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

SectionObjectives
Topic 1: Financial Crimes- Corruption Schemes
  • 1. Conflicts of interest
    • 2. Bribery
      • 3. Kickbacks
        - Money Laundering
        • 1. Layering stage
          • 2. Placement stage
            • 3. Integration stage
              - Financial Statement Fraud
              • 1. Expense understatement
                • 2. Revenue manipulation
                  • 3. Asset overstatement
                    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 shell companies
                              • 2. Check tampering
                                • 3. Billing schemes

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                                  Realistic ACFE Latest CFE-Fraud-Schemes-and-Financial-Crimes Test Cost - Questions Certified Fraud Examiner -Fraud Schemes and Financial Crimes Pdf 100% Pass Quiz

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q89-Q94):

                                  NEW QUESTION # 89
                                  White used a company vehicle for unauthorized, personal purposes while working in a different city. He provided false written and oral information regarding the use of the vehicle. The vehicle was returned without damages. What type of fraud did White commit?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Misuse of noncash assets occurs when employees use company assets for personal purposes without authorization. Even though the vehicle was returned undamaged, unauthorized use and concealment by false statements makes it a fraud scheme under asset misappropriation.
                                  * Analysis of Incorrect Options:
                                  * A - Incorrect; unauthorized use with deception constitutes fraud.
                                  * B - Expense reimbursement involves falsified claims for travel/expenses, not vehicle misuse.
                                  * D - Financial statement fraud involves misstating accounting entries, unrelated here.
                                  * Key Concept: Misuse of company assets (noncash) as part of asset misappropriation.
                                  Reference: ACFE Manual, Asset Misappropriation - Misuse of Noncash Assets .


                                  NEW QUESTION # 90
                                  Which of the following statements about skimming is CORRECT?

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Skimming is the theft of incoming cash before it is recorded in the books . Since the payment is never recorded, no audit trail exists, making it an "off-book" scheme.
                                  * Analysis of Incorrect Options:
                                  * A - Incorrect; skimming can involve both sales and receivable payments.
                                  * C - Incorrect; skimming is off-book , not on-book.
                                  * D - Incorrect; skimming is typically harder to detect than larceny, since there is no record.
                                  * Key Concept: Skimming vs. larceny - off-book theft of cash receipts.
                                  Reference: ACFE Manual, Cash Receipts - Skimming Schemes .


                                  NEW QUESTION # 91
                                  A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: This scheme is known as a Turnaround Sale or Flip . The employee secretly purchases an asset their employer needs and then resells it to the employer at a markup, thereby profiting at the employer's expense.
                                  * Analysis of Incorrect Options:
                                  * A. Conflict of interest in sale - Too general; does not describe the flipping mechanism.
                                  * C. Unauthorized sale - Not an ACFE fraud category in this context.
                                  * D. Written sale of unique assets - Not a recognized scheme.
                                  * Key Concept: Conflict of Interest scheme - Turnaround Sales/Flips .
                                  Reference: ACFE Fraud Examiners Manual (2020) , Conflict of Interest: Turnaround Sales .


                                  NEW QUESTION # 92
                                  Another way to eliminate competition in the solicitation phase of the selection process is to:

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Fraudsters may solicit bids from fictitious suppliers (phony vendors) to create the illusion of competition. This ensures that the favored vendor wins while maintaining the appearance of a legitimate competitive bidding process.
                                  * Analysis of Incorrect Options:
                                  * B. Solicit transactions from fictitious vendors - Incorrect phrasing; bids, not transactions, are solicited.
                                  * C. Solicit bid-splitting... - Bid-splitting is a different fraud scheme, not part of solicitation.
                                  * D. None of the above - Incorrect, since A is accurate.
                                  * Key Concept: Phony bid solicitation as a corruption tactic in procurement.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Solicitation Phase Schemes .


                                  NEW QUESTION # 93
                                  To detect fraud committed by a health care provider, a fraud examiner should look for which of the following red flags?

                                  Answer: B

                                  Explanation:
                                  The correct answer is A because an unusually high number of reimbursement claims can indicate provider fraud, overutilization, fictitious services, inflated billings, or other abusive billing activity. Health care fraud detection often relies on identifying abnormal patterns compared with similar providers, patient populations, or expected service levels. A consistently low percentage of coding outliers is not, by itself, suspicious.
                                  Producing adequate supporting documentation is generally a positive sign, although the documents should still be tested for authenticity. Creating medical records during or soon after the patient visit is proper practice because records should be timely and accurate. The ACFE health care fraud material identifies provider fraud and red flags of provider fraud as important detection areas, especially where billing volume or claim patterns appear abnormal.


                                  NEW QUESTION # 94
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