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

SectionObjectives
Topic 1: Financial Crimes- Money Laundering
  • 1. Placement, layering, integration stages
    - Banking and Payment Fraud
    • 1. Check and credit card fraud
      • 2. Wire fraud and electronic transfers
        Topic 2: Fraud Investigation and Analysis- Evidence collection and documentation
        • 1. Chain of custody principles
          - Data analysis in fraud detection
          • 1. Trend and anomaly identification
            Topic 3: Fraud Schemes- Financial Statement Fraud
            • 1. Revenue recognition manipulation
              • 2. Asset overstatement and liability concealment
                - Asset Misappropriation Schemes
                • 1. Skimming and cash larceny
                  • 2. Billing and expense reimbursement fraud

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q81-Q86):

                    NEW QUESTION # 81
                    Which of the following are the classifications for Corruption?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: According to the ACFE Fraud Tree , corruption is divided into four classifications: bribery, illegal gratuities, economic extortion, and conflicts of interest . These cover the major ways employees misuse influence for personal gain.
                    * Analysis of Incorrect Options:
                    * B. Corruption... - Redundant; corruption is the main category, not a sub-classification.
                    * C. Overbilling and bid-rigging - These are disbursement schemes, not corruption categories.
                    * D. Corruption repeated - Incorrect for the same reason as option B.
                    * Key Concept: Corruption classifications under the Fraud Tree.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Fraud Tree Categories .


                    NEW QUESTION # 82
                    _________ revenues involve the recording of sales of goods or services that did not occur.

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Fictitious or fabricated revenues are one of the most common forms of financial statement fraud. They involve recording revenues for transactions that never occurred, thereby inflating income and misleading stakeholders.
                    * Analysis of Incorrect Options:
                    * B. Financial revenues - Not a fraud scheme.
                    * C. Red flag revenues - "Red flags" are indicators of fraud, not a type of revenue.
                    * D. Concealed revenues - Refers to hiding income, not creating fictitious sales.
                    * Key Concept: Fictitious revenues as a core financial statement fraud scheme.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Fictitious Revenue Schemes .


                    NEW QUESTION # 83
                    __________ is required if and when officers, executives, or other persons in trusted positions become subjects of a criminal indictment.

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Disclosure is required whenever individuals in positions of trust are indicted or otherwise compromised. Transparency ensures stakeholders are aware of potential conflicts or risks.
                    * Analysis of Incorrect Options:
                    * A. Conflict of interest - A scheme, not the corrective measure.
                    * B. Turnaround sale or flip - Specific scheme, irrelevant here.
                    * D. Resource diversion - A fraud method, not a governance requirement.
                    * Key Concept: Importance of Disclosure in preventing or responding to conflicts of interest.
                    Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Disclosure Requirements .


                    NEW QUESTION # 84
                    A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Bid pooling occurs when vendors collude to divide contracts among themselves. They agree in advance who will submit the lowest bid for certain contracts, ensuring each participant gets a share of the business.
                    * Analysis of Incorrect Options:
                    * A. Bid opening - The formal process of opening bids, not fraud.
                    * B. Fictitious bidding - Not a standard fraud term.
                    * D. Bid log - A record of submitted bids, not a scheme.
                    * Key Concept: Bid pooling - collusion among vendors in bid-rigging schemes.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging and Vendor Collusion .


                    NEW QUESTION # 85
                    The principle behind full disclosure is:

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The full disclosure principle requires that all material facts and deviations from GAAP be disclosed to readers of financial statements so that they are not misled.
                    Transparency is essential for informed decision-making by investors, creditors, and regulators.
                    * Analysis of Incorrect Options:
                    * B. SAS - Refers to auditing standards, not accounting standards.
                    * C. Writer - Incorrect; disclosures are intended for readers/users.
                    * D. None of above - Incorrect since option A is correct.
                    * Key Concept: Full disclosure principle - providing users with all material information.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - GAAP:
                    Full Disclosure .


                    NEW QUESTION # 86
                    ......

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