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Exam Overview
Exam Code CFE-Investigation
Exam Name Certified Fraud Examiner – Investigation
Vendor ACFE
Total Questions 181
Last Updated 26-Oct, 2026
Free CFE-Investigation Questions Get Premium Access
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Free CFE-Investigation Practice Questions

Explore 4 free practice questions for the ACFE CFE-Investigation exam and review the answers and explanations to support your preparation.

  1. Question 1

    Single answer

    Marcus is trying to locale me financial statements of Acme Airlines a multinational publicly traded corporation. Which of the following sources would be most effective tor finding this Information?

    • Option A:
      Regulatory securities records
      Correct
    • Option B:
      Organizational filings
      Correct
    • Option C:
      Commercial filings
      Correct
    • Option D:
      Civil litigation records 
      Correct
    Show Answer & Explanation Hide Answer & Explanation

    Correct Answer: C

    Explanation

    The correct answer is:
    ✅ A. Regulatory securities records (not C)
    Explanation
    Marcus wants to find the financial statements of a multinational publicly traded company.
    Publicly traded companies are legally required to file their financial statements with government securities regulators, making regulatory securities records the most reliable and complete source.
    Examples include:
    In the United States: filings with the U.S. Securities and Exchange Commission (SEC) through EDGAR (10-K, 10-Q, 8-K).
    In other countries: equivalent national securities regulators.
    Option Analysis
    A. Regulatory securities records ✅ Correct
    Contains audited annual reports and quarterly financial statements.
    Mandatory filings for publicly traded companies.
    Most authoritative source.
    B. Organizational filings ❌
    This is too broad and may refer to internal corporate documents or registration records.
    Not the primary place to obtain public financial statements.
    C. Commercial filings ❌
    Commercial databases (e.g., Bloomberg, Dun & Bradstreet) may collect and redistribute financial information, but they are not the original or official source.
    The term "commercial filings" itself is not a standard category for statutory financial statements.
    D. Civil litigation records ❌
    These contain court case information, lawsuits, and legal disputes.
    They do not serve as the primary source of a company's financial statements.
    Why your key says C
    If your study material marks C as correct, it is likely:
    a printing error,
    a poorly worded question, or
    using "commercial filings" in a non-standard way.
    According to standard auditing, fraud examination, and corporate governance references, the best and official source for a public company's financial statements is regulatory securities records.
    Correct answer: ✅ A. Regulatory securities records.

  2. Question 2

    Single answer

    Which of the following can constitute a bribe, even if the illicit payment is never actually made?

    • Option A:
      Offering a payment
      Correct
    • Option B:
      Corruption in payment
      Correct
    • Option C:
      kickback payment
      Correct
    • Option D:
      Overbilling in payment
      Correct
    Show Answer & Explanation Hide Answer & Explanation

    Correct Answer: A

    Explanation

    Yes, A. Offering a payment is the correct answer.
    Explanation
    A bribe does not have to be paid to constitute bribery. In many anti-corruption laws, the offer, promise, or authorization of a bribe is itself an offense, even if:
    The payment is never made.
    The recipient rejects the offer.
    No benefit is ultimately received.
    Therefore, merely offering a bribe can constitute bribery.
    Option Analysis
    A. Offering a payment ✅ Correct
    An offer or promise of something of value to improperly influence another person can itself constitute bribery.
    The actual transfer of money is not required.
    B. Corruption in payment ❌
    This is not a standard legal or fraud examination term.
    It is too vague to identify a specific bribery act.
    C. Kickback payment ❌
    A kickback is a type of bribe, but it generally involves an actual payment or return of money after a transaction.
    The question asks what can constitute a bribe even if the payment is never made, so this is not the best answer.
    D. Overbilling in payment ❌
    Overbilling is a billing or procurement fraud, not necessarily bribery.
    It may be used to conceal illicit payments, but overbilling itself is not automatically a bribe.
    Exam Tip (ACFE/CFE)
    Remember this principle:
    A bribe may consist of offering, promising, giving, requesting, or accepting something of value to improperly influence a decision. The crime can be complete even if the payment is never actually made.
    ✅ Correct Answer: A. Offering a payment

  3. Question 3

    Single answer

    Which of the following are the classifications for the Corruption?

    • Option A:
      Bribery, economic extortion, illegal gratuities and conflicts of interest
      Correct
    • Option B:
      Corruption, bribery, economic extortion, conflicts of interest
      Correct
    • Option C:
      Overbilling, bribery, bid-ridding and illegal gratuities
      Correct
    • Option D:
      economic extortion, bribery, illegal gratuities and corruption 
      Correct
    Show Answer & Explanation Hide Answer & Explanation

    Correct Answer: A

    Explanation

    According to the ACFE (Association of Certified Fraud Examiners), corruption is classified into four major categories:
    Bribery
    Economic extortion
    Illegal gratuities
    Conflicts of interest
    Option Analysis
    A. Bribery, economic extortion, illegal gratuities and conflicts of interest ✅ Correct
    These are the four recognized classifications of corruption under the ACFE Fraud Tree.
    B. Corruption, bribery, economic extortion, conflicts of interest ❌
    Corruption is the main category, not one of its own classifications.
    C. Overbilling, bribery, bid-rigging and illegal gratuities ❌
    Overbilling and bid-rigging are procurement or billing fraud schemes, not the four classifications of corruption.
    D. Economic extortion, bribery, illegal gratuities and corruption ❌
    Again, corruption is the umbrella category, not a classification within itself.
    📚 Exam Tip (ACFE)
    Remember the four corruption classifications with the mnemonic BEIC:
    B – Bribery
    E – Economic Extortion
    I – Illegal Gratuities
    C – Conflicts of Interest
    ✅ Correct Answer: A. Bribery, economic extortion, illegal gratuities and conflicts of interest.

  4. Question 4

    Single answer

    Which at the following is the most accurate statement about fraud response plans?

    • Option A:
       fraud response plan should specify how every fraud examination should be conducted regardless of the type of fraud
      Correct
    • Option B:
      A fraud response plan should be complex and extremely detailed to most effectively protect against fraud
      Correct
    • Option C:
      A fraud response plan should create an environment to maximize risk and minimize the potential for success
      Correct
    • Option D:
      A fraud response plan outlines the actions an organization will take when suspicions of fraud have arisen 
      Correct
    Show Answer & Explanation Hide Answer & Explanation

    Correct Answer: D

    Explanation

    A fraud response plan is a documented procedure that tells an organization how to respond when fraud is suspected or detected. It helps ensure that investigations are handled consistently, legally, and efficiently while protecting evidence and minimizing organizational risk.
    Option Analysis
    A. A fraud response plan should specify how every fraud examination should be conducted regardless of the type of fraud. ❌
    Incorrect because different fraud cases require different investigative approaches.
    A response plan provides a framework, not one fixed procedure for every investigation.
    B. A fraud response plan should be complex and extremely detailed to most effectively protect against fraud. ❌
    Incorrect because an effective plan should be clear, practical, and easy to follow.
    Excessive complexity can make it difficult to implement during an actual fraud incident.
    C. A fraud response plan should create an environment to maximize risk and minimize the potential for success. ❌
    Incorrect because the goal is exactly the opposite:
    Minimize risk
    Maximize the likelihood of a successful response and investigation
    D. A fraud response plan outlines the actions an organization will take when suspicions of fraud have arisen. ✅ Correct
    It identifies:
    Who should be notified.
    How evidence should be preserved.
    Who conducts the investigation.
    Reporting and legal procedures.
    Communication protocols.
    Exam Tip (ACFE)
    Think of a fraud response plan as an organization's "emergency action plan" for fraud—it explains what to do, who does it, and how to respond once fraud is suspected.
    ✅ Correct Answer: D. A fraud response plan outlines the actions an organization will take when suspicions of fraud have arisen.