CRFA Cheat Sheet 2026

The 30 highest-yield CRFA facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. A forensic accountant discovers that journal entries were systematically posted at 2:00 a.m. by a generic user account. This finding most likely indicates: → Possible unauthorized or fraudulent entries made to avoid detection
2. What should an expert witness report include? → Clear findings, supporting evidence & methodology
3. Why must expert witnesses remain impartial? → To comply with professional ethics and court credibility
4. What fiduciary duty applies to estate planning? → Act in the client's best interest with loyalty, care, and full disclosure
5. Which of the following is a key component of risk assessment? → Identification of potential threats
6. A royalty rate in an intellectual property damages analysis is most often determined using: → The Georgia-Pacific factors
7. How should conflicts of interest be managed in client relations? → Identify, disclose, and mitigate all actual and potential conflicts of interest
8. What is the primary purpose of internal controls? → To ensure accuracy & prevent fraud
9. The practice of breaking large amounts of cash into smaller deposits to avoid CTR reporting thresholds is known as: → Smurfing (structuring)
10. In asset tracing, the 'net worth method' is used to: → Calculate unexplained increases in a subject's wealth over time
11. When can an expert witness be disqualified from testifying? → When they lack field-specific credentials
12. In a wrongful termination damages calculation, the mitigation period ends when: → The plaintiff finds comparable replacement employment
13. What regulatory compliance requirement applies to risk assessment? → Full compliance with all applicable federal, state, and industry regulations
14. How should risk be assessed in tax strategies? → Evaluate risk tolerance, capacity, time horizon, and investment objectives systematically
15. What fiduciary duty applies to risk assessment? → Act in the client's best interest with loyalty, care, and full disclosure
16. What continuing education requirement supports portfolio management competence? → Ongoing education in regulatory changes, market developments, and best practices
17. What fiduciary duty applies to tax strategies? → Act in the client's best interest with loyalty, care, and full disclosure
18. What is the primary goal of a forensic accountant in a fraud investigation? → To detect, investigate, and report financial fraud
19. How should risk be assessed in investment analysis? → Evaluate risk tolerance, capacity, time horizon, and investment objectives systematically
20. What fiduciary duty applies to investment analysis? → Act in the client's best interest with loyalty, care, and full disclosure
21. How should portfolio management performance be reported to clients? → Provide accurate, complete, and timely performance reporting with appropriate benchmarks
22. What does the term 'shell company' refer to in fraud cases? → A non-operating entity used to conceal fraud
23. In the context of money laundering investigations, 'tipping off' refers to: → Alerting a customer that they are under investigation or that a SAR has been filed
24. What regulatory compliance requirement applies to investment analysis? → Full compliance with all applicable federal, state, and industry regulations
25. Benford's Law is most effective in detecting fraud when applied to which type of dataset? → Naturally occurring financial amounts across a wide range
26. How should conflicts of interest be managed in risk assessment? → Identify, disclose, and mitigate all actual and potential conflicts of interest
27. What is the role of a control environment in internal controls? → It defines the organization’s culture & attitude toward control
28. A chain of custody document in a digital forensics investigation is maintained to: → Track who handled evidence and when, ensuring its integrity
29. When normalizing earnings in a business valuation, a forensic accountant would most likely adjust for: → Above-market compensation paid to owner-employees
30. How should estate planning performance be reported to clients? → Provide accurate, complete, and timely performance reporting with appropriate benchmarks