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ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam Syllabus Topics:
| Topic | Details |
|---|
| Topic 1 | - Fraud Prevention and Deterrence: This section measures Auditors’ understanding of criminal behavior theories, white-collar crime dynamics, corporate governance, management’s fraud-related responsibilities, fraud risk assessments, ethics, and anti-fraud programs. Topics include internal controls, COSO frameworks, fraud risk management, ethical standards for examiners, and strategies to foster an organizational anti-fraud culture.
|
| Topic 2 | - Law: This section evaluates the knowledge of Auditors regarding legal systems, fraud-related laws, bankruptcy fraud, securities fraud, money laundering, tax fraud, individual rights during investigations, criminal and civil proceedings, evidence principles, and expert testimony. Key areas include legal frameworks, prosecution processes, anti-money laundering regulations, and compliance with data privacy laws like GDPR.
|
| Topic 3 | - Financial Transactions and Fraud Schemes: This section measures the skills of Fraud Examiners and covers foundational accounting concepts, financial statement fraud schemes, asset misappropriation (cash receipts, disbursements, inventory), corruption, data theft, identity theft, and sector-specific fraud (financial institutions, payment, insurance, healthcare, consumer, cyber, contract
- procurement). Topics include accounting frameworks, fraud detection methods, and prevention strategies across various transactional contexts.
|
| Topic 4 | - Investigation: This section assesses Fraud Examiners on planning and conducting fraud examinations, evidence collection, interview techniques (including suspect interrogations), covert operations, information sourcing, data analysis, digital forensics, asset tracing, and report writing. Emphasis is placed on legal compliance, behavioral analysis, and leveraging technology for evidence gathering and analysis.
|
ACFE Certified Fraud Examiner - Financial Transactions and Fraud Schemes Sample Questions:
Statistical sampling enables the examiner to predict the occurrence rate for the population and therefore determine with some accuracy the error rate, or the potential for fraud.
Reveal Solution
Discussion
Correct Answer: A 🗳️
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Which of the following must be present for a fraud to exist?
- A. Reliance on the false statement by the victim
- B. All of the above
- C. Knowledge that the statement was false when it was uttered
- D. A material false statement
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Discussion
Correct Answer: B 🗳️
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The most common method of detection in corruption cases is:
- A. By accident
- B. Internal controls
- C. Internal audits
- D. Tips
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Discussion
Correct Answer: D 🗳️
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Which of the following is a condition that facilitates insider cyberfraud?
- A. Access logs are not reviewed by management.
- B. Access privileges are restricted to assigned job functions.
- C. Production programs are run during the business day.
- D. Separation of duties exists in the data center.
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Discussion
Correct Answer: A 🗳️
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Mario performs surgery on a patient to replace a bone. The surgery should be billed using one code, but Mario bills the surgery using three codes (one for the entire surgery, one for the removal of the bone, and another for the insertion of the artificial bone), which increases the cost. Which of the following BEST describes Mario's scheme?
- A. False diagnosis
- B. Upcoding
- C. Fictitious services
- D. Unbundling
Reveal Solution
Discussion
Correct Answer: D 🗳️
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