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

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

                                  ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:

                                  Question #1

                                  Jorge, a Certified Fraud Examiner (CFE), is investigating a tip involving an accountant at a bank who allegedly adjusted the bank's general ledger to conceal the theft of funds from a customer's account. If Jorge finds evidence that proves the allegation, which of the following BEST describes the accountant's scheme?

                                  • A. Unauthorized disbursement of funds
                                  • B. Moving money from inactive accounts
                                  • C. Unauthorized withdrawal
                                  • D. False accounting entry
                                  Reveal Solution  Discussion  0

                                  Correct Answer: D  🗳️

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                                  Question #2

                                  A running count that records how much inventory should be on hand is referred to:

                                  • A. Fictitious inventory
                                  • B. Altered inventory
                                  • C. Perpetual inventory
                                  • D. Shrinking inventory
                                  Reveal Solution  Discussion  0

                                  Correct Answer: C  🗳️

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                                  Question #3

                                  The principle behind full disclosure is:

                                  • A. Any material deviation from GAAP must be explained to the writer of the financial information.
                                  • B. Any material deviation from GAAP must be explained to the reader of the financial information.
                                  • C. Any material deviation from SAS must be explained to the writer of the financial information.
                                  • D. None of above
                                  Reveal Solution  Discussion  0

                                  Correct Answer: B  🗳️

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                                  Question #4

                                  The amount of cash on hand in a register may be compared to the amount showing in the register tape in order to detect _______.

                                  • A. Internal audits
                                  • B. Occupational frauds
                                  • C. Recorded sales
                                  • D. Employee theft
                                  Reveal Solution  Discussion  0

                                  Correct Answer: D  🗳️

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                                  Question #5

                                  Which of the following statements about self-regulatory organizations (SROs) in the securities industry is MOST ACCURATE?

                                  • A. SROs are prohibited from participating in the resolution of disputes related to securities transactions in all jurisdictions.
                                  • B. SROs are governmental entities that exercise regulatory authority over the securities industry in their jurisdictions.
                                  • C. SROs monitor compliance with industry rules by examining member firms' trading operations in some jurisdictions.
                                  • D. SROs conduct investigations into securities-related fraud allegations within private companies in most jurisdictions.
                                  Reveal Solution  Discussion  0

                                  Correct Answer: C  🗳️

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