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

SectionObjectives
Topic 1: Financial Crimes- Banking and Payment Fraud
  • 1. Wire fraud and electronic transfers
    • 2. Check and credit card fraud
      - Money Laundering
      • 1. Placement, layering, integration stages
        Topic 2: Fraud Schemes- Financial Statement Fraud
        • 1. Revenue recognition manipulation
          • 2. Asset overstatement and liability concealment
            - Asset Misappropriation Schemes
            • 1. Billing and expense reimbursement fraud
              • 2. Skimming and cash larceny
                Topic 3: Fraud Investigation and Analysis- Evidence collection and documentation
                • 1. Chain of custody principles
                  - Data analysis in fraud detection
                  • 1. Trend and anomaly identification

                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:

                    Question #1

                    Warner is part of management at ABC Corporation. He has been asked to implement measures to help prevent fraudulent billing schemes. Which of the following measures would likely be MOST EFFECTIVE?

                    • A. Enforcing competitive bidding from potential vendors
                    • B. Requiring all fraud tips to be reported to employees' direct supervisors
                    • C. Combining the purchasing and payment functions within a single department
                    • D. Using an external vendor to negotiate procurement contracts
                    Reveal Solution  Discussion  0

                    Correct Answer: A  🗳️

                    Explanation: Only visible for BraindumpQuiz members. You can sign-up / login (it's free).

                    Question #2

                    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 find out whether the purchasing, receiving, and shipping functions operate independently and whether they are different departments.
                    • 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 analyze the relationship between accounts receivable and credit sales transactions.
                    Reveal Solution  Discussion  0

                    Correct Answer: A  🗳️

                    Explanation: Only visible for BraindumpQuiz members. You can sign-up / login (it's free).

                    Question #3

                    Which of the following can constitute a bribe, even if the illicit payment is never actually made?

                    • A. Kickback payment
                    • B. Overbilling in payment
                    • C. Offering a payment
                    • D. Corruption in payment
                    Reveal Solution  Discussion  0

                    Correct Answer: C  🗳️

                    Explanation: Only visible for BraindumpQuiz members. You can sign-up / login (it's free).

                    Question #4

                    To prevent expense reimbursement fraud, it is recommended that companies require employees to submit receipts electronically.

                    • A. False
                    • B. True
                    Reveal Solution  Discussion  0

                    Correct Answer: B  🗳️

                    Explanation: Only visible for BraindumpQuiz members. You can sign-up / login (it's free).

                    Question #5

                    Which of the following is an example of a technical security control that organizations can use to secure computer systems and communication networks?

                    • A. Human audits
                    • B. Application security
                    • C. Penetration testing
                    • D. Data security
                    Reveal Solution  Discussion  0

                    Correct Answer: B  🗳️

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