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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:
| Section | Objectives |
| Topic 1: Fraud Schemes | - Asset Misappropriation Schemes
- 1. Payroll fraud
- 2. Cash theft and skimming
- 3. Expense reimbursement fraud
- 4. Inventory and asset theft
- Fraudulent Disbursements
- 1. Billing shell companies
- 2. Check tampering
- 3. Billing schemes
|
| Topic 2: Financial Crimes | - Money Laundering
- 1. Integration stage
- 2. Layering stage
- 3. Placement stage
- Corruption Schemes
- 1. Bribery
- 2. Kickbacks
- 3. Conflicts of interest
- Financial Statement Fraud
- 1. Asset overstatement
- 2. Expense understatement
- 3. Revenue manipulation
|
ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:
1. Forced reconciliation of the account says:
A) To conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
B) To conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
C) To conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
D) To conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
2. Kara owns a business selling rare goods. Some of the goods Kara sells are of high value, but she reports significantly lower values to the taxing authority for those transactions. Which of the following options BEST describes Kara's scheme?
A) Falsified tax deduction scheme
B) Wealth tax evasion scheme
C) Consumption tax scheme
D) Tax credit scheme
3. A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:
A) Fictitious bidding
B) Bid pooling
C) Bid log
D) Bid opening
4. Horizontal analysis can BEST be described as:
A) A technique for analyzing the relationships among items on the financial statement where components are expressed as percentages of a specified base value.
B) A technique for measuring the relationship between any two different financial statement amounts.
C) A technique for analyzing the percentage change in individual line items on a financial statement from one accounting period to the next accounting period.
D) A technique for comparing the performance of different companies in the same industry for an extended period.
5. Which of the following statements describes a best practice for preventing procurement fraud?
A) Companies should implement vendor-monitoring procedures that address the red flags of the vendor schemes that pose the greatest risk.
B) Companies should limit comprehensive audits of procurement activities to once a year to create a consistent data point for comparison from one year to the next.
C) Companies should assign the responsibility of approving invoice payments to the person who maintains the vendor master file so discrepancies can be better identified.
D) Companies should conduct background checks on vendors after they have been added to the company's vendor master file.
Solutions:
Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: C | Question # 5 Answer: A |