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

SectionObjectives
Topic 1: Fraud Schemes- Financial Statement Fraud
  • 1. Asset overstatement and liability concealment
    • 2. Revenue recognition manipulation
      - Asset Misappropriation Schemes
      • 1. Billing and expense reimbursement fraud
        • 2. Skimming and cash larceny
          Topic 2: Fraud Investigation and Analysis- Data analysis in fraud detection
          • 1. Trend and anomaly identification
            - Evidence collection and documentation
            • 1. Chain of custody principles
              Topic 3: 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

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q110-Q115):

                    NEW QUESTION # 110
                    Which of the following would be helpful in detecting a cash larceny scheme?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Cash larceny involves stealing cash after it has been recorded.
                    Reconciling register totals against actual drawer cash can reveal shortages, making option C the best detection method.
                    * Analysis of Incorrect Options:
                    * A - Weakens segregation of duties and increases fraud risk.
                    * B - Impractical; cross-training is often necessary.
                    * D - Cashiers counting their own registers weakens independent verification and may conceal theft.
                    * Key Concept: Detecting cash larceny through reconciliation controls.
                    Reference: ACFE Manual, Cash Receipts - Cash Larceny Schemes .


                    NEW QUESTION # 111
                    Antonia, a Certified Fraud Examiner (CFE), discovers that a loan applicant misrepresented their creditworthiness and income to qualify for a mortgage on a new house. Which type of loan fraud BEST describes the scheme that Antonia uncovered?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Misrepresenting income, employment, or creditworthiness on a mortgage application is a classic example of residential loan fraud . This type of fraud occurs when borrowers provide false information to qualify for loans they would not otherwise receive.
                    * Analysis of Incorrect Options:
                    * B. Credit data blocking - Refers to suppressing negative credit information with fraudulent disputes.
                    * C. Double-pledging collateral - Involves using the same collateral for multiple loans.
                    * D. Linked financing - Occurs when loans are structured with related transactions to disguise financial exposure.
                    * Key Concept: Loan and mortgage fraud - misrepresentation of borrower information.
                    Reference: ACFE Manual, Financial Transactions - Loan Fraud .


                    NEW QUESTION # 112
                    Revenue is recognized when it is:

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Under GAAP, revenue is recognized when it is realized or realizable and earned . This requires that the earnings process be substantially complete, and payment be reasonably assured.
                    * Analysis of Incorrect Options:
                    * B. Fictitious and Earned - Fictitious revenues are fraud, not recognized revenue.
                    * C. Realized and Evidenced - Evidence supports recognition, but "earned" is the proper standard.
                    * D. All of the above - Incorrect, since only option A is correct.
                    * Key Concept: Revenue recognition principle - realized/realizable and earned.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Revenue Recognition Standards .


                    NEW QUESTION # 113
                    Asset misappropriations have an effect on the liabilities and do also have an indirect effect on the equity account.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This statement is True . Asset misappropriations reduce the organization's assets. In double-entry accounting, a decrease in assets without a corresponding decrease in liabilities results in a reduction of owner's equity. Therefore, fraud not only depletes assets but also indirectly reduces equity.
                    * Analysis of Incorrect Options:
                    * B. False - Incorrect because asset theft clearly reduces net assets and thereby equity.
                    * Key Concept: Impact of Asset Misappropriation on the accounting equation: Assets = Liabilities + Equity.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Impact of Fraud on the Accounting Equation .


                    NEW QUESTION # 114
                    Which of the following is a red flag that might indicate the existence of a need recognition scheme?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: In a need recognition scheme , an employee creates or exaggerates a need for goods or services to benefit a favored supplier. One red flag is that materials are ordered prematurely or not at the optimal reorder point , suggesting that purchases are being manipulated to benefit a corrupt vendor rather than based on actual business needs.
                    * Analysis of Incorrect Options:
                    * A - A large list of suppliers suggests competition, not fraud.
                    * C - A need met by various suppliers does not indicate fraud.
                    * D - Low requirements for stock may reflect lean inventory management, not fraud.
                    * Key Concept: Corruption - need recognition schemes and red flags.
                    Reference: ACFE Manual, Corruption - Need Recognition Schemes .


                    NEW QUESTION # 115
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