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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q179-Q184):

                                  NEW QUESTION # 179
                                  Which of the following are used in a short-term skimming scheme?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Short-term skimming schemes include tactics like unrecorded sales
                                  , understated sales , and theft of incoming checks . These involve diverting funds before recording and typically last for a shorter duration because of higher detection risk.
                                  * Analysis of Incorrect Options:
                                  * B. Dual endorsements - Relates more to check fraud, not skimming.
                                  * C. False company accounts - Typically used in long-term fraud concealment.
                                  * D. Check-for-currency substitutions - More relevant to larceny and kiting schemes.
                                  * Key Concept: Short-term skimming schemes involve quick thefts before recording transactions.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Short-term Skimming .


                                  NEW QUESTION # 180
                                  Which counts sometimes can give rise to inventory theft detection?

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Physical inventory counts involve actually counting items on hand and comparing them to book records. These counts can reveal theft, errors, or shrinkage when discrepancies are identified.
                                  * Analysis of Incorrect Options:
                                  * A. Perpetual inventory counts - The system tracks expected balances but cannot independently confirm theft.
                                  * C. Concealment inventory counts - Not a recognized term.
                                  * D. None of the above - Incorrect, since physical counts do aid detection.
                                  * Key Concept: Physical inventory counts as a fraud detection tool.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Counts and Fraud Detection .


                                  NEW QUESTION # 181
                                  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: A

                                  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 # 182
                                  Which of the following actions could management take to make a company's profits appear stronger than they are?

                                  Answer: C

                                  Explanation:
                                  The correct answer is C. Management can make profits appear stronger by concealing liabilities and expenses, including warranty costs. Warranty obligations arise when a company is likely to incur future costs related to products already sold. If management fails to record or disclose those expected costs, expenses and liabilities are understated, while net income and financial position appear better than reality. Overstating expenses and understating revenue would reduce, not strengthen, reported profits. Fabricating product-return liabilities would also reduce income because it creates an additional liability or expense. The ACFE financial statement fraud materials identify concealed liabilities and expenses, including unrecorded or undisclosed warranty costs and product-return liabilities, as schemes used to overstate financial performance.


                                  NEW QUESTION # 183
                                  Which of the following is FALSE regarding electronic payment tampering?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: In sound internal controls, the person initiating electronic payments should not also be responsible for setting filters or approving transactions . This creates a segregation of duties violation. Therefore, statement D is false.
                                  * Analysis of Incorrect Options:
                                  * A. Positive pay for ACH - True; it helps verify transactions.
                                  * B. ACH blocks - Correct; a control against unauthorized debits.
                                  * C. Lack of physical evidence - True; electronic fraud lacks paper trails, making detection harder.
                                  * Key Concept: Electronic payment tampering controls .
                                  Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Electronic Payment Fraud .


                                  NEW QUESTION # 184
                                  ......

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