ACFE CFE-Fraud-Schemes-and-Financial-Crimes Test Collection - Reliable CFE-Fraud-Schemes-and-Financial-Crimes Exam Book

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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q333-Q338):

                                  NEW QUESTION # 333
                                  Valentin purchases a property and shortly thereafter sells the real estate at an inflated price using the results of a fraudulent appraisal. Which of the following terms BEST describes this scheme?

                                  Answer: D

                                  Explanation:
                                  Valentin's scheme is best described as property flipping. Property flipping becomes fraudulent when real estate is quickly resold at an artificially inflated price supported by false or misleading appraisals, sham transactions, or misrepresentations. The key facts are the quick resale and inflated value created through a fraudulent appraisal. A daisy chain generally involves a sequence of related transactions or parties used to inflate value or conceal the nature of the transaction, but the question asks for the best description of the basic scheme. A fraudulent sale is too general, and an air loan involves a fictitious borrower, fictitious property, or nonexistent transaction. The ACFE material discusses fraudulent appraisals, real estate fraud, and property flipping as financial institution fraud risks.


                                  NEW QUESTION # 334
                                  Occupational fraud and abuse is a (an) __________ of doing business, in much the same way that we pay expenses for electricity, taxes, and wages.

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: The ACFE describes occupational fraud and abuse as an expense of doing business because organizations inevitably face losses from it, just as they incur other operating costs. This framing emphasizes the importance of prevention and detection to minimize this "expense."
                                  * Analysis of Incorrect Options:
                                  * A. Equity - Residual ownership interest, not relevant here.
                                  * B. Balance sheet - A report, not a cost.
                                  * D. Financial record - Too vague.
                                  * Key Concept: Occupational Fraud as a Cost of Business .
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Fraud as a Cost of Doing Business .


                                  NEW QUESTION # 335
                                  Maria manages the procurement function for ABC Co., which uses a competitive sealed bidding process for its larger projects. Maria receives payment from a company that frequently bids on ABC's projects in exchange for providing solicitation specifications before the solicitation is published to the public. Maria is engaging in which of the following procurement fraud schemes?

                                  Answer: D

                                  Explanation:
                                  Maria is engaging in leaking bid data because she provides confidential or pre-bid information to a favored bidder before the solicitation is publicly available. The ACFE material explains that leaking bid data occurs when procurement employees disclose pre-bid information or confidential information to a favored vendor, giving that vendor an unfair advantage. This differs from bid tailoring, where specifications are drafted to favor a contractor. It also differs from suppressing bids, which involves preventing competitors from submitting bids, and bid splitting, which involves breaking a larger purchase into smaller amounts to avoid competitive bidding thresholds. Maria's conduct gives the bidder advance notice and extra preparation time, making option B the correct answer.


                                  NEW QUESTION # 336
                                  The principle behind full disclosure is:

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: The full disclosure principle requires that all material facts and deviations from GAAP be disclosed to readers of financial statements so that they are not misled.
                                  Transparency is essential for informed decision-making by investors, creditors, and regulators.
                                  * Analysis of Incorrect Options:
                                  * B. SAS - Refers to auditing standards, not accounting standards.
                                  * C. Writer - Incorrect; disclosures are intended for readers/users.
                                  * D. None of above - Incorrect since option A is correct.
                                  * Key Concept: Full disclosure principle - providing users with all material information.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - GAAP:
                                  Full Disclosure .


                                  NEW QUESTION # 337
                                  Which of the following measures would be MOST EFFECTIVE for preventing cash register disbursement schemes?

                                  Answer: D

                                  Explanation:
                                  The correct answer is B. Cash register disbursement schemes commonly involve false voids, false refunds, or unauthorized register activity. Secure access codes help establish individual accountability and prevent one employee from processing fraudulent transactions under another employee's credentials. Training employees not to share access codes strengthens this control. Option A is weak because announced cash counts reduce deterrence; surprise counts are more effective. Option C does not provide meaningful control because another non-supervising employee might not detect or challenge improper activity. Option D is inappropriate because employees should not independently reconcile their own register activity; independent review is necessary.
                                  The professional control principle is to restrict access, preserve accountability, and require supervisory or independent review of register disbursements.


                                  NEW QUESTION # 338
                                  ......

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