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

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

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

                                  1. Revenue is recognized when it is:

                                  A) Fictitious and Earned
                                  B) Realized and Evidenced
                                  C) Realized and Earned
                                  D) All of the above


                                  2. 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?

                                  A) CTR should have examined any change orders submitted by the vendor that would have increased the cost of the glass specified in the contract.
                                  B) CTR should have compared the vendor's direct and indirect labor account totals for producing the glass from the prior year to the current year.
                                  C) CTR should have examined the packaging, appearance, and description of the glass to determine if it met contract specifications before using it.
                                  D) CTR should have interviewed the vendor's competitors to determine if the vendor is known in the industry for not adhering to contract requirements.


                                  3. Which of the following is a recommended activity that organizations should engage in to protect their proprietary information from threats?

                                  A) Prohibiting all nonemployees from entering the organization's premises
                                  B) Enlisting a task force to identify the information security practices of competitors
                                  C) Maximizing data collection to limit the information available during a data breach
                                  D) Conducting confidential meetings in specially constructed quiet rooms


                                  4. Reconciling the sales records to the cash receipts is an effective way to detect a sales skimming scheme.

                                  A) False
                                  B) True


                                  5. Which of the following is NOT one of the information security goals that should be achieved to secure an e- commerce system for users and account holders?

                                  A) Confidentiality of data
                                  B) Integrity of data
                                  C) Penetrability of data
                                  D) Availability of data


                                  Solutions:

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

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