CFE-Fraud-Schemes-and-Financial-Crimes Valid Exam Forum & CFE-Fraud-Schemes-and-Financial-Crimes Related Exams

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

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

Section

Objectives

Fraud Schemes

- Asset Misappropriation Schemes

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

- Fraudulent Disbursements

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

Financial Crimes

- Money Laundering

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

- Financial Statement Fraud

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

- Corruption Schemes

1. Bribery
2. Conflicts of interest
3. Kickbacks

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q322-Q327):

NEW QUESTION # 322
Karen is investigating an anonymous tip within Magenta Company that a billing scheme might be occurring in the Purchasing Department. Which of the following steps would be MOST EFFECTIVE in helping Karen discover whether billing fraud is occurring?

A. Karen should analyze the relationship between accounts receivable and credit sales transactions.
B. Karen should determine whether Magenta Company has received any complaints from customers regarding the company's sales policies.
C. Karen should conduct data analytics tests to identify any employees who have the same phone number.
D. Karen should find out whether the purchasing, receiving, and shipping functions operate independently and whether they are different departments.

Answer: D

Explanation:
The correct answer is A. Billing schemes often exploit weak segregation of duties in purchasing, receiving, and payment functions. If one person or department can request goods, approve receipt, authorize payment, and process invoices without independent verification, fictitious invoices, pass-through schemes, personal purchases, or inflated vendor billings are easier to conceal. Karen should therefore determine whether these functions operate independently. Option B is not the strongest choice as written because identifying employees with the same phone number does not directly test vendor billing fraud. Customer complaints about sales policies relate to revenue or consumer issues, not purchasing fraud. Accounts receivable and credit sales analysis is more relevant to revenue fraud. The ACFE materials classify billing schemes under fraudulent disbursements and emphasize purchasing, receiving, and invoice controls.

NEW QUESTION # 323
For a code of business ethics and conduct to be MOST EFFECTIVE in preventing corruption schemes, it should:

A. Focus on management's expectations for staff rather than staff's expectations for management.
B. Raise awareness about key compliance and ethics risks for employees.
C. Detail how employees should respond in all situations that might be considered ethically questionable.
D. Describe employees' obligations to the organization's shareholders.

Answer: B

Explanation:
The correct answer is C. A code of business ethics and conduct is most effective when it clearly communicates the organization's values, expected behavior, and major compliance risks, including bribery, conflicts of interest, gifts, hospitality, facilitation payments, and dealings with third parties. Its purpose is not merely to impose management's expectations, but to guide ethical decision-making across the organization.
Option A is too one-sided and does not reflect tone at the top or mutual accountability. Option B is too narrow because anti-corruption obligations extend beyond shareholders to regulators, customers, employees, business partners, and the public. Option D is unrealistic because no code can address every possible ethical situation; it should provide principles, reporting channels, and escalation guidance.

NEW QUESTION # 324
The most basic skimming scheme occurs when:

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

Answer: C

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 # 325
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?

A. An expense reimbursement scheme
B. A financial statement fraud scheme
C. White did not commit fraud
D. A misuse of a noncash asset

Answer: D

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 # 326
Undisclosed payments made by vendors to employees of purchasing companies are referred to as:

A. Kickbacks
B. None of the above
C. Presolicitation
D. Bid-rigging

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Kickbacks are undisclosed payments made by vendors to employees of purchasing companies to secure favorable treatment. They are a classic form of bribery under the corruption classification of the Fraud Tree.
* Analysis of Incorrect Options:
* A. Bid-rigging - Involves collusion among bidders, not secret payments.
* C. Presolicitation - A phase in procurement fraud, not the scheme itself.
* D. None of the above - Incorrect, as kickbacks are the precise answer.
* Key Concept: Kickbacks - secret vendor payments for favorable purchasing treatment.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Kickback Schemes .

NEW QUESTION # 327
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