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

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

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q68-Q73):

                    NEW QUESTION # 68
                    Which of the following statements regarding a nonconforming goods or services procurement fraud scheme is MOST ACCURATE?

                    Answer: D

                    Explanation:
                    The correct answer is C. A nonconforming goods or services scheme occurs when a contractor delivers goods or services that do not meet contract specifications while representing them as compliant. Using refurbished materials when the contract requires new materials is a classic example because the contractor provides inferior or substituted materials but seeks payment as if the required materials were supplied. Option A describes change order abuse, where a low bid is later increased through contract modifications. Option B describes cost mischarging because the contractor bills for costs not incurred or improperly allocated. Option D describes a need recognition or collusive procurement scheme involving unnecessary goods or services.
                    The key professional distinction is whether the deliverable itself fails to conform to contract requirements.


                    NEW QUESTION # 69
                    Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is, the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This statement is False . Research in occupational fraud consistently shows that when employees believe there is a strong likelihood of being caught, they are less likely to engage in theft or deviant behavior. Deterrence theory emphasizes that perceived certainty of detection is one of the most effective controls against occupational fraud.
                    * Key Concept: Deterrence through perceived detection .
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Perceived Detection and Deterrence .


                    NEW QUESTION # 70
                    When an incorrect total is carried from the journal to the ledger or from the ledger to the financial statements, this method is called:

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: A false balance occurs when incorrect totals are intentionally carried forward from the journal to the ledger or from the ledger to the financial statements. This is often used as a concealment technique in fraud to make the books appear balanced while hiding irregularities.
                    * Analysis of Incorrect Options:
                    * A. Forced Balance - Involves adding fictitious entries to force accounts into balance.
                    * B. Out-of-balance - Results when entries don't match, but not specifically from carried totals.
                    * D. None of all - Incorrect since "false balance" is the precise term.
                    * Key Concept: False balance entries as concealment techniques in fraudulent bookkeeping.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Concealment by False Balances .


                    NEW QUESTION # 71
                    The act of an official or fiduciary person who unlawfully and wrongfully uses his station or character to procure some benefit, contrary to duty and rights of others, is called:

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This definition matches corruption , a broad category of occupational fraud in which employees use their influence in business transactions to gain personal benefit, in violation of their duties. Corruption schemes include bribery, conflicts of interest, illegal gratuities, and extortion.
                    * Analysis of Incorrect Options:
                    * A. Conflict of interest - A subtype of corruption, but narrower in scope.
                    * C. Bribery - Also a subtype, but the definition given covers the broader category.
                    * D. Overbilling - A billing scheme under fraudulent disbursements, not corruption.
                    * Key Concept: Corruption as defined in the Fraud Tree.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Definition and Schemes .


                    NEW QUESTION # 72
                    Which of the following is the amount of money that would be realized upon the sale of the asset at some point in the future, less the costs associated with owning, operating, and selling it?

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Net realizable value (NRV) is the estimated selling price of an asset in the ordinary course of business, minus any costs of completion, disposal, or transportation. This is often applied in valuing accounts receivable and inventory.
                    * Analysis of Incorrect Options:
                    * B. Going concern - Assumption of business continuity, not asset valuation.
                    * C. Cost - Historical cost, not future realizable value.
                    * D. Fair value - Current market-based measure, not net proceeds after costs.
                    * Key Concept: Net realizable value - valuation method for receivables and inventory.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Accounting Concepts - Asset Valuation Methods .


                    NEW QUESTION # 73
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