CFE-Fraud-Schemes-and-Financial-Crimes Valid Exam Guide, CFE-Fraud-Schemes-and-Financial-Crimes Reliable Exam Tutorial

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

SectionObjectives
Financial Crimes- Money Laundering
  • 1. Placement, layering, integration stages
    - Banking and Payment Fraud
    • 1. Wire fraud and electronic transfers
      • 2. Check and credit card fraud
        Fraud Schemes- Asset Misappropriation Schemes
        • 1. Billing and expense reimbursement fraud
          • 2. Skimming and cash larceny
            - Financial Statement Fraud
            • 1. Revenue recognition manipulation
              • 2. Asset overstatement and liability concealment
                Fraud Investigation and Analysis- Data analysis in fraud detection
                • 1. Trend and anomaly identification
                  - Evidence collection and documentation
                  • 1. Chain of custody principles

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q211-Q216):

                    NEW QUESTION # 211
                    A ___________ occurs when an employee, manager, or executive has an undisclosed economic or personal interest in a transaction that adversely affects the organization.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: A conflict of interest occurs when an employee secretly has a personal or financial stake in a transaction, and that interest compromises their duty of loyalty to the employer. This is one of the four categories of corruption under the ACFE Fraud Tree.
                    * Analysis of Incorrect Options:
                    * B. Illegal sale - Not a fraud classification.
                    * C. Unauthorized purchase - Could describe asset misuse, not corruption.
                    * D. Financial disclosure - Relates to reporting, not the fraud itself.
                    * Key Concept: Conflict of interest schemes as a category of corruption.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Conflicts of Interest
                    .


                    NEW QUESTION # 212
                    Which of the following measures would likely be MOST EFFECTIVE in helping to prevent fraudulent billing schemes?

                    Answer: D

                    Explanation:
                    The correct answer is B. Separating the purchasing and payment functions is a core preventive control against billing schemes. Billing fraud often occurs when an employee can initiate purchases, approve vendors, authorize invoices, and process payments without independent review. By segregating these duties, the organization reduces the opportunity for fictitious vendors, shell company invoices, inflated invoices, and personal purchases with company funds. Option A might assist procurement negotiations, but it does not directly address internal authorization and payment control. Option C would weaken procurement controls because competitive bidding helps prevent favoritism and inflated pricing. Option D is also improper because employees should have independent reporting channels, such as hotlines, not only direct supervisors. The ACFE materials emphasize separation of duties, approvals, documentation, and competitive bidding as billing- fraud controls.


                    NEW QUESTION # 213
                    Baker, an employee of ABC Corporation, was the only employee who had control of the purchasing function for his department. Baker authorized the purchase of supplies that ABC did not need and used these supplies to make improvements to his house. This is an example of what kind of fraud?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This is personal purchases with company funds , where an employee uses company resources to acquire goods or services for personal benefit. Baker used ABC's funds to buy supplies for home improvements.
                    * Analysis of Incorrect Options:
                    * A. Pay and return scheme - Involves overpaying a vendor and pocketing the refund.
                    * C. Pass-through scheme - Involves using a controlled company to bill the employer at inflated prices.
                    * D. Theft of inventory - Involves stealing company stock, not purchasing items for personal use.
                    * Key Concept: Fraudulent disbursement - billing fraud through unauthorized personal purchases.
                    Reference: ACFE Manual, Fraudulent Disbursements - Personal Purchases Schemes .


                    NEW QUESTION # 214
                    Which of the following is a red flag that might indicate the existence of a need recognition scheme?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: In a need recognition scheme , an employee creates or exaggerates a need for goods or services to benefit a favored supplier. One red flag is that materials are ordered prematurely or not at the optimal reorder point , suggesting that purchases are being manipulated to benefit a corrupt vendor rather than based on actual business needs.
                    * Analysis of Incorrect Options:
                    * A - A large list of suppliers suggests competition, not fraud.
                    * C - A need met by various suppliers does not indicate fraud.
                    * D - Low requirements for stock may reflect lean inventory management, not fraud.
                    * Key Concept: Corruption - need recognition schemes and red flags.
                    Reference: ACFE Manual, Corruption - Need Recognition Schemes .


                    NEW QUESTION # 215
                    Which of the following search is used for unusually high incidence of returns and allowances scheme?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Fraudulent schemes involving returns and allowances can be detected by analyzing accounts for unusually high transactions in these categories. This is a common red flag for concealment of theft or manipulation of sales.
                    * Analysis of Incorrect Options:
                    * A. Allowances by vendors - Too narrow, not a standard analytic test.
                    * B. Disposals of allowances than reorders - Not a recognized search method.
                    * D. None of the above - Incorrect, since option C is valid.
                    * Key Concept: Returns and allowances analysis for fraud detection.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraudulent Disbursements - Analytical Procedures .


                    NEW QUESTION # 216
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