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

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

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                                  CFE-Fraud-Schemes-and-Financial-Crimes VCE Exam Simulator, CFE-Fraud-Schemes-and-Financial-Crimes Exam Introduction

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q342-Q347):

                                  NEW QUESTION # 342
                                  Which of the following is NOT a method for stealing inventory and other assets?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Recognized schemes for stealing inventory include:
                                  * Larceny schemes (direct theft)
                                  * Asset requisition and transfer schemes (false requisitions to divert assets)
                                  * Purchasing and receiving schemes (over-ordering or falsifying deliveries).
                                  " Sales & Equipment handling " is not a defined fraud scheme, making D correct.
                                  * Analysis of Incorrect Options:
                                  * A. Larceny schemes - Valid theft method.
                                  * B. Asset requisition and transfer - Document manipulation method.
                                  * C. Purchasing and receiving schemes - Valid misappropriation scheme.
                                  * Key Concept: Inventory theft schemes under the Fraud Tree.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Theft Schemes .


                                  NEW QUESTION # 343
                                  Fraud in financial statements generally takes the form of _______ assets or revenue and _______ liabilities and expenses.

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Financial statement fraud typically involves overstating assets or revenues (e.g., inflating inventory, recognizing fictitious sales) and understating liabilities or expenses (e.g., hiding obligations, capitalizing expenses). This combination enhances profitability and net worth, misleading stakeholders.
                                  * Analysis of Incorrect Options:
                                  * A - Understating assets/revenue is rare since fraud usually aims to inflate results.
                                  * C - Overstating both assets and liabilities would not improve financial performance.
                                  * D - Understating both would reduce reported performance, contrary to typical fraud objectives.
                                  * Key Concept: Common patterns in financial statement fraud.
                                  Reference: ACFE Manual, Financial Statement Fraud - Common Methods .


                                  NEW QUESTION # 344
                                  Which of the following is true for red flags associated with fictitious revenues?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: One of the key red flags of fictitious revenues is sales to related parties, shell companies, or entities with unknown substance and ownership . Such transactions are often used to inflate revenue artificially.
                                  * Analysis of Incorrect Options:
                                  * A. Slow growth/unusual profitability - Incorrect, fictitious revenue often results in rapid or unrealistic growth.
                                  * B. Growth in days' purchases in receivables - Misstated phrase; correct indicator would be growth in days' sales in receivables .
                                  * D. Surge in purchases - Relates more to inventory fraud than fictitious revenues.
                                  * Key Concept: Red flags of fictitious revenue - questionable counterparties and unrealistic sales growth.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Red Flags of Fictitious Revenues .


                                  NEW QUESTION # 345
                                  The Financial Action Task Force (FATF) Recommendations suggest that countries should take which of the following measures?

                                  Answer: C

                                  Explanation:
                                  The correct answer is D. The FATF Recommendations establish international standards for combating money laundering, terrorist financing, and related threats. They recommend that countries criminalize money laundering, supervise financial institutions and high-risk professions, require suspicious transaction reporting, and maintain mechanisms for analyzing and disseminating financial intelligence. A financial intelligence unit receives and analyzes suspicious transaction reports and other AML-related information. Option A is incorrect because FATF does not require a universal three-year sentence for every conviction. Option B is too extreme and does not reflect the FATF framework. Option C is not a general FATF requirement; customer due diligence and monitoring focus on risk, transactions, and beneficial ownership, not mandatory review of public social media profiles.


                                  NEW QUESTION # 346
                                  Which of the following is the MOST ACCURATE statement about the different types of malware?

                                  Answer: D

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Ransomware is malware that encrypts or locks an operating system and prevents access to data until a ransom is paid. This definition is correct.
                                  * Analysis of Incorrect Options:
                                  * A. Spyware - Monitors user activity, keystrokes, or data, not a startup instruction program.
                                  * B. Trojan horse - Appears legitimate but contains malicious code; adware is different.
                                  * C. Worm - Self-replicating program spreading across networks; not a keystroke logger.
                                  * Key Concept: Cyber fraud and malware types .
                                  Reference: ACFE Fraud Examiners Manual (2020) , Computer and Internet Fraud: Malware .


                                  NEW QUESTION # 347
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