ACFE CFE-Fraud-Schemes-and-Financial-Crimes Free Updates & CFE-Fraud-Schemes-and-Financial-Crimes Questions Exam

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

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

Section

Objectives

Financial Crimes

- Corruption Schemes

1. Conflicts of interest
2. Bribery
3. Kickbacks

- Money Laundering

1. Layering stage
2. Integration stage
3. Placement stage

- Financial Statement Fraud

1. Expense understatement
2. Asset overstatement
3. Revenue manipulation

Fraud Schemes

- Fraudulent Disbursements

1. Billing shell companies
2. Check tampering
3. Billing schemes

- Asset Misappropriation Schemes

1. Expense reimbursement fraud
2. Inventory and asset theft
3. Cash theft and skimming
4. Payroll fraud

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q62-Q67):

NEW QUESTION # 62
Which of the following measures would be MOST EFFECTIVE for preventing cash register disbursement schemes?

A. Informing employees in advance that cash counts will be performed on a specific date
B. Requiring each register worker to prepare the register count sheet and reconcile it with the register total for their own register
C. Encouraging at least one non-supervising employee to be physically present in the cash register area at all times
D. Keeping register access codes secure and training employees not to share them

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 # 63
To prevent expense reimbursement fraud, it is recommended that companies require employees to submit receipts electronically.

A. True
B. False

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Expense reimbursement schemes are a common type of fraudulent disbursement. Requiring employees to submit receipts electronically improves controls by ensuring legibility, reducing the chance of altered or duplicate submissions, and creating a digital audit trail. This measure is recommended in the Fraud Examiners Manual as part of strengthening internal controls over reimbursement processes.
* Analysis of Incorrect Option:
* B. False - Incorrect because electronic receipt submission is indeed a recognized anti-fraud measure.
* Key Concept: Fraudulent disbursements prevention through documentation controls.
Reference: ACFE Manual, Fraudulent Disbursements - Expense Reimbursement Schemes .

NEW QUESTION # 64
The most basic skimming scheme occurs when:

A. An employee sells goods or services to a customer, collects the customer's payment, but makes no record of the sale.
B. An employee buys goods or services from a customer, drops the customer's payment, but makes no record of the purchase.
C. An employee buys goods or services from a stakeholder, drops the stakeholder's payment and makes record of the purchase too.
D. An employee sells goods or services to a stakeholder, collects the stakeholder's payment and makes record of the sale too.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The most basic skimming scheme is when an employee completes a legitimate sale, collects payment, but never records the transaction. The stolen cash is never entered in the books, making it an "off-book" fraud.
* Analysis of Incorrect Options:
* B & D - Describe purchasing scenarios, irrelevant to skimming.
* C - Records the sale, meaning the transaction enters the books (not skimming).
* Key Concept: Unrecorded Sales as the simplest form of skimming.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Basic Skimming Schemes .

NEW QUESTION # 65
Which of the following scenarios is the MOST ACCURATE example of insurer health care fraud?

A. Upon identifying that a claimant has provided incomplete information, the insurance company refuses to pay a claim.
B. While acting as an intermediary for a government health care program, the insurance company verifies provider claims before billing the government for them.
C. After negotiating discounts with its medical providers, the insurance company provides the negotiated rate to its consumers instead of the original amount.
D. To obtain regulatory approval for increasing its rates, the insurance company submits inflated cost data for review.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Insurer health care fraud occurs when the insurance company itself engages in deception for financial gain. Submitting inflated cost data to regulators in order to justify rate increases is a direct example of insurer fraud.
* Analysis of Incorrect Options:
* A. Intermediary verifying claims - Proper procedure, not fraud.
* C. Passing on negotiated rates - Legitimate practice.
* D. Denying incomplete claims - May be harsh, but not fraudulent.
* Key Concept: Insurer fraud vs. provider or claimant fraud .
Reference: ACFE Fraud Examiners Manual (2020) , Health Care Fraud: Insurer Schemes .

NEW QUESTION # 66
The excess credits (or debits) on the income statement are used to decrease (or increase) the equity account.

A. True
B. False

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . The net result of revenues and expenses (credits and debits) on the income statement flows into retained earnings, which is part of equity on the balance sheet. Therefore, excess credits (profits) increase equity, while excess debits (losses) decrease equity.
* Analysis of Incorrect Options:
* B. False - Incorrect, as the closing process of the accounting cycle directly affects equity.
* Key Concept: Closing process and impact of net income on equity.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Income Statement Flow to Equity .

NEW QUESTION # 67
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