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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q231-Q236):

                                  NEW QUESTION # 231
                                  Which of the following situations describes a red flag that might be indicative of loan fraud?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Loan fraud often involves suspicious or unusual documentation patterns. A change order submitted at the same time as a draw request is a red flag, because it suggests manipulation of project costs to justify larger draws from lenders.
                                  * Analysis of Incorrect Options:
                                  * A. Missing documents - Could indicate sloppy recordkeeping, not necessarily fraud.
                                  * B. Low turnover - Not a fraud indicator.
                                  * D. Increasing change orders - Could be suspicious, but not as strong a fraud red flag as simultaneous change order and draw request.
                                  * Key Concept: Loan fraud indicators .
                                  Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Loan Fraud Red Flags .


                                  NEW QUESTION # 232
                                  Mario performs surgery on a patient to replace a bone. The surgery should be billed using one code, but Mario bills the surgery using three codes (one for the entire surgery, one for the removal of the bone, and another for the insertion of the artificial bone), which increases the cost. Which of the following BEST describes Mario's scheme?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: This is unbundling , where services that should be billed under a single comprehensive code are split into multiple components to inflate reimbursement.
                                  * Analysis of Incorrect Options:
                                  * A. Fictitious services - Charging for services not performed.
                                  * B. False diagnosis - Fabricating diagnoses to justify billing.
                                  * C. Upcoding - Billing for more expensive services than provided.
                                  * Key Concept: Health care billing fraud - unbundling .
                                  Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Health Care Billing Schemes .


                                  NEW QUESTION # 233
                                  Which of the following measures would be MOST EFFECTIVE in helping a financial institution prevent new account fraud?

                                  Answer: C

                                  Explanation:
                                  The correct answer is C. New account fraud often involves opening accounts with false, stolen, or synthetic identities. The most effective preventive measure listed is to verify the customer's identity through reliable third-party credit reporting agencies and customer identification services. These sources can help confirm identity details, detect inconsistencies, identify suspicious histories, and reduce reliance on documents that might be forged. Employer recommendation letters are not standard or reliable identity controls. Small cash deposits are not automatically suspicious and might be normal for many customers. Sending communications to all previous residences is inefficient and unlikely to be the strongest verification method. The ACFE financial institution fraud materials identify new account fraud schemes and emphasize customer identification controls as a prevention method.


                                  NEW QUESTION # 234
                                  Entering a sales total lower than the amount actually paid by the customer is called:

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: An underring occurs when an employee intentionally enters a lower sales amount into the register than what was collected from the customer. The difference is pocketed by the employee. This is a common register manipulation skimming scheme.
                                  * Analysis of Incorrect Options:
                                  * B. Recording a sale procedure - General process, not fraud.
                                  * C. Internal sales audits - Control activity, not the fraud scheme.
                                  * D. All of the above - Incorrect, since only "underring" is accurate.
                                  * Key Concept: Underring schemes in cash register fraud.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Skimming via Underrings .


                                  NEW QUESTION # 235
                                  Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: This statement is True . Asset misappropriations reduce the organization's assets. In double-entry accounting, a decrease in assets without a corresponding decrease in liabilities results in a reduction of owner's equity. Therefore, fraud not only depletes assets but also indirectly reduces equity.
                                  * Analysis of Incorrect Options:
                                  * B. False - Incorrect because asset theft clearly reduces net assets and thereby equity.
                                  * Key Concept: Impact of Asset Misappropriation on the accounting equation: Assets = Liabilities + Equity.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Impact of Fraud on the Accounting Equation .


                                  NEW QUESTION # 236
                                  ......

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