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

Section	Objectives
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. Expense reimbursement fraud 4. Inventory and asset theft
Financial Crimes	- Financial Statement Fraud 1. Revenue manipulation 2. Asset overstatement 3. Expense understatement - Corruption Schemes 1. Bribery 2. Conflicts of interest 3. Kickbacks - Money Laundering 1. Placement stage 2. Layering stage 3. Integration stage

Section

Objectives

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. Expense reimbursement fraud
4. Inventory and asset theft

Financial Crimes

- Financial Statement Fraud

1. Revenue manipulation
2. Asset overstatement
3. Expense understatement

- Corruption Schemes

1. Bribery
2. Conflicts of interest
3. Kickbacks

- Money Laundering

1. Placement stage
2. Layering stage
3. Integration stage

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q222-Q227):

NEW QUESTION # 222
Which of the following would NOT be considered a conflict of interest?

A. Ernest hires his brother, John, to provide vending services to his employer's lunch areas, but he does not disclose their relationship.
B. Robert works for Muir's Printing Services on weekdays and Winsted Cafe on weekends, but he does not tell either employer about the other job.
C. Harriet owns a significant amount of stock in a company she regularly buys her employer's office supplies from, but her employer is unaware of this fact.
D. Jennifer is on the board of directors of two companies that compete in the retail market, but she does not tell either company about her role at the other.

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 # 223
The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.

A. Recorded sales
B. Occupational frauds
C. Internal audits
D. Employee theft

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Comparing register tape totals to the actual cash on hand is a classic reconciliation test used to detect employee theft . Discrepancies suggest cash has been skimmed or stolen after recording.
* Analysis of Incorrect Options:
* B. Recorded sales - Register tapes already show recorded sales; comparison is for theft detection.
* C. Internal audits - A process, not the purpose of the comparison.
* D. Occupational frauds - Too broad a term.
* Key Concept: Cash Reconciliation as a control to detect employee theft.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Cash Receipts - Detection Methods for Skimming and Larceny .

NEW QUESTION # 224
Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?

A. The expected costs associated with following GAAP would exceed the expected benefits of compliance.
B. A transaction is considered immaterial and therefore irrelevant to the accurate interpretation of financial statements.
C. The application of GAAP could produce misleading financial statements.
D. It is likely that assets would be understated and liabilities would be overstated.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Departures from GAAP may be justified if compliance produces misleading results, if the transaction is immaterial, or if the costs exceed benefits. However, simply departing from GAAP because assets would be understated and liabilities overstated is not an acceptable reason ; GAAP requires faithful representation even if results are unfavorable.
* Analysis of Incorrect Options:
* A - Cost-benefit considerations are valid grounds in practice.
* C - Materiality is a recognized exception to strict GAAP application.
* D - Preventing misleading statements is a valid justification.
* Key Concept: GAAP exceptions are limited to cost-benefit, immateriality, and preventing misleading reporting .
Reference: ACFE Manual, Accounting Concepts - GAAP Principles .

NEW QUESTION # 225
The behavior profile of employees who are involved in bribery schemes may include:

A. Gambling habit
B. Extravagant lifestyle
C. Drug and/or alcohol addiction
D. All of the above

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Employees involved in bribery or corruption schemes often exhibit lifestyle red flags such as gambling habits, drug/alcohol addiction, or extravagant spending . These behaviors create financial pressures that may motivate or result from corrupt activity.
* Analysis of Incorrect Options:
* A, B, C individually - Each is a red flag, but the most accurate answer is all of the above .
* Key Concept: Behavioral red flags in corruption cases.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Red Flags of Bribery .

NEW QUESTION # 226
______________ is required not only for theft, but for procedures to detect errors, avoid waste, and ensure a proper amount of inventory is maintained.

Answer:

Explanation:
Internal control (Inventory Control)
* Rationale for Correct Answer: Strong internal controls - particularly inventory controls - are essential not just to prevent theft, but also to detect errors, reduce waste, and ensure that inventory levels are appropriate. Controls such as physical counts, reconciliations, and segregation of duties protect against misappropriation and inefficiencies.
* Key Concept: Internal Controls as a preventive and detective mechanism in asset safeguarding.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Control procedures.

NEW QUESTION # 227
......

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