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ACFE CFE-Fraud-Schemes-and-Financial-Crimes Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Theft of Data and Intellectual Property | 5–10% | - Safeguarding proprietary information - Corporate espionage - Data and IP theft methods |
| Asset Misappropriation – Cash Receipts | 5–10% | - Cash skimming schemes - Cash larceny schemes - Prevention and detection methods |
| Corruption Schemes | 5–10% | - Illegal gratuities and extortion - Bribery and kickbacks - Conflicts of interest |
| Asset Misappropriation – Non-Cash Assets | 5–10% | - Misuse of assets - Inventory and equipment theft - Concealment techniques |
| Accounting Concepts | 5–10% | - Basic accounting principles - Recording and summarizing transactions - Financial statements structure - Internal control fundamentals |
| Financial Statement Fraud | 10–15% | - Revenue and asset overstatements - Expense and liability understatements - Timing and disclosure manipulations - Detection and red flags |
| Asset Misappropriation – Cash Disbursements | 10–15% | - Expense reimbursement schemes - Check and payment tampering - Billing schemes - Payroll schemes |
| Identity Theft | 1–5% | - Prevention and detection - Types and techniques |
| Industry-Specific Financial Crimes | 15–25% | - Financial institution fraud - Real estate and securities fraud - Insurance fraud - Healthcare fraud - Cyber-enabled and cryptocurrency fraud |
ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:
1. Which of the following scenarios is an example of an economic extortion scheme?
A) An employee receives a payment for directing excess business to a vendor.
B) A vendor rewards a purchasing employee with a free trip after the employee directs business to the vendor.
C) A purchasing employee and vendor agree to bill the company for services that were not provided.
D) A government official demands money in exchange for awarding a contract to a vendor.
2. Which of the following is an example of a cash larceny scheme?
A) Mark, a cashier, knew the access code for Joe's cash register. He logged in as Joe and processed transactions as usual. He then took $50 from the register at the end of his shift.
B) Sarah returned a $250 mirror to the store. Jenna, the cashier, recorded a $350 return on the cash register and kept the remaining $100.
C) Paul sold insurance policies to individuals but never filed the policies with the insurance company. He then stole the customers' payments, which he was able to do because the insurance company did not know the policies existed.
D) Emily is an accounts receivable clerk. She stole Customer A's monthly payment. When Customer B's payment arrived, she applied it to Customer A's account. When Customer C's payment arrived, she applied it to Customer B's account.
3. How many accounts are affected in fraudulent accounting entries and therefore the same number of categories on the financial statement?
A) None of above
B) More than two
C) At least two
D) One
4. Which of the following statements is TRUE regarding an analytical review of financial statements in relation to inventory theft?
A) It is not likely that an analytical review of financial statements would help uncover instances of inventory theft.
B) Any significant percentage change in the cost of goods sold indicates inventory theft, regardless of the change in sales.
C) If sales and cost of goods sold both remain unchanged, it might indicate that inventory theft has occurred.
D) If the change in cost of goods sold is significantly higher than the change in sales, it might indicate inventory theft.
5. Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
A) False
B) True
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: B |
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