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

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

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q72-Q77):

                    NEW QUESTION # 72
                    Which of the following is NOT a phase of the bidding process?

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: The phases of the bidding process include:
                    * Presolicitation (need recognition/specification stage),
                    * Solicitation (inviting bids),
                    * Submission (vendors submit bids). There is no standard phase called Postsolicitation .
                    * Analysis of Incorrect Options:
                    * A. Presolicitation - Valid phase.
                    * C. Solicitation - Valid phase.
                    * D. Submission - Valid phase.
                    * B. Postsolicitation - Not recognized as a formal bidding stage.
                    * Key Concept: Bidding process phases - presolicitation, solicitation, submission.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging and Procurement Phases .


                    NEW QUESTION # 73
                    Persuasive evidence of an arrangement does not exist when:

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: According to SAB 104 , revenue recognition requires persuasive evidence of an arrangement. This does not exist if there is no written contract, purchase order, or verbal agreement supporting the transaction.
                    * Analysis of Incorrect Options:
                    * A. Revenue and expenses don't match - Violates matching principle, not persuasive evidence.
                    * C. Timings not meet properly - Refers to delivery/performance, not evidence of arrangement.
                    * D. Capitalized expenses and liabilities - Irrelevant to revenue recognition.
                    * Key Concept: Revenue recognition requirement: Persuasive evidence of an arrangement.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Revenue Recognition Standards (SAB 104) .


                    NEW QUESTION # 74
                    Which of the following is an example of a corruption scheme?

                    Answer: D

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Corruption schemes involve the misuse of influence in business transactions for personal benefit, often through bribery, kickbacks, or conflicts of interest. In this case, the procurement agent accepts an improper benefit (use of a beach house) in exchange for contract favoritism, which is a classic bribery scheme.
                    * Analysis of Incorrect Options:
                    * A - Theft of confidential information = asset misappropriation/intellectual property theft , not corruption.
                    * C - Excluding laptops from records = inventory theft , not corruption.
                    * D - Omitting costs = financial statement fraud .
                    * Key Concept: Bribery as a form of corruption.
                    Reference: ACFE Manual, Corruption - Bribery and Kickbacks .


                    NEW QUESTION # 75
                    Maria is Annie's beneficiary under a life insurance policy. The two need a large sum of money, so Maria submits a claim with a phony death certificate indicating that Annie is no longer living, even though Annie is alive and has fled to a different town. Maria and Annie's actions are an example of which of the following fraud schemes?

                    Answer: D

                    Explanation:
                    Maria and Annie's actions are a fraudulent death claim scheme. In life insurance fraud, a fraudulent death claim occurs when a person falsely represents that the insured has died to obtain policy proceeds. The scheme can involve a fabricated death, a phony death certificate, staged disappearance, or collusion between the insured and beneficiary. Here, Annie is alive, and Maria submits a false claim supported by a phony death certificate. A tombstone policy claim generally involves policies or claims connected to deceased persons or fraudulent use of death information, but the facts here involve a living insured falsely reported as dead.
                    Premium theft concerns misappropriation of premiums, and beneficiary extortion is not the scheme described.


                    NEW QUESTION # 76
                    Which counts sometimes can give rise to inventory theft detection?

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Physical inventory counts involve actually counting items on hand and comparing them to book records. These counts can reveal theft, errors, or shrinkage when discrepancies are identified.
                    * Analysis of Incorrect Options:
                    * A. Perpetual inventory counts - The system tracks expected balances but cannot independently confirm theft.
                    * C. Concealment inventory counts - Not a recognized term.
                    * D. None of the above - Incorrect, since physical counts do aid detection.
                    * Key Concept: Physical inventory counts as a fraud detection tool.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Inventory Counts and Fraud Detection .


                    NEW QUESTION # 77
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