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

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

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q37-Q42):

NEW QUESTION # 37
Baker, an employee of ABC Corporation, was the only employee who had control of the purchasing function for his department. Baker authorized the purchase of supplies that ABC did not need and used these supplies to make improvements to his house. This is an example of what kind of fraud?

A. Pass-through scheme
B. Personal purchases with company funds
C. Pay and return scheme
D. Theft of inventory

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is personal purchases with company funds , where an employee uses company resources to acquire goods or services for personal benefit. Baker used ABC's funds to buy supplies for home improvements.
* Analysis of Incorrect Options:
* A. Pay and return scheme - Involves overpaying a vendor and pocketing the refund.
* C. Pass-through scheme - Involves using a controlled company to bill the employer at inflated prices.
* D. Theft of inventory - Involves stealing company stock, not purchasing items for personal use.
* Key Concept: Fraudulent disbursement - billing fraud through unauthorized personal purchases.
Reference: ACFE Manual, Fraudulent Disbursements - Personal Purchases Schemes .

NEW QUESTION # 38
_________ revenues involve the recording of sales of goods or services that did not occur.

A. Financial revenues
B. Red flag revenues
C. Concealed revenues
D. Fictitious or fabricated revenues

Answer: D

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Fictitious or fabricated revenues are one of the most common forms of financial statement fraud. They involve recording revenues for transactions that never occurred, thereby inflating income and misleading stakeholders.
* Analysis of Incorrect Options:
* B. Financial revenues - Not a fraud scheme.
* C. Red flag revenues - "Red flags" are indicators of fraud, not a type of revenue.
* D. Concealed revenues - Refers to hiding income, not creating fictitious sales.
* Key Concept: Fictitious revenues as a core financial statement fraud scheme.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Financial Statement Fraud - Fictitious Revenue Schemes .

NEW QUESTION # 39
Forced reconciliation of the account says:

A. To conceal shrinkage is to alter inventory record so that it matches the physical inventory count.
B. To conceal write-offs is to change the perpetual inventory record so that it matches the physical inventory count.
C. To conceal shrinkage is to change the perpetual inventory record so that it matches the physical inventory count.
D. To conceal inventory is to alter shrinkage record so that it matches the physical inventory count.

Answer: C

NEW QUESTION # 40
Which of the following statements is MOST ACCURATE regarding the methods used for making corrupt payments in corruption schemes?

A. Payers often make corrupt payments by providing loans to recipients on favorable terms.
B. Payers' promises of favorable treatment are not considered corrupt payments under bribery laws.
C. Payers often make corrupt payments by selling property to recipients at prices that are higher than the property's market value.
D. Payers cannot use their credit cards to make corrupt payments because of anti-money laundering rules.

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Corrupt payments are not always made directly in cash. According to the Fraud Examiners Manual (2020) , one common method is disguising them as loans on favorable terms , which provide value to the recipient while appearing legitimate. This is recognized as a form of bribery or illegal gratuity.
* Analysis of Incorrect Options:
* B. Credit cards - Corrupt payments can be made via many channels, including credit, so this is incorrect.
* C. Selling property above market value - Payments are typically disguised by undervaluing sales to recipients, not overvaluing.
* D. Promises of favorable treatment - Promises alone can constitute bribery; this statement is false.
* Key Concept: Methods of making corrupt payments .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Bribery and Illegal Gratuities .

NEW QUESTION # 41
Which of the following is NOT a method for stealing inventory and other assets?

A. Asset requisition and transfer
B. Sales & Equipment handling
C. Larceny schemes
D. Purchasing and receiving schemes

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Recognized schemes for stealing inventory include:
* Larceny schemes (direct theft)
* Asset requisition and transfer schemes (false requisitions to divert assets)
* Purchasing and receiving schemes (over-ordering or falsifying deliveries).
" Sales & Equipment handling " is not a defined fraud scheme, making D correct.
* Analysis of Incorrect Options:
* A. Larceny schemes - Valid theft method.
* B. Asset requisition and transfer - Document manipulation method.
* C. Purchasing and receiving schemes - Valid misappropriation scheme.
* Key Concept: Inventory theft schemes under the Fraud Tree.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Inventory and Other Assets - Theft Schemes .

NEW QUESTION # 42
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