Certified Fraud Examiner -Fraud Schemes and Financial Crimes: CFE-Fraud-Schemes-and-Financial-Crimes Exam


"Certified Fraud Examiner -Fraud Schemes and Financial Crimes", also known as CFE-Fraud-Schemes-and-Financial-Crimes exam, is a ACFE Certification. With the complete collection of questions and answers, PrepAwayTest has assembled to take you through 355 Q&As to your CFE-Fraud-Schemes-and-Financial-Crimes Exam preparation. In the CFE-Fraud-Schemes-and-Financial-Crimes exam resources, you will cover every field and category in Certified Fraud Examiner Certification helping to ready you for your successful ACFE Certification.

  • Exam Code: CFE-Fraud-Schemes-and-Financial-Crimes
  • Exam Name: Certified Fraud Examiner -Fraud Schemes and Financial Crimes
  • Total Questions: 355

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

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

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

1. 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 analyzing the percentage change in individual line items on a financial statement from one accounting period to the next accounting period.
C) A technique for comparing the performance of different companies in the same industry for an extended period.
D) A technique for measuring the relationship between any two different financial statement amounts.


2. Which of the following measures would be MOST EFFECTIVE for insurance companies to take to prevent fraud?

A) Inspect insurance policy applications for irregularities, inconsistencies, and missing information before granting insurance coverage.
B) Start a monitoring program to track how policyholders use their claim distributions to determine if they are involved in fraudulent activity.
C) Require one person to conduct all claims processing and underwriting functions in order to maintain control over the process.
D) Discourage any information sharing with other insurance companies or internal divisions to mitigate the risk of fraud.


3. Which of the following is true for red flags associated with fictitious revenues?

A) A significant volume of sales to entities whose substance and ownership is not known.
B) Slow growth or unusual profitability, when not compared to other companies in the same industry.
C) An unusual surge in purchases by a majority of units within a company, or of purchases recorded by corporate headquarters.
D) Unusual growth in the number of days' purchases in receivables.


4. Assets that are long-lived and that differ from property, plant, and equipment that has been purchased outright or acquired under a capital lease are:

A) Forced Assets
B) Intangible Assets
C) None of the above
D) Tangible Assets


5. Which of the following statements is MOST ACCURATE?

A) Government and public sector organizations have more autonomy in how they practice fraud detection than private sector organizations.
B) Government and public sector organizations might need to conduct and respond to fraud risk assessments more frequently than private sector organizations.
C) Government and public sector organizations are required to reprioritize areas of focus for fraud detection less frequently than private sector organizations.
D) Government and public sector organizations can usually accept more fraud risk than private sector organizations because there are no shareholders.


Solutions:

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

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