Latest CFE-Fraud-Schemes-and-Financial-Crimes Exam Format - CFE-Fraud-Schemes-and-Financial-Crimes Latest Test Vce

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

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

                                  >> Latest CFE-Fraud-Schemes-and-Financial-Crimes Exam Format <<

                                  ACFE CFE-Fraud-Schemes-and-Financial-Crimes Latest Test Vce, Exam CFE-Fraud-Schemes-and-Financial-Crimes Introduction

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q153-Q158):

                                  NEW QUESTION # 153
                                  By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: The conservatism principle in accounting means that financial statements should not overstate assets or income and should anticipate possible losses. Thus, the amounts shown should be at least as much as reflected, if not more. This ensures users are not misled by overly optimistic figures.
                                  * Analysis of Incorrect Options:
                                  * A. Fraudulent statement - Involves intentional misrepresentation, not a principle of accounting.
                                  * B. Misappropriations - Theft of assets, unrelated to valuation principles.
                                  * D. Matching - Refers to aligning expenses with related revenues, not conservatism.
                                  * Key Concept: Conservatism principle - caution in financial reporting.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Conservatism in GAAP .


                                  NEW QUESTION # 154
                                  Which of the following are not basic types of non-sharable problems?

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Cressey's research on fraud offenders found that most had non- sharable financial problems, which fell into categories such as: (1) violation of ascribed obligations, (2) business reversals, (3) physical isolation, (4) status gaining, and (5) employer-employee relations.
                                  "Larceny by fraud" is not a category of non-sharable problem but rather a type of theft scheme. Hence, D is correct.
                                  * Analysis of Incorrect Options:
                                  * A. Violation of ascribed obligations - Correctly one type of non-sharable problem.
                                  * B. Business reversals - Correctly one type of non-sharable problem.
                                  * C. Physical isolation - Correctly one type of non-sharable problem.
                                  * D. Larceny by fraud - Not a "problem" type; it is a fraud scheme.
                                  * Key Concept: Cressey's non-sharable problems - psychological and situational pressures that contribute to occupational fraud.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Cressey's Hypothesis and Non-sharable Problems .


                                  NEW QUESTION # 155
                                  Which of the following is an example of a corruption scheme?

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Corruption schemes involve the misuse of influence in business transactions for personal benefit, often through bribery, kickbacks, or conflicts of interest. In this case, the procurement agent accepts an improper benefit (use of a beach house) in exchange for contract favoritism, which is a classic bribery scheme.
                                  * Analysis of Incorrect Options:
                                  * A - Theft of confidential information = asset misappropriation/intellectual property theft , not corruption.
                                  * C - Excluding laptops from records = inventory theft , not corruption.
                                  * D - Omitting costs = financial statement fraud .
                                  * Key Concept: Bribery as a form of corruption.
                                  Reference: ACFE Manual, Corruption - Bribery and Kickbacks .


                                  NEW QUESTION # 156
                                  Which of the following is NOT the reason to bribe employees of the purchaser?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Bribes to purchasing employees often aim to:
                                  * Ensure late bids are accepted,
                                  * Extend deadlines unfairly,
                                  * Or falsify bid logs. Bid-splitting , however, is a scheme performed to avoid approval thresholds and does not require bribery of purchasing employees.
                                  * Analysis of Incorrect Options:
                                  * A. Receipt of late bid - Real reason to bribe.
                                  * B. Extend opening date - Real reason to bribe.
                                  * D. Falsify bid log - Real reason to bribe.
                                  * C. Ensure bid-splitting - Not a bribery motivation.
                                  * Key Concept: Bribery motivations in procurement fraud.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bribery Schemes in Procurement .


                                  NEW QUESTION # 157
                                  Which of the following is an insurance fraud detection tool used for identifying funds fraudulently sent to fictitious payees by using computer-generated reports to compare payments sent to the same location?

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Address similarity reports are used to identify fraudulent disbursements by flagging payments sent to multiple vendors or payees at the same address. This helps detect fictitious payees or shell companies set up by fraudsters.
                                  * Analysis of Incorrect Options:
                                  * A. Duplicate payment lists - Detects duplicate disbursements, not necessarily fictitious payees.
                                  * C. Exception reports - Flag unusual transactions, but not specifically address similarities.
                                  * D. Electronic confirmations - Used to verify balances or transactions, not detect fictitious vendors.
                                  * Key Concept: Detection of fraudulent disbursements .
                                  Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements: Fictitious Payee Schemes .


                                  NEW QUESTION # 158
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