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

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

Section

Objectives

Topic 1: Fraud Schemes

- Fraudulent Disbursements

1. Billing schemes
2. Check tampering
3. Billing shell companies

- Asset Misappropriation Schemes

1. Expense reimbursement fraud
2. Payroll fraud
3. Inventory and asset theft
4. Cash theft and skimming

Topic 2: Financial Crimes

- Money Laundering

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

- Financial Statement Fraud

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

- Corruption Schemes

1. Kickbacks
2. Bribery
3. Conflicts of interest

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q268-Q273):

NEW QUESTION # 268
Which of the following options BEST describes horizontal analysis?

A. A means of measuring the performance of a parent company to one of its subsidiaries
B. A means of examining the percentage change in individual line items on a financial statement from one accounting period to the next
C. A means of measuring the relationship between two different financial statement amounts
D. A means of examining the relationship of items on a financial statement by expressing components as percentages of a specified base value

Answer: B

Explanation:
The correct answer is B. Horizontal analysis compares financial statement amounts across accounting periods and focuses on changes over time. Fraud examiners use it to identify unusual increases, decreases, or trends in individual line items, such as revenue, expenses, inventory, accounts receivable, or liabilities. Option C describes ratio analysis, which measures relationships between different financial statement amounts. Option D describes vertical analysis, which expresses financial statement items as percentages of a base amount, such as total assets or net sales. Option A is unrelated. In financial statement fraud detection, horizontal analysis helps reveal abnormal trends that might indicate improper revenue recognition, concealed liabilities, manipulated expenses, or other misstatements requiring further investigation.

NEW QUESTION # 269
Which of the following is NOT a justifiable reason to depart from generally accepted accounting principles (GAAP)?

A. To avoid overstating assets and/or income
B. To better reflect the substance of a transaction
C. Following GAAP would produce misleading results on financial statements
D. Reporting a transaction that is compliant with GAAP would be more expensive

Answer: D

Explanation:
The ACFE Fraud Examiners Manual includes a specific subsection titled "Departures from Generally Accepted Accounting Principles" within Accounting Concepts .
Under the Manual's discussion of GAAP, the focus is on proper financial reporting so that transactions are recorded in their appropriate classifications and reported fairly in the financial statements. The Manual explains that GAAP are the standardized financial reporting practices used to ensure accurate and reliable reporting.
Based on this framework, a departure from GAAP can be justified only in limited circumstances, such as when strict compliance would make the financial statements misleading or when a different treatment is necessary to better reflect the substance of the transaction rather than only its form. Likewise, avoiding the overstatement of assets or income is consistent with fair presentation and conservative reporting principles.
These are accounting-based justifications tied to faithful financial reporting.
By contrast, cost is not a valid reason to depart from GAAP. The fact that reporting a transaction in a GAAP- compliant manner would be more expensive does not justify noncompliance. Financial statements must be prepared in accordance with the applicable standards, not according to whichever treatment is cheaper or easier for management. Therefore, this option is the one that is NOT justifiable.
Why the other options are not the correct choice
A). To avoid overstating assets and/or income
This is consistent with fair presentation. The Manual's discussion of GAAP is aimed at proper classification and reporting of transactions so that financial statements are not distorted.
C). To better reflect the substance of a transaction
This is a recognized accounting rationale. Financial reporting should reflect the economic reality of a transaction, not merely its legal form. This is consistent with the Manual's discussion of proper reporting under GAAP.
D). Following GAAP would produce misleading results on financial statements This is one of the classic reasons a departure can be justified, because the objective of financial reporting is fair presentation rather than mechanical compliance that misleads users.
References
* ACFE Fraud Examiners Manual, 2020 International Edition
* Accounting Concepts - Generally Accepted Accounting Principles
* Accounting Concepts - Departures from Generally Accepted Accounting Principles (1.122)

NEW QUESTION # 270
Which of the following scenarios MOST ACCURATELY represents a suitability violation in a jurisdiction that imposes a suitability requirement on broker-dealers?

A. A broker-dealer refuses to make an investment on a client's behalf because they are unfamiliar with the client's financial profile.
B. A broker-dealer advises a client on a promising investment without first discussing the customer's investment strategy.
C. A broker-dealer suggests an investment strategy that aligns with their client's objectives and risk appetite but involves volatile funds.
D. A broker-dealer recommends an investment to a client that aligns with their objectives, but it allows the broker-dealer to generate a high commission.

Answer: B

Explanation:
The correct answer is C. A suitability violation occurs when a broker-dealer recommends an investment or investment strategy without having a reasonable basis to believe it is suitable for the client. Suitability requires the broker-dealer to understand the customer's financial profile, investment objectives, risk tolerance, liquidity needs, time horizon, and related circumstances before giving advice. Advising a client on a
"promising" investment without first discussing the customer's investment strategy fails this professional duty. Option A is not necessarily improper if the investment aligns with the client's objectives and risk appetite. Option B reflects appropriate caution. Option D might raise a conflict-of-interest concern, but the facts state the investment aligns with the client's objectives, so it is not the best suitability violation.

NEW QUESTION # 271
Financial statement fraud is committed by:

A. Mid and lower-level employees
B. All of the above
C. Senior Management
D. Organized criminals

Answer: C

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 # 272
Which of the following is a red flag of a Ponzi scheme?

A. The financial manager manages, administers, and retains custody of investment funds.
B. The investment strategy is very easy to understand.
C. A firm has a history of returns on investments that fluctuate based on market conditions.
D. There is pressure to take payouts rather than reinvest profits.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A major red flag of a Ponzi scheme is when the promoter has custody and control over investor funds with little to no independent oversight. This centralization allows them to use new investor money to pay old investors while concealing losses.
* Analysis of Incorrect Options:
* A - Ponzi operators usually pressure investors to reinvest, not take payouts, to keep funds circulating.
* C - Schemes often involve overly complex or secretive strategies, not simple ones.
* D - Realistic fluctuations based on markets suggest legitimate investing, not a Ponzi scheme (which typically reports steady, unrealistic returns).
* Key Concept: Ponzi schemes rely on lack of oversight, unrealistic returns, and control of funds by promoters.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Ponzi Schemes .

NEW QUESTION # 273
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