• Exam Code: CFE-Fraud-Schemes-and-Financial-Crimes
  • Exam Name: Certified Fraud Examiner -Fraud Schemes and Financial Crimes
  • Certification Provider: ACFE
  • Corresponding Certification:Certified Fraud Examiner
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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:

SectionWeightObjectives
Identity Theft1–5%- Prevention and detection
- Types and techniques
Accounting Concepts5–10%- Internal control fundamentals
- Recording and summarizing transactions
- Financial statements structure
- Basic accounting principles
Theft of Data and Intellectual Property5–10%- Safeguarding proprietary information
- Data and IP theft methods
- Corporate espionage
Corruption Schemes5–10%- Illegal gratuities and extortion
- Bribery and kickbacks
- Conflicts of interest
Asset Misappropriation – Cash Disbursements10–15%- Billing schemes
- Expense reimbursement schemes
- Payroll schemes
- Check and payment tampering
Asset Misappropriation – Non-Cash Assets5–10%- Inventory and equipment theft
- Misuse of assets
- Concealment techniques
Industry-Specific Financial Crimes15–25%- Insurance fraud
- Financial institution fraud
- Healthcare fraud
- Real estate and securities fraud
- Cyber-enabled and cryptocurrency fraud
Asset Misappropriation – Cash Receipts5–10%- Prevention and detection methods
- Cash skimming schemes
- Cash larceny schemes
Financial Statement Fraud10–15%- Revenue and asset overstatements
- Detection and red flags
- Timing and disclosure manipulations
- Expense and liability understatements

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

1. Inventory shrinkage is the unaccounted-for reduction in the company's inventory that does not result from theft.

A) True
B) False


2. According to accounting principles, ________ and ________ should be recorded or matched in the same accounting period; failing to do so violates the matching principle of GAAP.

A) Income statement and Long-term contracts
B) Revenue and corresponding expenses
C) Revenue and Income statement
D) Capitalized expenses and Liabilities


3. Troy collects rare books and learns of a dealer who is selling a book he has been searching for. Which of the following detection measures would be MOST EFFECTIVE in helping Troy avoid a potential collectibles fraud scheme?

A) Require a professional appraisal of the book before purchasing it.
B) Request a list of other rare books the dealer has sold.
C) Ask the dealer to provide a description of the book's physical condition.
D) Ensure that the dealer has a social media presence.


4. _________ revenues involve the recording of sales of goods or services that did not occur.

A) Red flag revenues
B) Financial revenues
C) Fictitious or fabricated revenues
D) Concealed revenues


5. Several people who work in real estate collude to obtain a loan for the construction of a residential building on a property that does not exist. The co-conspirators divide the proceeds among themselves and leave the lender with no collateral to seize when loan payments are not made. Which of the following BEST describes this scheme?

A) Air loan
B) Property flopping
C) Phantom lien
D) Daisy chain


Solutions:

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

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