CFE-Fraud-Schemes-and-Financial-Crimes Latest Test Cost & CFE-Fraud-Schemes-and-Financial-Crimes Exam Course

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

SectionObjectives
Topic 1: Fraud Investigation and Analysis- Evidence collection and documentation
  • 1. Chain of custody principles
    - Data analysis in fraud detection
    • 1. Trend and anomaly identification
      Topic 2: 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 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 (Q101-Q106):

                    NEW QUESTION # 101
                    Which of the following is an example of a corruption scheme?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Corruption schemes involve the misuse of influence in business transactions for personal benefit, often through bribery, kickbacks, or conflicts of interest. In this case, the procurement agent accepts an improper benefit (use of a beach house) in exchange for contract favoritism, which is a classic bribery scheme.
                    * Analysis of Incorrect Options:
                    * A - Theft of confidential information = asset misappropriation/intellectual property theft , not corruption.
                    * C - Excluding laptops from records = inventory theft , not corruption.
                    * D - Omitting costs = financial statement fraud .
                    * Key Concept: Bribery as a form of corruption.
                    Reference: ACFE Manual, Corruption - Bribery and Kickbacks .


                    NEW QUESTION # 102
                    According to SAB 104, for revenue to be considered realized or realizable and earned, which of the following criteria is NOT met?

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The SEC's Staff Accounting Bulletin (SAB) 104 outlines four criteria for revenue recognition:
                    * Persuasive evidence of an arrangement exists.
                    * Delivery has occurred or services have been rendered.
                    * The seller's price is fixed or determinable.
                    * Collectability is reasonably assured.
                    " Timings have been met " is not one of the recognized criteria, making C the correct answer.
                    * Analysis of Incorrect Options:
                    * A, B, D - All are required conditions.
                    * C - Not part of SAB 104.
                    * Key Concept: Revenue recognition criteria under SAB 104.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Revenue Recognition Standards (SAB 104) .


                    NEW QUESTION # 103
                    Fraud in financial statements generally takes the form of _______ assets or revenue and _______ liabilities and expenses.

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Financial statement fraud typically involves overstating assets or revenues (e.g., inflating inventory, recognizing fictitious sales) and understating liabilities or expenses (e.g., hiding obligations, capitalizing expenses). This combination enhances profitability and net worth, misleading stakeholders.
                    * Analysis of Incorrect Options:
                    * A - Understating assets/revenue is rare since fraud usually aims to inflate results.
                    * C - Overstating both assets and liabilities would not improve financial performance.
                    * D - Understating both would reduce reported performance, contrary to typical fraud objectives.
                    * Key Concept: Common patterns in financial statement fraud.
                    Reference: ACFE Manual, Financial Statement Fraud - Common Methods .


                    NEW QUESTION # 104
                    Which of the following is NOT an example of bribery prevention policies?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Bribery prevention policies often include:
                    * Reporting gifts (disclosure of items received from vendors),
                    * Discounts (rules about vendor concessions),
                    * Business meetings (clear rules on vendor-sponsored events). Resource diversions is not a standard bribery prevention policy but a form of fraud.
                    * Analysis of Incorrect Options:
                    * A, B, C - Legitimate examples of prevention policies.
                    * D. Resource diversions - Not a preventive measure.
                    * Key Concept: Anti-bribery policies - clear rules on gifts, discounts, and vendor relationships.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Prevention of Bribery Schemes .


                    NEW QUESTION # 105
                    When an individual commits a forged filing scheme, they often perform which of the following actions?

                    Answer: A

                    Explanation:
                    The correct answer is A. A forged filing scheme occurs when bankruptcy documents are filed using forged information, often through stolen identities or assumed identities. In such cases, a fraudster files for bankruptcy in another person's name, which can damage the victim's credit record and create serious legal and financial problems. The ACFE bankruptcy fraud materials specifically describe bankruptcy petitions filed with forged documents and stolen identities. Option B is more consistent with false billing or inventory- related fraud. Option C is closer to a planned bustout, where a debtor obtains goods on credit and then disposes of them before bankruptcy. Option D is related to money laundering or insurance fraud, not forged bankruptcy filing.


                    NEW QUESTION # 106
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