases fraud risk.
                    * Key Concept: Inventory theft prevention - control over documentation.
                    Reference: ACFE Fraud Examiners Manual (2020) , Inventory and Other Assets: Inventory Theft Controls .


                    NEW QUESTION # 319
                    Karen is investigating an anonymous tip within Magenta Company that a billing scheme might be occurring in the Purchasing Department. Which of the following steps would be MOST EFFECTIVE in helping Karen discover whether billing fraud is occurring?

                    Answer: B

                    Explanation:
                    The correct answer is A. Billing schemes often exploit weak segregation of duties in purchasing, receiving, and payment functions. If one person or department can request goods, approve receipt, authorize payment, and process invoices without independent verification, fictitious invoices, pass-through schemes, personal purchases, or inflated vendor billings are easier to conceal. Karen should therefore determine whether these functions operate independently. Option B is not the strongest choice as written because identifying employees with the same phone number does not directly test vendor billing fraud. Customer complaints about sales policies relate to revenue or consumer issues, not purchasing fraud. Accounts receivable and credit sales analysis is more relevant to revenue fraud. The ACFE materials classify billing schemes under fraudulent disbursements and emphasize purchasing, receiving, and invoice controls.


                    NEW QUESTION # 320
                    Which of the following is an example of a technical security control that organizations can use to secure computer systems and communication networks?

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Technical security controls include software- and hardware-based measures such as application security, firewalls, and encryption . Application security protects against vulnerabilities in the programs employees use.
                    * Analysis of Incorrect Options:
                    * B. Human audits - Administrative control, not technical.
                    * C. Penetration testing - A detective measure/test, not a control itself.
                    * D. Data security - A broad goal, not a specific technical control.
                    * Key Concept: Technical security controls for preventing cyberfraud.
                    Reference: ACFE Fraud Examiners Manual (2020) , Computer and Internet Fraud: Security Controls .


                    NEW QUESTION # 321
                    Malcolm is a manager at a financial institution. To safeguard the bank and its customers from electronic funds transfer (EFT) fraud, Malcolm is implementing preventive measures. What is one measure Malcolm can take to prevent EFT fraud?

                    Answer: B

                    Explanation:
                    The correct answer is C. Multifactor authentication is an effective preventive control for electronic funds transfer fraud because it requires users to verify their identity through more than one authentication factor before initiating or approving payments. This reduces the risk that stolen usernames, passwords, or account credentials alone will allow unauthorized transfers through EBPP or P2P systems. Option A is unsafe because sending PINs, usernames, and passwords together increases exposure if the communication is intercepted.
                    Option B is also poor practice because sensitive credentials should be encrypted. Option D weakens segregation of duties by allowing one employee to control both PIN issuance and access device information.
                    The ACFE materials emphasize authentication, access controls, and segregation of duties in preventing EFT fraud.


                    NEW QUESTION # 322
                    ......

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