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ACFE CFE-Investigation Exam Questions
- Topic 1: Financial Transactions and Fraud Schemes: This section of the exam measures the understanding of the types of fraudulent financial transactions incurred in accounting records. It also covers fundamental accounting and auditing theories, fraud schemes, internal controls to stop fraud, and other auditing issues.
- Topic 2: Law: In this section of the exam, the focus is on the statutes and common law principles used for prosecuting fraudsters. It also measures the skills of candidates such as the knowledge of criminal and civil law, rules of evidence, rights of the accused and accuser, and expert witness matters.
- Topic 3: Investigations: In this section, the topics covered are basic tools and techniques for collecting data and evidence when conducting a fraud examination. It also covers questions related to interviewing, taking statements, gaining information from public records, tracing illicit transactions, and assessing deception.
- Topic 4: Fraud Prevention and Deterrence: This section examines your understanding of why people commit fraud and the ways to prevent it. It also covers topics such as crime causation, white-collar crime, occupational fraud, fraud reduction, and risk evaluation.
Free ACFE CFE-Investigation Exam Actual Questions
Note: Premium Questions for CFE-Investigation were last updated On May. 25, 2026 (see below)
Scarlett, a Certified Fraud Examiner (CFE). is assigned to the internal audit department of the ABC Company. She is getting ready to conduct an interview with another company employee who might be involved in a fraud. Which of the following is the MOST APPROPRIATE introduction for Scarlett to use with the employee?
''The interviewer generally should indicate his name and company, but he should avoid stating his title. In general, the more informal the interview, the more relaxed the respondent''.
Introducing oneself only by name and company (not title like CFE or auditor) avoids intimidation and builds cooperation.
Tyson, a fraud examiner, is planning an interview with Brianna. the girlfriend of the central suspect in Tyson's investigation. Previous interviews with others have revealed that Brianna tends to be very protective of her boyfriend How should Tyson approach the interview with Brianna?
According to the CFE Prep - Investigations study guide:
''It is recommended that any witnesses who are considered potentially volatile be interviewed without advance notice. Surprise should be employed in any interview that is considered potentially volatile. In many instances, the potentially volatile respondent is unaware that he is going to be questioned, and will therefore be unprepared. If the interview is not conducted by surprise, the interviewer runs the risk of the respondent not showing up, showing up with a witness, or being present with counsel. A target's friends, relatives, and romantic interests often make for a difficult interview. They perceive that the fraud examiner is deliberately targeting someone close to them.''
Interpretation for this scenario:
Brianna is described as very protective of her boyfriend, making her a potentially volatile witness.
Best practice is to avoid giving her advance notice (which might increase hostility, resentment, or allow preparation).
Conducting the interview with little or no notice reduces the risk of interference, ensures she is unprepared, and prevents her from appearing with legal counsel or allies.
Which of the following is a recommended strategy when conducting admission-seeking interviews?
''The interviewer must not express disgust, outrage, or moral condemnation... the basic logic of obtaining confessions can be summed up as maximize sympathy and minimize the perception of moral wrongdoing''.
Sympathy creates an environment conducive to confession, while other options (third-party presence, emphasizing immorality, or pressuring with time) are explicitly discouraged.
Marcus is trying to locate the financial statements of Acme Airlines, a multinational publicly traded corporation. Which of the following sources would be MOST EFFECTIVE for finding this information?
''Securities regulators... require disclosures that typically include: corporate financial statements, identification of officers and directors, identification of significant owners... and a history of the business''10:2014 International Fraud Examiners Manual.pdfL73-L95.
Thus, regulatory securities records are the best source for financial statements.
Which of the following is NOT one of the main limitations of conducting a search for public records using online databases?
Limitations of online public record searches include:
Need to search multiple jurisdictions.
Records are often only abstracts.
Information must be verified for accuracy.There is no mention that online record vendors are ''difficult to find.'' In fact, many such vendors exist.
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