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

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

Section

Objectives

Fraud Schemes

- Fraudulent Disbursements

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

- Asset Misappropriation Schemes

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

Financial Crimes

- Corruption Schemes

1. Bribery
2. Conflicts of interest
3. Kickbacks

- Money Laundering

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

- Financial Statement Fraud

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

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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions (Q101-Q106):

NEW QUESTION # 101
Which of the following options BEST describes horizontal analysis?

A. A means of measuring the relationship between two different financial statement amounts
B. A means of examining the relationship of items on a financial statement by expressing components as percentages of a specified base value
C. A means of measuring the performance of a parent company to one of its subsidiaries
D. A means of examining the percentage change in individual line items on a financial statement from one accounting period to the next

Answer: D

Explanation:
The correct answer is B. Horizontal analysis compares financial statement amounts across accounting periods and focuses on changes over time. Fraud examiners use it to identify unusual increases, decreases, or trends in individual line items, such as revenue, expenses, inventory, accounts receivable, or liabilities. Option C describes ratio analysis, which measures relationships between different financial statement amounts. Option D describes vertical analysis, which expresses financial statement items as percentages of a base amount, such as total assets or net sales. Option A is unrelated. In financial statement fraud detection, horizontal analysis helps reveal abnormal trends that might indicate improper revenue recognition, concealed liabilities, manipulated expenses, or other misstatements requiring further investigation.

NEW QUESTION # 102
Which of the following statements about competitive intelligence is CORRECT?

A. Competitive intelligence and corporate espionage describe identical practices.
B. Competitive intelligence is considered a legitimate business function.
C. Competitive intelligence refers to government-sanctioned activities conducted to collect protected information from a foreign government.
D. Competitive intelligence involves the use of illegal, covert means to acquire information for commercial purposes.

Answer: B

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Competitive intelligence refers to the legal and ethical gathering of publicly available information about competitors. It is a legitimate business practice and differs from corporate espionage , which involves illegal or covert methods.
* Analysis of Incorrect Options:
* B. Government-sanctioned espionage - This describes intelligence operations, not business practice.
* C. Identical to espionage - False; competitive intelligence is legal, espionage is illegal.
* D. Illegal covert methods - That is espionage, not competitive intelligence.
* Key Concept: Competitive intelligence vs. corporate espionage .
Reference: ACFE Fraud Examiners Manual (2020) , Corruption: Corporate Espionage and Competitive Intelligence .

NEW QUESTION # 103
Which of the following statements is TRUE regarding an analytical review of financial statements in relation to inventory theft?

A. If the change in cost of goods sold is significantly higher than the change in sales, it might indicate inventory theft.
B. If sales and cost of goods sold both remain unchanged, it might indicate that inventory theft has occurred.
C. Any significant percentage change in the cost of goods sold indicates inventory theft, regardless of the change in sales.
D. It is not likely that an analytical review of financial statements would help uncover instances of inventory theft.

Answer: A

Explanation:
Option D is correct because analytical review can reveal inventory theft when cost of goods sold changes disproportionately compared with sales. If inventory is stolen, the organization may experience higher inventory shrinkage or cost of goods sold without a corresponding increase in sales revenue. The ACFE material identifies analytical review, physical inventory counts, perpetual inventory records, and shipping- document review as methods for detecting inventory schemes. Option A is incorrect because analytical review can help identify unusual relationships or trends. Option B is weak because unchanged sales and unchanged cost of goods sold do not indicate a loss pattern. Option C is too absolute; changes in cost of goods sold must be evaluated in relation to sales, business conditions, and other explanations.

NEW QUESTION # 104
By removing a tangible asset from the business (a debit), the books will be ___________ by the exact amount of the tangible asset misappropriated.

A. Out-of-balance
B. False debits
C. None of all
D. Journal Entries

Answer: A

Explanation:
Detailed Explanation:
* Rationale for Correct Answer: When a tangible asset is stolen (removed from the books), a debit entry would be missing its corresponding credit, leaving the books out-of-balance . Fraudsters often conceal this imbalance by falsifying entries (e.g., creating fictitious expenses or adjusting asset accounts).
* Analysis of Incorrect Options:
* A. Journal Entries - Too general; not the condition of the books.
* C. False debits - A concealment method, but not the direct result.
* D. None of all - Incorrect because "out-of-balance" is accurate.
* Key Concept: Concealment of asset theft and impact on accounting records.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Asset Misappropriation - Concealment of Theft .

NEW QUESTION # 105
Which of the following measures would be MOST EFFECTIVE in helping a financial institution prevent new account fraud?

A. Question when customers use small cash deposits to open an account with the financial institution.
B. Send a communication to all of the customer's previous residences to verify that they lived at those locations.
C. Require that the customer's employer submit a letter of recommendation to the financial institution.
D. Contact third-party credit reporting agencies and customer identification services to verify the customer' s identity.

Answer: D

Explanation:
The correct answer is C. New account fraud often involves opening accounts with false, stolen, or synthetic identities. The most effective preventive measure listed is to verify the customer's identity through reliable third-party credit reporting agencies and customer identification services. These sources can help confirm identity details, detect inconsistencies, identify suspicious histories, and reduce reliance on documents that might be forged. Employer recommendation letters are not standard or reliable identity controls. Small cash deposits are not automatically suspicious and might be normal for many customers. Sending communications to all previous residences is inefficient and unlikely to be the strongest verification method. The ACFE financial institution fraud materials identify new account fraud schemes and emphasize customer identification controls as a prevention method.

NEW QUESTION # 106
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