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

SectionObjectives
Fraud Investigation and Analysis- Data analysis in fraud detection
  • 1. Trend and anomaly identification
    - Evidence collection and documentation
    • 1. Chain of custody principles
      Financial Crimes- Banking and Payment Fraud
      • 1. Check and credit card fraud
        • 2. Wire fraud and electronic transfers
          - Money Laundering
          • 1. Placement, layering, integration stages
            Fraud Schemes- Asset Misappropriation Schemes
            • 1. Billing and expense reimbursement fraud
              • 2. Skimming and cash larceny
                - Financial Statement Fraud
                • 1. Asset overstatement and liability concealment
                  • 2. Revenue recognition manipulation

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

                    1. Which of the following statements is TRUE regarding an analytical review of financial statements in relation to inventory theft?

                    A) Any significant percentage change in the cost of goods sold indicates inventory theft, regardless of the change in sales.
                    B) If the change in cost of goods sold is significantly higher than the change in sales, it might indicate inventory theft.
                    C) If sales and cost of goods sold both remain unchanged, it might indicate that inventory theft has occurred.
                    D) It is not likely that an analytical review of financial statements would help uncover instances of inventory theft.


                    2. Forced reconciliation of the account says:

                    A) To conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
                    B) To conceal inventory is to alter shrinkage record so that it matches the physical inventory count.
                    C) To conceal shrinkage is to change the perpetual inventory 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.


                    3. Which of the following controls BEST describes the safeguards an organization implements to provide protection for computing resources by increasing security policies and awareness, conducting security audits and tests, and properly classifying data?

                    A) Technical security controls
                    B) Logical access controls
                    C) Administrative security controls
                    D) Physical access controls


                    4. Which of the following is a method of identity theft prevention that is recommended for businesses?

                    A) Collect government identification numbers from customers only when legally required to gather that information
                    B) Use encryption only when sending personal information externally through a hardwired internet connection
                    C) Use government identification numbers as employee identification numbers
                    D) Audit practices involving the handling of information only when regulators require it


                    5. Which of the following recommendations for individuals is likely to be MOST EFFECTIVE in preventing identity theft?

                    A) Move all files containing personal information to the recycle bin for deletion before disposing of a laptop or computer.
                    B) Create answers to security questions using unique details that cannot be verified easily through public sources of information.
                    C) Refrain from using email to send personal information unless contacting reputable organizations.
                    D) Limit the reuse of passwords or passphrases to no more than two accounts, websites, or devices.


                    Solutions:

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

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