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

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

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                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q260-Q265):

                                  NEW QUESTION # 260
                                  Which of the following would NOT be helpful in preventing expense reimbursement schemes?

                                  Answer: A

                                  Explanation:
                                  The ACFE Fraud Examiners Manual addresses Expense Reimbursement Schemes under Asset Misappropriation: Fraudulent Disbursements and separates the discussion into:
                                  * Detection of Expense Reimbursement Schemes
                                  * Prevention of Expense Reimbursement Schemes
                                  The Manual specifically identifies "Detailed Expense Reports: Submission and Review" as the prevention approach for expense reimbursement fraud.
                                  Why A is correct
                                  Requiring all employees to submit receipts electronically is not, by itself, a preventive control recognized by the Manual. The ACFE's prevention focus is on requiring detailed expense reports , adequate supporting documentation, and careful review-not merely changing the format of submission from paper to electronic.
                                  In fact, because expense reimbursement fraud often involves altered receipts , fictitious receipts , and other manipulated support, simply requiring electronic submission does not meaningfully prevent the scheme. The Manual lists schemes such as altered receipts and producing fictitious receipts , showing that the problem is the authenticity and review of documentation, not whether the receipt is submitted electronically.
                                  Why the other options are helpful
                                  B). Comparing current expenses to budgeted expense amounts
                                  This is helpful because the Manual includes review and analysis of expense accounts as part of detecting these schemes. Comparing reported expenses to expected or budgeted levels can reveal unusual spikes or anomalies that may indicate fraud.
                                  C). Requiring employees to explain the specific business purpose of each expense This is clearly helpful and consistent with the Manual's prevention emphasis on detailed expense reports and proper documentation. Requiring a specific business purpose makes it harder to submit personal, inflated, or fictitious expenses.
                                  D). Comparing current expenses to historical expenditure amounts
                                  This is also helpful because the Manual's review and analysis of expense accounts supports analytical comparisons to identify irregularities, trends, or unexplained increases in reimbursements. Historical comparison is a classic way to spot padded or abnormal expense claims.
                                  Conclusion
                                  Under the ACFE Manual, prevention of expense reimbursement schemes depends on detailed reporting, documentation, and review . Merely requiring receipts to be submitted electronically does not address whether the receipts are false, altered, duplicated, or unsupported. Therefore, the choice that would NOT be helpful in preventing expense reimbursement schemes is:
                                  A). Requiring all employees to submit receipts electronically
                                  References
                                  * ACFE Fraud Examiners Manual, 2020 International Edition
                                  * Expense Reimbursement Schemes
                                  * Detection of Expense Reimbursement Schemes / Review and Analysis of Expense Accounts
                                  * Prevention of Expense Reimbursement Schemes / Detailed Expense Reports: Submission and Review
                                  * Altered Receipts / Producing Fictitious Receipts


                                  NEW QUESTION # 261
                                  The most common method of detection in corruption cases is:

                                  Answer: C

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: According to ACFE's Report to the Nations and the Fraud Examiners Manual, tips are the most common method of detecting corruption cases. Employees, vendors, or customers often report suspicious activity via hotlines or whistleblowing mechanisms.
                                  * Analysis of Incorrect Options:
                                  * A. Internal audits - Helpful but less common as the initial detection method.
                                  * B. Internal controls - Preventive, not the primary detection source.
                                  * D. By accident - Can occur, but far less common than tips.
                                  * Key Concept: Tips/whistleblowing as the primary detection method for corruption.
                                  Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Detection of Corruption Schemes ; ACFE Report to the Nations .


                                  NEW QUESTION # 262
                                  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: B

                                  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 # 263
                                  Which of the following statements is TRUE regarding the prevention of inventory theft?

                                  Answer: A

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: Prenumbering and controlling shipping documents is a strong preventive measure against inventory theft because it ensures all inventory leaving the warehouse is properly authorized and tracked.
                                  * Analysis of Incorrect Options:
                                  * A. Same person for requisition and receiving - Violates segregation of duties.
                                  * B. Purchasing supervisor counting inventory - Creates conflict; inventory should be counted by independent staff.
                                  * D. Same person for shipping and scrap - Increases fraud risk.
                                  * Key Concept: Inventory theft prevention - control over documentation.
                                  Reference: ACFE Fraud Examiners Manual (2020) , Inventory and Other Assets: Inventory Theft Controls .


                                  NEW QUESTION # 264
                                  All the following are basic methods used to prove corrupt payments in corruption schemes EXCEPT:

                                  Answer: B

                                  Explanation:
                                  Detailed Explanation:
                                  * Rationale for Correct Answer: The Fraud Examiners Manual (2020) highlights document reviews, audit tracing, financial analysis, and inside witnesses as the primary methods of proving corrupt payments. Secret infiltration is not a standard fraud examination technique; it is more aligned with law enforcement undercover operations.
                                  * Analysis of Incorrect Options:
                                  * A. Taxation inquiries - A valid method to confirm payment sources.
                                  * C. Inside witness - Valuable evidence in corruption cases.
                                  * D. Tracing payments - Fundamental audit step in proving illicit payments.
                                  * Key Concept: Proving corrupt payments - standard audit and investigative methods.
                                  Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Detection and Proof of Bribery .


                                  NEW QUESTION # 265
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