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

Section	Objectives
Topic 1: Fraud Schemes	- Asset Misappropriation Schemes 1. Skimming and cash larceny 2. Billing and expense reimbursement fraud - Financial Statement Fraud 1. Revenue recognition manipulation 2. Asset overstatement and liability concealment
Topic 2: Fraud Investigation and Analysis	- Data analysis in fraud detection 1. Trend and anomaly identification - Evidence collection and documentation 1. Chain of custody principles
Topic 3: Financial Crimes	- Banking and Payment Fraud 1. Check and credit card fraud 2. Wire fraud and electronic transfers - Money Laundering 1. Placement, layering, integration stages

Section

Objectives

Topic 1: Fraud Schemes

- Asset Misappropriation Schemes

1. Skimming and cash larceny
2. Billing and expense reimbursement fraud

- Financial Statement Fraud

1. Revenue recognition manipulation
2. Asset overstatement and liability concealment

Topic 2: Fraud Investigation and Analysis

- Data analysis in fraud detection

1. Trend and anomaly identification

- Evidence collection and documentation

1. Chain of custody principles

Topic 3: Financial Crimes

- Banking and Payment Fraud

1. Check and credit card fraud
2. Wire fraud and electronic transfers

- Money Laundering

1. Placement, layering, integration stages

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q146-Q151):

NEW QUESTION # 146
Which of the following is NOT the reason why senior management will overstate business statements?

A. Comply with debt covenants
B. Show a pattern of growth to support sale of a business
C. Trigger performance-related compensation
D. Meet personal performance criteria

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Management may overstate financial statements to (B) meet performance criteria, (C) trigger bonuses/compensation, or (D) show growth to enhance valuation for sale. However, when seeking to comply with debt covenants , management typically understates liabilities or expenses - not overstates performance. Thus, A is not aligned with overstatement motives.
* Analysis of Incorrect Options:
* B, C, D - All are recognized motives for overstating business performance.
* A. Comply with debt covenants - More linked to manipulation of liabilities (often understatement), not overstatement of revenue.
* Key Concept: Motives for overstatement in financial statement fraud.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Overstatement Motives .

NEW QUESTION # 147
Which of the following scenarios is an example of an economic extortion scheme?

A. A vendor rewards a purchasing employee with a free trip after the employee directs business to the vendor.
B. An employee receives a payment for directing excess business to a vendor.
C. A purchasing employee and vendor agree to bill the company for services that were not provided.
D. A government official demands money in exchange for awarding a contract to a vendor.

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Economic extortion occurs when someone demands payment or benefit under threat of harm (explicit or implicit). A government official demanding money in exchange for awarding a contract is classic extortion.
* Analysis of Incorrect Options:
* A - This is a billing scheme (fraudulent disbursement), not extortion.
* C - This is a kickback scheme (corruption).
* D - This is an illegal gratuity scheme (reward after action).
* Key Concept: Types of corruption-extortion vs. bribery vs. gratuities.
Reference: ACFE Manual, Corruption - Economic Extortion .

NEW QUESTION # 148
Which of the following statements regarding financial statement disclosures is TRUE?

A. Events occurring after the close of the reporting period that might significantly affect the financial statements do not need to be disclosed.
B. Changes in accounting principles must be disclosed in the financial statements.
C. Management must disclose potential losses from ongoing litigation even when it is unlikely that the related liability will result in a future obligation.
D. All information relating to the company must be disclosed in the financial statements, regardless of materiality.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Per generally accepted accounting principles, changes in accounting principles must be disclosed in the financial statements to ensure comparability and transparency. The ACFE notes that disclosures are critical to prevent misleading users of financial statements.
* Analysis of Incorrect Options:
* A. Subsequent events - Material subsequent events must be disclosed; this statement is false.
* B. Contingent losses - Only probable and reasonably estimable losses must be disclosed. If unlikely, no disclosure is required.
* C. All information - Only material information requires disclosure.
* Key Concept: Disclosure requirements in financial reporting .
Reference: ACFE Fraud Examiners Manual (2020) , Financial Statement Fraud: Accounting Principles and Disclosures .

NEW QUESTION # 149
Which of the following statements regarding measures for detecting a cash larceny scheme is MOST ACCURATE?

A. The cashier should be responsible for preparing register count sheets and reconciling them with cash register totals.
B. The individual responsible for the cash receipts function should compare cash receipts journal entries with bank statement deposits.
C. Any journal entries that are made to cash accounts should be reviewed, analyzed, and traced to their source documentation.
D. Cash receipts listings should be prepared and confirmed after receipts are submitted to the accounts receivable bookkeeper.

Answer: C

Explanation:
The correct answer is C. Cash larceny involves stealing cash after it has been recorded, so detection often depends on tracing recorded cash activity to source documents and bank deposits. Reviewing, analyzing, and tracing journal entries made to cash accounts helps identify unsupported adjustments, unusual entries, concealment entries, or discrepancies between accounting records and actual cash activity. Option A is weak because the person responsible for cash receipts should not perform independent comparisons; segregation of duties is important. Option B is incorrect because cash receipt listings should be prepared and controlled before they reach accounts receivable personnel. Option D is also improper because cashiers should not independently reconcile their own register activity. Independent review is essential for detecting cash larceny.

NEW QUESTION # 150
Which of the following is a reason why prepaid debit and gift card fraud schemes are appealing to fraudsters?

A. Prepaid cards can be purchased with stolen credit cards and used to quickly convert illicit credit card funds into legitimate cash.
B. Prepaid cards can only be purchased from financial institutions.
C. Prepaid cards are often not accepted by online retailers and can only be used in transactions in which the cards must be physically present.
D. All of the above are reasons why prepaid cards are appealing to fraudsters.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Prepaid debit and gift cards are attractive because they allow fraudsters to convert stolen credit card funds into cash or easily launder illicit funds . They are widely available and accepted both in person and online, making option A correct.
* Analysis of Incorrect Options:
* B. Only from financial institutions - False; cards are sold at retail stores and online.
* C. Not accepted online - False; they are accepted by most online retailers.
* D. All of the above - Incorrect since B and C are false.
* Key Concept: Prepaid card fraud as part of asset misappropriation and identity theft schemes.
Reference: ACFE Fraud Examiners Manual (2020) , Fraudulent Disbursements and Payment Cards .

NEW QUESTION # 151
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