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

SectionObjectives
Fraud Investigation and Analysis- Data analysis in fraud detection
  • 1. Trend and anomaly identification
    - Evidence collection and documentation
    • 1. Chain of custody principles
      Fraud Schemes- Financial Statement Fraud
      • 1. Asset overstatement and liability concealment
        • 2. Revenue recognition manipulation
          - Asset Misappropriation Schemes
          • 1. Skimming and cash larceny
            • 2. Billing and expense reimbursement fraud
              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 (Q78-Q83):

                    NEW QUESTION # 78
                    Horizontal analysis can BEST be described as:

                    Answer: C

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: Horizontal analysis evaluates financial statement items over multiple periods, highlighting percentage changes from one period to another . This helps detect unusual trends or anomalies.
                    * Analysis of Incorrect Options:
                    * A - Describes vertical analysis (common-size statements).
                    * B - Describes ratio analysis .
                    * D - Describes benchmarking/comparative analysis across companies.
                    * Key Concept: Analytical procedures - horizontal vs. vertical and ratio analysis.
                    Reference: ACFE Manual, Accounting Concepts - Analytical Review Techniques .


                    NEW QUESTION # 79
                    Perceived certainty of detection is directly related to employee theft for respondents in all industry sectors, that is, the stronger the perception that theft would be detected, the more the likelihood that the employee would engage in deviant behavior.

                    Answer: B

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: This statement is False . Research in occupational fraud consistently shows that when employees believe there is a strong likelihood of being caught, they are less likely to engage in theft or deviant behavior. Deterrence theory emphasizes that perceived certainty of detection is one of the most effective controls against occupational fraud.
                    * Key Concept: Deterrence through perceived detection .
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraud Theory - Perceived Detection and Deterrence .


                    NEW QUESTION # 80
                    According to best practices regarding large cash transactions with customers as provided by the Financial Action Task Force (FATF) Recommendations, which of the following transactions would require a report to be filed with the appropriate designated government agency?

                    Answer: A

                    Explanation:
                    The correct answer is A because the FATF Recommendations provide that financial institutions and designated nonfinancial businesses and professions should report covered cash transactions that exceed the jurisdiction's designated threshold. Dealers in precious metals and stones, such as businesses selling gold jewelry, are commonly treated as higher-risk entities for anti-money laundering purposes. A domestic cash purchase above the threshold would therefore require reporting. Options B and C are below the designated threshold, so they do not meet the reporting requirement based on amount. Option D involves a food purchase, which is not the type of covered high-risk transaction described in the FATF large cash transaction guidance. The key issue is both the covered business type and the threshold amount.


                    NEW QUESTION # 81
                    When a victim company purchases unnecessary goods or services from a supplier at the direction of the corrupt employee, this results in:

                    Answer: A

                    Explanation:
                    Detailed Explanation:
                    * Rationale for Correct Answer: A need recognition scheme occurs when an employee uses their influence to convince their employer to purchase unnecessary goods or services. This benefits the supplier (often paying kickbacks) but harms the employer.
                    * Analysis of Incorrect Options:
                    * A. Presolicitation scheme - General stage of procurement, not specific.
                    * C. False sole-source scheme - Involves eliminating competition by claiming only one vendor can supply the good/service.
                    * D. Submission scheme - Related to bid-rigging, not need recognition.
                    * Key Concept: Need recognition schemes - corruption through unnecessary purchases.
                    Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Corruption - Need Recognition Schemes .


                    NEW QUESTION # 82
                    Which of the following is an example of a cash larceny scheme ?

                    Answer: B

                    Explanation:
                    The ACFE Manual treats Cash Larceny under Asset Misappropriation: Cash Receipts , and specifically identifies "Theft of Cash from the Register" as a cash larceny scheme.
                    Cash larceny differs from skimming because in a larceny scheme, the cash has already been recorded on the books before it is stolen. By contrast, skimming occurs before the cash is recorded. The Manual separately covers Skimming and includes schemes such as understated sales , showing that skimming involves stealing cash receipts without fully recording the transaction.
                    Why C is correct
                    In Option C, Scott performs a No-Sale transaction, opens the drawer, and removes cash directly from the register. This is the clearest example of theft of cash from the register , which the Manual classifies as cash larceny .
                    Why the other options are incorrect
                    A). Laura pretends to record a sale, steals the cash, and gives the customer the merchandise without recording the sale.
                    This is skimming , not cash larceny, because the sale is never recorded. The Manual treats unrecorded sales thefts under Skimming .
                    B). Olive records a $400 sale on a $500 purchase and steals the extra $100.
                    This is also skimming , specifically an understated sales type of scheme, because the full amount of the sale is not recorded. The difference is diverted before complete recording.
                    D). Michael records a fictitious return and takes $50 from the register.
                    This is not cash larceny. It is a register disbursement scheme , specifically a fictitious refund , which the Manual covers under Fraudulent Disbursements .
                    Conclusion
                    Because Option C involves taking cash directly from the register after access is obtained through a No-Sale transaction, it is the best example of cash larceny under the ACFE Manual.
                    References
                    * ACFE Fraud Examiners Manual, 2020 International Edition
                    * Asset Misappropriation: Cash Receipts - Cash Larceny / Theft of Cash from the Register
                    * Asset Misappropriation: Cash Receipts - Skimming / Understated Sales
                    * Fraudulent Disbursements - Register Disbursement Schemes / Fictitious Refunds


                    NEW QUESTION # 83
                    ......

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