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

Section	Weight	Objectives
Topic 1: Asset Misappropriation – Non-Cash Assets	5–10%	- Concealment techniques - Misuse of assets - Inventory and equipment theft
Topic 2: Asset Misappropriation – Cash Disbursements	10–15%	- Payroll schemes - Billing schemes - Expense reimbursement schemes - Check and payment tampering
Topic 3: Identity Theft	1–5%	- Types and techniques - Prevention and detection
Topic 4: Corruption Schemes	5–10%	- Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest
Topic 5: Industry-Specific Financial Crimes	15–25%	- Cyber-enabled and cryptocurrency fraud - Financial institution fraud - Healthcare fraud - Real estate and securities fraud - Insurance fraud
Topic 6: Accounting Concepts	5–10%	- Internal control fundamentals - Basic accounting principles - Recording and summarizing transactions - Financial statements structure
Topic 7: Asset Misappropriation – Cash Receipts	5–10%	- Prevention and detection methods - Cash skimming schemes - Cash larceny schemes
Topic 8: Financial Statement Fraud	10–15%	- Detection and red flags - Revenue and asset overstatements - Expense and liability understatements - Timing and disclosure manipulations
Topic 9: Theft of Data and Intellectual Property	5–10%	- Data and IP theft methods - Corporate espionage - Safeguarding proprietary information

>> Standard CFE-Fraud-Schemes-and-Financial-Crimes Answers <<

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q143-Q148):

NEW QUESTION # 143
Kara owns a business selling rare goods. Some of the goods Kara sells are of high value, but she reports significantly lower values to the taxing authority for those transactions. Which of the following options BEST describes Kara's scheme?

A. Tax credit scheme
B. Wealth tax evasion scheme
C. Falsified tax deduction scheme
D. Consumption tax scheme

Answer: D

Explanation:
Kara's conduct is best classified as a consumption tax scheme because she is underreporting the taxable value of sales transactions. Consumption taxes include sales tax, value-added tax, and excise taxes collected from the sale of goods or services. The ACFE material explains that fraudsters evade consumption taxes by omitting transactions or deflating transaction values in tax records. Here, Kara does not merely hide wealth or claim false deductions; she misstates the value of goods sold so the tax authority calculates less tax than is owed. Wealth tax evasion concerns assets or net worth, while tax credit and deduction schemes involve improper reductions of tax liability through credits or expenses.

NEW QUESTION # 144
The fraudster's interest lies with an employer other than the company.

A. False
B. True

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: By definition, conflict of interest fraud arises when an employee has a hidden financial or ownership interest in another entity with which the employer does business. The fraudster's loyalty is divided because their interest lies outside of their primary employer.
* Analysis of Incorrect Options:
* B. False - Incorrect because the essence of conflict of interest is precisely that the fraudster's interest lies outside their company.
* Key Concept: Conflict of Interest (divided loyalty).
Reference: ACFE Fraud Examiners Manual (2020) , Conflict of Interest .

NEW QUESTION # 145
Which of the following is a common way that dishonest contractors collude to evade the competitive bidding process?

A. Submitting bids on fake contracts to give the appearance of genuine competition
B. Arranging an agreement with competitors to divide and allocate markets
C. Submitting invoices for work that was not performed on joint projects
D. Using different publications to publish their bid solicitations

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Market division and allocation agreements are a classic bid-rigging scheme in which contractors collude to evade competition by assigning territories, customers, or project types among themselves. This undermines free and open competition.
* Analysis of Incorrect Options:
* B - Fake contracts are not a recognized collusion tactic in competitive bidding.
* C - Publishing solicitations in different outlets does not evade competition.
* D - Submitting false invoices is fraud, but it occurs after contract award , not during the bidding process.
* Key Concept: Bid rigging and collusion in procurement fraud.
Reference: ACFE Manual, Corruption - Procurement and Bid-Rigging Schemes .

NEW QUESTION # 146
All the following are basic methods used to prove corrupt payments in corruption schemes EXCEPT:

A. Making inquiries to the relevant Administration of Taxation
B. Using an inside witness
C. Secretly infiltrating ongoing transactions
D. Identifying and tracing payments through audit steps

Answer: C

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: The Fraud Examiners Manual (2020) highlights document reviews, audit tracing, financial analysis, and inside witnesses as the primary methods of proving corrupt payments. Secret infiltration is not a standard fraud examination technique; it is more aligned with law enforcement undercover operations.
* Analysis of Incorrect Options:
* A. Taxation inquiries - A valid method to confirm payment sources.
* C. Inside witness - Valuable evidence in corruption cases.
* D. Tracing payments - Fundamental audit step in proving illicit payments.
* Key Concept: Proving corrupt payments - standard audit and investigative methods.
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Detection and Proof of Bribery .

NEW QUESTION # 147
Bid-rigging scheme occurs when:

A. An employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
B. An employee once assists a vendor in winning a contract through a single competitive bidding process.
C. An employee once assists a vendor in winning a contract through a single competitive bidding process.
D. An employee does not assist a vendor in winning a contract through the competitive bidding process.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Bid-rigging occurs when an employee or official manipulates the competitive bidding process to ensure a specific vendor wins the contract. This may involve sharing confidential information, suppressing competition, or tailoring bid specifications.
* Analysis of Incorrect Options:
* B. Does not assist - Opposite of fraud; no scheme.
* C/D. Once assists... - Bid-rigging is systemic, not limited to one occurrence.
* Key Concept: Bid-rigging schemes - corruption in procurement processes.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Bid-Rigging Schemes .

NEW QUESTION # 148
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