Certified Fraud Examiner -Fraud Schemes and Financial Crimes study material & CFE-Fraud-Schemes-and-Financial-Crimes torrent pdf & Certified Fraud Examiner -Fraud Schemes and Financial Crimes training dumps

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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q23-Q28):

                                  NEW QUESTION # 23
                                  Which of the following options is a red flag of register disbursement schemes?

                                  Answer: C

                                  Explanation:
                                  The correct answer is B. Register disbursement schemes usually involve false refunds or false voids that cause cash to be removed from the register while the records appear to justify the disbursement. An unusually high number of refunds on the register log is a red flag because it might indicate that employees are creating fictitious refund transactions to conceal cash theft. Option A is not suspicious by itself because no gaps in transaction numbers suggests record continuity. Option C is less suspicious because supervisory approval exists, although approvals should still be reviewed. Option D is generally a positive control because supporting documents should exist for voided transactions. The ACFE materials identify refund and void activity as key areas for detecting register disbursement schemes.


                                  NEW QUESTION # 24
                                  Which of the following is NOT a standard of generally accepted accounting principles (GAAP)?

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Key GAAP principles include Conservatism , Historical Cost , and Full Disclosure . Quality control is not a GAAP principle; rather, it is a concept from auditing standards related to ensuring audit quality.
                                  * Analysis of Incorrect Options:
                                  * A. Conservatism - GAAP principle requiring cautious reporting of uncertain outcomes.
                                  * B. Cost - Historical cost principle is central to GAAP.
                                  * C. Full disclosure - Requires all relevant information to be presented.
                                  * D. Quality control - Belongs to auditing, not GAAP.
                                  * Key Concept: GAAP principles - distinguishing accounting standards from auditing practices.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - GAAP Standards .


                                  NEW QUESTION # 25
                                  CTR Window Repair receives a shipment of glass from a vendor and issues payment for the materials. CTR uses the glass to repair broken windows for several customers, but the company begins receiving complaints about the quality of the glass. Based on this information, which of the following detection measures would have been MOST EFFECTIVE in helping CTR determine whether the vendor committed a procurement fraud scheme before receiving the complaints?

                                  Answer: D

                                  Explanation:
                                  The correct answer is A. The facts indicate a possible nonconforming goods scheme, in which a vendor provides goods that fail to meet contract specifications while charging as though compliant goods were supplied. The most effective detection measure before customer complaints would have been an inspection of the glass upon receipt, including its packaging, appearance, description, and conformity with the contract.
                                  This control helps identify substitutions, inferior materials, counterfeit goods, or products of lower quality than promised. Option B is indirect and less reliable than inspecting the goods. Option C relates to change order abuse rather than quality substitution. Option D focuses on the vendor's internal cost data and would not directly confirm whether the delivered glass met CTR's contract specifications.


                                  NEW QUESTION # 26
                                  Oona goes to an expensive restaurant for lunch while on a business trip and pays for the meal with a company credit card. She later submits an expense reimbursement claim for several expenses she paid for using a personal credit card while on the trip and includes the receipt from the lunch. Oona's scheme can BEST be characterized as:

                                  Answer: D

                                  Explanation:
                                  The correct answer is A. Oona's conduct is a multiple expense reimbursement scheme because she is attempting to obtain reimbursement for an expense that the company has already paid through the company credit card. In expense reimbursement fraud, multiple reimbursement schemes occur when an employee submits the same expense more than once, or submits an expense paid through one channel as though it was paid personally. This differs from a mischaracterized expense, where a personal cost is falsely described as business-related. It also differs from an overstated expense, where the amount is inflated, and from a fictitious expense, where no expense occurred. The key issue is duplicate recovery of the same lunch expense.


                                  NEW QUESTION # 27
                                  Which of the following is NOT a medium that commonly causes an organization's proprietary information to be compromised?

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Properly shredded documents using a cross-cut shredder are very difficult to reconstruct, making them not a common medium for information leaks. By contrast, shareholder reports, executive speeches, and workstation displays often contain sensitive data that can be exploited by competitors or fraudsters.
                                  * Analysis of Incorrect Options:
                                  * A - Shareholder reports can reveal strategy and financial vulnerabilities.
                                  * C - Executive speeches sometimes unintentionally disclose sensitive plans.
                                  * D - Information left visible at workstations is a known security risk.
                                  * Key Concept: Protection of proprietary information against espionage and fraud.
                                  Reference: ACFE Manual, Fraud Prevention and Deterrence - Information Security .


                                  NEW QUESTION # 28
                                  ......

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