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

SectionObjectives
Topic 1: Financial Crimes- Financial Statement Fraud
  • 1. Expense understatement
    • 2. Revenue manipulation
      • 3. Asset overstatement
        - Corruption Schemes
        • 1. Bribery
          • 2. Conflicts of interest
            • 3. Kickbacks
              - Money Laundering
              • 1. Placement stage
                • 2. Layering stage
                  • 3. Integration stage
                    Topic 2: Fraud Schemes- Fraudulent Disbursements
                    • 1. Check tampering
                      • 2. Billing shell companies
                        • 3. Billing schemes
                          - Asset Misappropriation Schemes
                          • 1. Cash theft and skimming
                            • 2. Payroll fraud
                              • 3. Inventory and asset theft
                                • 4. Expense reimbursement fraud

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q137-Q142):

                                  NEW QUESTION # 137
                                  ___________ allows the fraud examiner to inspect key attributes on a smaller portion (or sample) of those documents.

                                  Answer:

                                  Explanation:
                                  Sampling
                                  * Rationale for Correct Answer: Sampling is a fraud examination technique that enables investigators to review a subset of documents rather than all records. Properly designed sampling provides reasonable assurance and allows focus on anomalies or red flags.
                                  * Key Concept: Sampling in fraud examination and audit testing.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Examination Techniques
                                  - Sampling and Document Review .


                                  NEW QUESTION # 138
                                  Which of the following measures would be MOST EFFECTIVE in helping an individual detect whether they have become a victim of identity theft?

                                  Answer: A

                                  Explanation:
                                  The correct answer is C. Regularly requesting and reviewing credit reports is one of the most effective ways for individuals to detect identity theft because unauthorized loans, credit cards, inquiries, addresses, or accounts may appear on the report. A credit report provides structured information from credit reporting agencies and is more reliable than general internet searches. Option A is impractical and incomplete because an individual cannot reasonably contact every international bank. Option B is incorrect because identity theft often causes negative credit activity, not necessarily a large improvement. Option D might reveal exposed information but is not a strong method for detecting fraudulent accounts. The ACFE materials discuss identity theft prevention and response, including monitoring financial and credit information for suspicious activity.


                                  NEW QUESTION # 139
                                  Which of the following statements describes a best practice for preventing procurement fraud?

                                  Answer: C

                                  Explanation:
                                  The correct answer is D. Procurement fraud prevention requires ongoing vendor monitoring based on the organization's highest-risk vendor schemes. Monitoring should focus on practical red flags, such as unusual pricing, duplicate vendors, related-party indicators, excessive change orders, suspicious payment patterns, or vendors lacking proper support. Option A violates segregation of duties because the person maintaining the vendor master file should not also approve invoice payments. Option B is weak because vendor background checks should occur before vendors are added to the master file, not after. Option C is incorrect because procurement monitoring should be ongoing and risk-based, not restricted to annual reviews. The ACFE material emphasizes vendor management, vendor master file controls, and monitoring based on relevant red flags.


                                  NEW QUESTION # 140
                                  According to the Fraud Tree, cash has three following schemes:

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: According to the ACFE Fraud Tree, cash-related asset misappropriation schemes fall into three categories: Skimming (off-book theft), Cash Larceny (on- book theft), and Fraudulent Disbursements (bogus outflows such as billing, payroll, and check tampering) .
                                  * Analysis of Incorrect Options:
                                  * B. Fraud analysis, skimming, and cash misappropriations - "Fraud analysis" and "cash misappropriations" are not fraud tree categories.
                                  * C. Cash larceny, cash distribution, and fraudulent disbursements - "Cash distribution" is not a fraud tree category.
                                  * D. Cash distribution, skimming, and fraud analysis - Includes non-fraud tree terms.
                                  * Key Concept: Fraud Tree - Cash Schemes: Skimming, Cash Larceny, Fraudulent Disbursements.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Tree - Cash .


                                  NEW QUESTION # 141
                                  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 # 142
                                  ......

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