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
Topic 1: Accounting Concepts5–10%- Basic accounting principles
- Financial statements structure
- Recording and summarizing transactions
- Internal control fundamentals
Topic 2: Theft of Data and Intellectual Property5–10%- Data and IP theft methods
- Safeguarding proprietary information
- Corporate espionage
Topic 3: Asset Misappropriation – Cash Disbursements10–15%- Billing schemes
- Expense reimbursement schemes
- Check and payment tampering
- Payroll schemes
Topic 4: Identity Theft1–5%- Prevention and detection
- Types and techniques
Topic 5: Industry-Specific Financial Crimes15–25%- Healthcare fraud
- Real estate and securities fraud
- Insurance fraud
- Cyber-enabled and cryptocurrency fraud
- Financial institution fraud
Topic 6: Asset Misappropriation – Cash Receipts5–10%- Cash skimming schemes
- Cash larceny schemes
- Prevention and detection methods
Topic 7: Corruption Schemes5–10%- Conflicts of interest
- Bribery and kickbacks
- Illegal gratuities and extortion
Topic 8: Asset Misappropriation – Non-Cash Assets5–10%- Misuse of assets
- Inventory and equipment theft
- Concealment techniques
Topic 9: Financial Statement Fraud10–15%- Revenue and asset overstatements
- Timing and disclosure manipulations
- Expense and liability understatements
- Detection and red flags

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

1. A tangible asset is one which is:

A) Neither A nor B
B) Capable of being perceived
C) Capable of being appraised
D) Both A & B


2. Which of the following is the MOST APPROPRIATE technique for detecting a nonconforming goods or services scheme?

A) Interviewing complaining contractors and unsuccessful bidders about the presence of red flags
B) Comparing the direct and indirect labor account totals from the prior year to the current year
C) Reviewing correspondence and contract files for indications of noncompliance regarding specifications
D) Determining if the costs of the contract have exceeded or are expected to exceed the value of the contract


3. Which of the following scenarios is an example of upcoding ?

A) Dr. Raul advises a patient with a small fracture in her leg to use crutches, but he submits the claim using a code to indicate that he placed a cast on the patient
B) Landon inflates a medical bill that he wants to receive reimbursement for by misrepresenting the amount of the bill
C) Cindy receives payment in exchange for allowing an unnecessary surgical procedure to be completed on her that is then billed to her health care program
D) Dr. Loomis uses three procedure codes when submitting a claim for a surgery that she performed that is supposed to be billed using one procedure code


4. Which of the following scenarios is an example of an economic extortion scheme?

A) A driver caught violating the speed limit offers a law enforcement officer payment to avoid receiving a speeding ticket.
B) A purchasing employee and vendor agree to bill the employee's company for services that the vendor did not provide.
C) A judge threatens to rule against a defendant during a judicial proceeding unless the defendant pays them money.
D) A contractor rewards a government employee with concert tickets after winning a contract with their agency.


5. By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.

A) Journal Entries
B) Out-of-balance
C) False debits
D) None of all


Solutions:

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

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