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

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

Section

Objectives

Fraud Schemes

- Asset Misappropriation Schemes

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

- Fraudulent Disbursements

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

Financial Crimes

- Money Laundering

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

- Financial Statement Fraud

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

- Corruption Schemes

1. Bribery
2. Conflicts of interest
3. Kickbacks

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q252-Q257):

NEW QUESTION # 252
Which of the following is NOT a distinguishing characteristic of a Ponzi scheme?

A. Promoters of Ponzi schemes engage in minimal amounts of valid commerce or investments.
B. Participants believe that they are making a legitimate investment.
C. Promoters of Ponzi schemes promise investors uncommonly high returns.
D. Participants are paid based on the number of new investors that they recruit.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Ponzi schemes differ from pyramid schemes. In Ponzi schemes, investors are paid returns from funds contributed by later investors, not based on recruiting new investors. Recruiting-based payouts are a characteristic of pyramid schemes , not Ponzi schemes.
* Analysis of Incorrect Options:
* A. Legitimate investment belief - True; victims believe the investment is genuine.
* B. High returns promised - Classic Ponzi hallmark.
* D. Minimal valid commerce - Ponzi promoters often fake or exaggerate legitimate investments.
* Key Concept: Difference between Ponzi schemes and pyramid schemes .
Reference: ACFE Fraud Examiners Manual (2020) , Financial Transactions: Ponzi Schemes .

NEW QUESTION # 253
Which of the following would be MOST INDICATIVE of loan fraud in a draw request submitted by a construction developer?

A. The developer's personal account statements have been omitted.
B. Change orders have been included.
C. Lien releases from subcontractors are not included with the request.
D. There are several inspection reports.

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: A draw request is used by construction developers to obtain loan funds for work completed. If lien releases are missing, it suggests subcontractors may not have been paid, and the developer might be misrepresenting completed work-an indicator of loan fraud.
* Analysis of Incorrect Options:
* A - Omission of personal account statements isn't unusual for a draw request.
* B - Change orders are common in construction projects.
* D - Multiple inspection reports support validity, not fraud.
* Key Concept: Loan fraud detection through supporting documentation review.
Reference: ACFE Manual, Financial Transactions - Loan Fraud .

NEW QUESTION # 254
A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:

A. Bid log
B. Bid pooling
C. Bid opening
D. Fictitious bidding

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bid pooling occurs when vendors collude to divide contracts among themselves. They agree in advance who will submit the lowest bid for certain contracts, ensuring each participant gets a share of the business.
* Analysis of Incorrect Options:
* A. Bid opening - The formal process of opening bids, not fraud.
* B. Fictitious bidding - Not a standard fraud term.
* D. Bid log - A record of submitted bids, not a scheme.
* Key Concept: Bid pooling - collusion among vendors in bid-rigging schemes.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging and Vendor Collusion .

NEW QUESTION # 255
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:

A. Overbilling
B. Conflict of interest
C. Bribery
D. Corruption

Answer: D

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 # 256
Which of the following is an example of a corruption scheme?

A. A warehouse manager receives twenty laptops in a shipment but excludes five of the laptops from the records so that they can be sold to third parties.
B. A public company omits recurring costs from its financial statements to make the company appear more profitable than it is.
C. Two coworkers steal confidential information from their employer and use the stolen data to start a competing business.
D. A vendor offers the use of a beach house to a government procurement agent for free after the agent awards a contract to the vendor.

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 # 257
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