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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q113-Q118):

                                  NEW QUESTION # 113
                                  Which of the following is a method that a fraudster might use to conceal inventory shrinkage?

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Fraudsters conceal inventory shrinkage through multiple methods, including unrecorded sales, false write-offs, or manipulating perpetual records. The ACFE manual notes that concealment is a common theme in inventory fraud. Hence, all of the above are valid.
                                  * Analysis of Incorrect Options:
                                  * A, B, C - Each is correct individually, but the most comprehensive answer is D.
                                  * Key Concept: Concealment methods for inventory theft.
                                  Reference: ACFE Manual, Asset Misappropriation - Inventory and Other Assets .


                                  NEW QUESTION # 114
                                  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 # 115
                                  Which of the following would NOT be considered a conflict of interest?

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Simply holding two jobs without disclosure is not inherently a conflict of interest unless the roles compete, overlap, or present divided loyalties. The other options all describe undisclosed financial or relational interests that conflict with the employer's best interest.
                                  * Analysis of Incorrect Options:
                                  * A. Harriet's stock ownership - Direct financial conflict.
                                  * C. Jennifer's board positions - Competing loyalties between competitors.
                                  * D. Ernest hiring his brother - Nepotism without disclosure is a conflict.
                                  * Key Concept: Conflict of interest schemes in corruption.
                                  Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Conflict of Interest .


                                  NEW QUESTION # 116
                                  The principle behind full disclosure is:

                                  Answer: C

                                  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 # 117
                                  Which of the following search is used for unusually high incidence of returns and allowances scheme?

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Fraudulent schemes involving returns and allowances can be detected by analyzing accounts for unusually high transactions in these categories. This is a common red flag for concealment of theft or manipulation of sales.
                                  * Analysis of Incorrect Options:
                                  * A. Allowances by vendors - Too narrow, not a standard analytic test.
                                  * B. Disposals of allowances than reorders - Not a recognized search method.
                                  * D. None of the above - Incorrect, since option C is valid.
                                  * Key Concept: Returns and allowances analysis for fraud detection.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraudulent Disbursements - Analytical Procedures .


                                  NEW QUESTION # 118
                                  ......

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