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

SectionObjectives
Fraud Schemes- Financial Statement Fraud
  • 1. Asset overstatement and liability concealment
    • 2. Revenue recognition manipulation
      - Asset Misappropriation Schemes
      • 1. Skimming and cash larceny
        • 2. Billing and expense reimbursement fraud
          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. Wire fraud and electronic transfers
                  • 2. Check and credit card fraud

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q307-Q312):

                    NEW QUESTION # 307
                    Financial statement fraud is committed by:

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: While asset misappropriation schemes are usually committed by lower- level employees, financial statement fraud is most often committed by senior management . This is because executives have the authority to override controls, direct accounting policies, and influence financial reporting for personal gain (bonuses, stock prices, or to conceal poor performance).
                    * Analysis of Incorrect Options:
                    * A. Organized criminals - May commit fraud, but financial statement fraud specifically requires authority over reporting.
                    * B. Mid and lower-level employees - Lack sufficient authority to materially alter financial statements.
                    * D. All of the above - Incorrect, as financial statement fraud is overwhelmingly associated with senior management.
                    * Key Concept: Management override - financial statement fraud perpetrated by those with the authority to manipulate reports.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Role of Senior Management in Fraudulent Reporting .


                    NEW QUESTION # 308
                    Persuasive evidence of an arrangement does not exist when:

                    Answer: A

                    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 # 309
                    Which of the following options is a red flag of register disbursement schemes?

                    Answer: B

                    Explanation:
                    The correct answer is B. Register disbursement schemes usually involve false refunds or false voids that cause cash to be removed from the register while the records appear to justify the disbursement. An unusually high number of refunds on the register log is a red flag because it might indicate that employees are creating fictitious refund transactions to conceal cash theft. Option A is not suspicious by itself because no gaps in transaction numbers suggests record continuity. Option C is less suspicious because supervisory approval exists, although approvals should still be reviewed. Option D is generally a positive control because supporting documents should exist for voided transactions. The ACFE materials identify refund and void activity as key areas for detecting register disbursement schemes.


                    NEW QUESTION # 310
                    Physical assets including _________ and ________ are the most commonly misappropriated noncash assets in our study.

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Studies by the ACFE consistently show that inventory and equipment are the most commonly misappropriated noncash assets. They are highly liquid, valuable, and often difficult to monitor without strong controls.
                    * Analysis of Incorrect Options:
                    * A. Interest & Collusion - Not physical assets.
                    * C. Inventory & Purchase - Purchase is a process, not a physical asset.
                    * D. Sales & Equipment - Sales are transactions, not assets.
                    * Key Concept: Noncash asset misappropriation - inventory and equipment are the primary targets.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Common Targets of Misappropriation .


                    NEW QUESTION # 311
                    Which of the following actions would balance the accounting equation to conceal the misappropriation of cash?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: When cash is stolen, the accounting equation (Assets = Liabilities + Equity) must still balance. Fraudsters may increase a liability (e.g., record fictitious payables) to cover the missing cash. This is a common concealment method.
                    * Analysis of Incorrect Options:
                    * A. Increasing another asset - Would require inflating assets, but this usually affects financial statement fraud, not cash theft concealment.
                    * B. Increasing owners' equity - Not logical without legitimate earnings or capital contributions.
                    * D. Creating fictitious revenue - Used in financial statement fraud, not in balancing theft concealment.
                    * Key Concept: Concealment methods for asset misappropriation - offsetting missing cash with fictitious liabilities .
                    Reference: ACFE Fraud Examiners Manual (2020) , Financial Statement Fraud: Concealment Methods .


                    NEW QUESTION # 312
                    ......

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