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

SectionObjectives
Topic 1: Fraud Schemes- Financial Statement Fraud
  • 1. Revenue recognition manipulation
    • 2. Asset overstatement and liability concealment
      - Asset Misappropriation Schemes
      • 1. Billing and expense reimbursement fraud
        • 2. Skimming and cash larceny
          Topic 2: 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
                Topic 3: Fraud Investigation and Analysis- Evidence collection and documentation
                • 1. Chain of custody principles
                  - Data analysis in fraud detection
                  • 1. Trend and anomaly identification

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                    ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q310-Q315):

                    NEW QUESTION # 310
                    Which of the following would be MOST INDICATIVE of loan fraud in a draw request submitted by a construction developer?

                    Answer: B

                    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 # 311
                    Collusion or bid-rigging between bidders is called

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: One form of bid-rigging occurs when colluding vendors agree that one will submit a low bid and later withdraw it , allowing another conspirator to win the contract. This practice is sometimes referred to as " complementary bidding " or the withdrawal of low bids .
                    * Analysis of Incorrect Options:
                    * A. Bribery receipt - Refers to corrupt payments, not collusion.
                    * B. Bid solicitation - The process of inviting bids, not collusion.
                    * D. Contract acceptance - A legitimate procurement step, not fraud.
                    * Key Concept: Bid-rigging through collusion - vendors withdrawing low bids to favor co- conspirators.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging Schemes .


                    NEW QUESTION # 312
                    Which of the following is TRUE regarding ghost employee schemes?

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: A ghost employee scheme occurs when someone (real or fictitious) is added to payroll, and paychecks are diverted to the fraudster. The key requirement is that the "ghost" is listed on payroll records.
                    * Analysis of Incorrect Options:
                    * A - The ghost may be fictitious or a real former employee.
                    * B - Employment classification is irrelevant.
                    * C - A ghost could be a current, terminated, or entirely fictitious employee.
                    * Key Concept: Payroll fraud - ghost employee schemes.
                    Reference: ACFE Manual, Asset Misappropriation - Payroll Schemes .


                    NEW QUESTION # 313
                    When an employee processes a fictitious refund of goods for cash, which of the following consequences occurs?

                    Answer: C

                    Explanation:
                    The correct answer is C. In a fictitious refund scheme, an employee records a refund transaction even though no customer actually returned merchandise. The employee then removes cash from the register as if it had been paid to a customer. Because the register records a refund, the register log shows that cash should have decreased. When the employee steals the same amount of cash, the cash on hand can still match the register log, making the theft harder to detect through a simple register reconciliation. Option A is incorrect because fictitious refunds can cause inventory records to show returned goods that do not exist, which tends to overstate rather than understate inventory. Options B and D are incorrect because cash is removed and no real merchandise is returned.


                    NEW QUESTION # 314
                    Troy collects rare books and learns of a dealer who is selling a book he has been searching for. Which of the following detection measures would be MOST EFFECTIVE in helping Troy avoid a potential collectibles fraud scheme?

                    Answer: C

                    Explanation:
                    The correct answer is C. Collectibles fraud often involves misrepresenting authenticity, rarity, condition, provenance, or value of items such as rare books, art, coins, stamps, or memorabilia. A professional appraisal before purchase is the strongest option because it provides independent evaluation of authenticity and value.
                    A dealer's social media presence does not prove legitimacy. A list of prior sales might be fabricated or unverifiable. A dealer's description of condition is useful but still comes from the seller and might be biased or false. The ACFE consumer fraud materials identify art and rare-item schemes as consumer fraud risks, and independent verification is an important safeguard before paying for expensive collectibles.


                    NEW QUESTION # 315
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