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

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

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                    ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Pattern - New CFE-Fraud-Schemes-and-Financial-Crimes Test Fee

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q265-Q270):

                    NEW QUESTION # 265
                    Brenda was a cashier at a retail store. When Brenda's friend shopped at the store, she would take her merchandise to Brenda's cash register. Instead of charging her friend, Brenda would record a No-Sale transaction on the register, and her friend would pretend to pay for the merchandise. Brenda's friend would leave the store without paying for the merchandise, and the two would later divide the merchandise between themselves. This scheme can BEST be described as:

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This is a false sale scheme , in which an employee processes fictitious transactions (such as false refunds, voids, or no-sales) to conceal theft of merchandise. Here, Brenda pretends to conduct a sale but records no payment.
                    * Analysis of Incorrect Options:
                    * A. Register disbursement scheme - Involves fraudulent refunds or disbursements of cash, not merchandise theft.
                    * C. Purchasing and receiving scheme - Refers to inventory fraud during procurement, not point- of-sale theft.
                    * D. Skimming scheme - Involves theft of cash before it enters accounting records, not merchandise theft.
                    * Key Concept: Cash receipts and register manipulation schemes.
                    Reference: ACFE Manual, Cash Receipts - False Sales and Register Schemes .


                    NEW QUESTION # 266
                    By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: When a tangible asset is stolen (removed from the books), a debit entry would be missing its corresponding credit, leaving the books out-of-balance . Fraudsters often conceal this imbalance by falsifying entries (e.g., creating fictitious expenses or adjusting asset accounts).
                    * Analysis of Incorrect Options:
                    * A. Journal Entries - Too general; not the condition of the books.
                    * C. False debits - A concealment method, but not the direct result.
                    * D. None of all - Incorrect because "out-of-balance" is accurate.
                    * Key Concept: Concealment of asset theft and impact on accounting records.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Asset Misappropriation - Concealment of Theft .


                    NEW QUESTION # 267
                    Which of the following measures would be MOST EFFECTIVE in helping a company detect electronic payment tampering fraud?

                    Answer: C

                    Explanation:
                    The correct answer is C. Electronic payment tampering occurs when an employee improperly alters or creates electronic payments, such as ACH payments, wire transfers, or online banking payments. Reviewing non- payroll payments made to employees is highly effective because employees generally should not receive vendor-style electronic disbursements outside normal payroll or approved reimbursement channels. Such payments can indicate that an employee inserted their own bank account, created an unauthorized payee, or diverted electronic funds. Vendor duplicate confirmations are more relevant to duplicate-payment issues.
                    Customer complaints about late account postings relate more to cash receipts or accounts receivable.
                    Quarterly reconciliations are too infrequent for timely detection. The ACFE materials identify electronic payment tampering as a fraudulent disbursement risk requiring strong monitoring and bank controls.


                    NEW QUESTION # 268
                    _____________ involves purposeful misreporting of financial information about the organization that is intended to mislead those who read it.

                    Answer: B


                    NEW QUESTION # 269
                    Which of the following is the MOST APPROPRIATE technique for detecting a cost mischarging scheme?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Cost mischarging occurs when costs are charged to improper accounts or contracts. The best way to detect it is through analytical review -comparing direct vs.
                    indirect labor account totals across periods to identify unusual shifts or spikes.
                    * Analysis of Incorrect Options:
                    * A. Reviewing inspection/testing reports - Effective for detecting defective/substituted goods, not mischarging.
                    * C. Inspecting packaging - Identifies product substitution, not accounting mischarges.
                    * D. Examining change orders - Useful for contract fraud, but not direct mischarging.
                    * Key Concept: Cost mischarging detection through analytical procedures .
                    Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Contract and Procurement Fraud .


                    NEW QUESTION # 270
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