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

Section	Weight	Objectives
Topic 1: Financial Statement Fraud	10–15%	- Expense and liability understatements - Revenue and asset overstatements - Detection and red flags - Timing and disclosure manipulations
Topic 2: Asset Misappropriation – Cash Disbursements	10–15%	- Check and payment tampering - Expense reimbursement schemes - Billing schemes - Payroll schemes
Topic 3: Accounting Concepts	5–10%	- Recording and summarizing transactions - Financial statements structure - Basic accounting principles - Internal control fundamentals
Topic 4: Theft of Data and Intellectual Property	5–10%	- Safeguarding proprietary information - Corporate espionage - Data and IP theft methods
Topic 5: Asset Misappropriation – Cash Receipts	5–10%	- Prevention and detection methods - Cash larceny schemes - Cash skimming schemes
Topic 6: Asset Misappropriation – Non-Cash Assets	5–10%	- Inventory and equipment theft - Concealment techniques - Misuse of assets
Topic 7: Industry-Specific Financial Crimes	15–25%	- Cyber-enabled and cryptocurrency fraud - Insurance fraud - Real estate and securities fraud - Financial institution fraud - Healthcare fraud
Topic 8: Identity Theft	1–5%	- Types and techniques - Prevention and detection
Topic 9: Corruption Schemes	5–10%	- Bribery and kickbacks - Illegal gratuities and extortion - Conflicts of interest

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

NEW QUESTION # 211
When an incorrect total is carried from the journal to the ledger or from the ledger to the financial statements, this method is called:

A. Forced Balance
B. Out-of-balance
C. None of all
D. False balance

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A false balance occurs when incorrect totals are intentionally carried forward from the journal to the ledger or from the ledger to the financial statements. This is often used as a concealment technique in fraud to make the books appear balanced while hiding irregularities.
* Analysis of Incorrect Options:
* A. Forced Balance - Involves adding fictitious entries to force accounts into balance.
* B. Out-of-balance - Results when entries don't match, but not specifically from carried totals.
* D. None of all - Incorrect since "false balance" is the precise term.
* Key Concept: False balance entries as concealment techniques in fraudulent bookkeeping.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Concealment by False Balances .

NEW QUESTION # 212
Maria is Annie's beneficiary under a life insurance policy. The two need a large sum of money, so Maria submits a claim with a phony death certificate indicating that Annie is no longer living, even though Annie is alive and has fled to a different town. Maria and Annie's actions are an example of which of the following fraud schemes?

A. Premium theft fraud scheme
B. Beneficiary extortion scheme
C. Fraudulent death claim scheme
D. Tombstone policy claim scheme

Answer: C

Explanation:
Maria and Annie's actions are a fraudulent death claim scheme. In life insurance fraud, a fraudulent death claim occurs when a person falsely represents that the insured has died to obtain policy proceeds. The scheme can involve a fabricated death, a phony death certificate, staged disappearance, or collusion between the insured and beneficiary. Here, Annie is alive, and Maria submits a false claim supported by a phony death certificate. A tombstone policy claim generally involves policies or claims connected to deceased persons or fraudulent use of death information, but the facts here involve a living insured falsely reported as dead.
Premium theft concerns misappropriation of premiums, and beneficiary extortion is not the scheme described.

NEW QUESTION # 213
Which of the following is a common way that dishonest contractors collude to evade the competitive bidding process?

A. Submitting invoices for work that was not performed on joint projects
B. Submitting bids on fake contracts to give the appearance of genuine competition
C. Arranging an agreement with competitors to divide and allocate markets
D. Using different publications to publish their bid solicitations

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Market division and allocation agreements are a classic bid-rigging scheme in which contractors collude to evade competition by assigning territories, customers, or project types among themselves. This undermines free and open competition.
* Analysis of Incorrect Options:
* B - Fake contracts are not a recognized collusion tactic in competitive bidding.
* C - Publishing solicitations in different outlets does not evade competition.
* D - Submitting false invoices is fraud, but it occurs after contract award , not during the bidding process.
* Key Concept: Bid rigging and collusion in procurement fraud.
Reference: ACFE Manual, Corruption - Procurement and Bid-Rigging Schemes .

NEW QUESTION # 214
Which of the following statements is MOST ACCURATE?

A. Government and public sector organizations are required to reprioritize areas of focus for fraud detection less frequently than private sector organizations.
B. Government and public sector organizations can usually accept more fraud risk than private sector organizations because there are no shareholders.
C. Government and public sector organizations have more autonomy in how they practice fraud detection than private sector organizations.
D. Government and public sector organizations might need to conduct and respond to fraud risk assessments more frequently than private sector organizations.

Answer: D

Explanation:
The correct answer is C. Government and public sector organizations might need to conduct and respond to fraud risk assessments more frequently because their risks can change with political priorities, public programs, emergency funding, legislative mandates, and changing public expectations. Public entities are accountable to citizens, regulators, oversight bodies, and funding authorities. Option A is incorrect because the absence of shareholders does not permit higher fraud tolerance; public stewardship often requires strong accountability. Option B is inaccurate because public sector priorities can shift quickly based on laws, budgets, and government initiatives. Option D is also incorrect because public organizations usually have less autonomy than private entities due to statutory requirements, public scrutiny, procurement rules, and oversight obligations. Fraud risk assessment should therefore be dynamic and responsive.

NEW QUESTION # 215
Which of the following measures would be MOST EFFECTIVE in helping a company detect electronic payment tampering fraud?

A. Complete bank reconciliations once a quarter to catch any anomalies in payment amounts and payees.
B. Investigate customer complaints about any payments that were applied to their account later than they expected.
C. Review any non-payroll payments made to employees.
D. Ask all vendors if they have received any duplicate payments.

Answer: C

Explanation:
The correct answer is C. Electronic payment tampering occurs when an employee improperly alters or creates electronic payments, such as ACH payments, wire transfers, or online banking payments. Reviewing non- payroll payments made to employees is highly effective because employees generally should not receive vendor-style electronic disbursements outside normal payroll or approved reimbursement channels. Such payments can indicate that an employee inserted their own bank account, created an unauthorized payee, or diverted electronic funds. Vendor duplicate confirmations are more relevant to duplicate-payment issues.
Customer complaints about late account postings relate more to cash receipts or accounts receivable.
Quarterly reconciliations are too infrequent for timely detection. The ACFE materials identify electronic payment tampering as a fraudulent disbursement risk requiring strong monitoring and bank controls.

NEW QUESTION # 216
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