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

SectionObjectives
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
        Fraud Schemes- Asset Misappropriation Schemes
        • 1. Billing and expense reimbursement fraud
          • 2. Skimming and cash larceny
            - Financial Statement Fraud
            • 1. Asset overstatement and liability concealment
              • 2. Revenue recognition manipulation
                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:

                    1. Which of the following is a condition that facilitates insider cyberfraud?

                    A) Access logs are not reviewed by management.
                    B) Separation of duties exists in the data center.
                    C) Access privileges are restricted to assigned job functions.
                    D) Production programs are run during the business day.


                    2. Which of the following statements is MOST ACCURATE regarding how the challenges in government and public sector fraud prevention differ from those in the private sector?

                    A) Unlike government and public sector organizations, private sector organizations often have to shift and reallocate fraud prevention resources based on legal requirements.
                    B) Unlike government and public sector organizations, fraud prevention efforts for private sector organizations are often guided by the prevailing government's opinions and priorities.
                    C) Government and public sector organizations generally have greater control of their organizational operations and objectives than private sector organizations.
                    D) Fraud prevention initiatives tend to be implemented less quickly in government and public sector organizations due to the need for staffing changes and budget readjustments.


                    3. People commit financial statement fraud to:

                    A) Maintain personal income
                    B) Stand outside the accounting system
                    C) Conceal false business performances
                    D) Preserve personal status/control


                    4. Which of the following methods would NOT be helpful in detecting a skimming scheme?

                    A) Confirming customers' unpaid account balances
                    B) Examining journal entries for false credits made to the inventory
                    C) Comparing cash register totals to the cash count
                    D) Performing physical inventory counts


                    5. Theft of incoming checks usually occurs when ________ is (are) in charge of opening the mail and recording the receipt of payments.

                    A) More than two employees
                    B) Single employee
                    C) None of the above
                    D) Two employees


                    Solutions:

                    Question # 1
                    Answer: A
                    Question # 2
                    Answer: D
                    Question # 3
                    Answer: C
                    Question # 4
                    Answer: B
                    Question # 5
                    Answer: B

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