CFS Study Guide 2026
Everything you need to pass the CFS exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 CFS Exam Format at a Glance
📚 CFS Topics to Study (69)
✍️ Sample CFS Questions & Answers
1. The 'integration' phase of money laundering is best characterized by:
Integration is the final stage where laundered funds re-enter the legitimate economy through investments, real estate, or business income, appearing legal.
2. Under the Federal Rules of Civil Procedure Rule 26(a)(2), an expert's written report must include:
FRCP 26(a)(2) requires the report to contain all opinions the expert intends to express, plus the basis, reasoning, data considered, and exhibits.
3. Which of the following BEST describes the role of a 'control question' in a structured fraud investigative interview?
Control questions establish a behavioral baseline for truthful responses, allowing the interviewer to compare reactions to sensitive topic questions.
4. When using Benford's Law in a fraud investigation, an investigator is analyzing:
Benford's Law predicts the natural frequency of leading digits in large data sets; deviations from expected patterns can signal manipulated or fabricated figures.
5. Which type of audit opinion is issued when financial statements are free of material misstatement but the auditor has a scope limitation?
A qualified opinion is issued when the financial statements are fairly presented except for a specific matter, including certain scope limitations.
6. A supervisor who approves their own subordinate's expense reports is an example of a breakdown in:
Segregation of duties requires that no single person control all phases of a transaction, including both submission and approval.