[Mar 08, 2024] CFE-Fraud-Prevention-and-Deterrence Dumps PDF and Test Engine Exam Questions - Exams4Collection
Verified CFE-Fraud-Prevention-and-Deterrence exam dumps Q&As with Correct 140 Questions and Answers
NEW QUESTION # 81
Which of the following is FALSE regarding fraud examiners responsibilities under the ACFE Code of Professional Ethics?
- A. In determining what information to include in a fraud examination report, fraud examiners should try to decide what users will consider important and material
- B. Fraud examiners must obtain and document evidence in a manner that ensures that the chain of custody is preserved
- C. Confidential information provided to fraud examiners by their clients is considered privileged and therefore legally exempt from disclosure in all circumstances
- D. If fraud examiners become aware of a situation that might appear to others as though they have a conflict of interest they should immediately disclose the situation to company management
Answer: A
NEW QUESTION # 82
Which of the following is FALSE regarding the process of defining the objective of the fraud risk management program?
- A. Management must assign a quantitative measure to its risk appetite so that it can accurately measure the fraud risk management program's effectiveness.
- B. Management should examine previous fraud occurrences to determine how the ideal fraud risk management program would have prevented tnem.
- C. Management should tailor the detailed objectives of the fraud risk management program to the organization's specific needs and goals.
- D. Management must balance the investment in anti-fraud controls with the benefit of those controls and the amount of risk it is willing to accept.
Answer: A
NEW QUESTION # 83
During the course of a fraud examination. While, an employee of the ABC Corp.. approaches Blue, a Certified Fraud Examiner (CFE), and tells Blue that she wishes to furnish information in confidence. Blue also is employed by the ABC Corp. Blue should:
- A. Take White's request straight to ABC Corp.'s management
- B. Not agree to the request for confidentiality
- C. Agree that the information will be held in confidence, even though Blue knows it will not be
- D. Tell White that she will try to keep the information as confidential as possible
Answer: B
NEW QUESTION # 84
Which of the following statements regarding white-collar defendants is TRUE?
- A. They are less likely to insist on a trial than other offenders
- B. They are more likely to be fined than to face prison terms as punishment
- C. The lower the offenders' social status, the more likely they are to be imprisoned
- D. All of the above
Answer: B
NEW QUESTION # 85
Which of the following is TRUE regarding government auditors' responsibilities to report evidence of potential fraud uncovered during an audit of a public-sector organization's financial statements?
- A. The requirements for government auditors to report evidence of potential fraud depend on the jurisdiction and the specific audit mandate.
- B. Government auditors are legally prohibited from reporting evidence of potential fraud to any parties outside the organization being audited.
- C. Government auditors' reporting requirements pertaining to fraud are substantially the same as those for external auditors in the private sector.
- D. All government auditors maintain the same requirements for reporting evidence of potential fraud uncovered during a public-sector financial statement audit.
Answer: A
NEW QUESTION # 86
Which of the following is a detective anti-fraud control?
- A. Hiring policies and procedures
- B. Fraud awareness training
- C. Separation of duties
- D. Independent reconciliations
Answer: B
NEW QUESTION # 87
A report by a fraud examiner is privileged from disclosure by anyone other than the client.
- A. False
- B. True
Answer: A
NEW QUESTION # 88
Which of the following is TRUE regarding proactive fraud auditing procedures?
- A. Surprise audit procedures are an effective fraud detection mechanism, but they do not help prevent fraud
- B. Fraud assessment Questioning techniques are most appropriately used when attempting to determine who might be responsible for a particular fraud scheme.
- C. Analytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods.
- D. Implementing proactive fraud audit procedures demonstrates the organization's intention to aggressively look for possible fraudulent conduct.
Answer: A
NEW QUESTION # 89
In developing a corporate governance framework for an organization, directors and management must consider which of the following?
- A. The organization s legal and regulatory environment
- B. The organization s ethical environment
- C. All of the above
- D. The organization s cultural environment
Answer: C
NEW QUESTION # 90
Which of the following is FALSE regarding G20/OECD Principles of Corporate Governance (the Principles)?
- A. The Principles are intended to be applicable in both developed economies and emerging markets
- B. The Principles state that an entity's corporate governance framework should ensure the equitable treatment of all shareholders
- C. The Principles are required to be implemented by all corporations in the jurisdictions that have officially adopted them
- D. The Principles state that an entity's corporate governance framework should encourage active cooperation between corporationfiand stakeholders in creating wealth.
Answer: A
NEW QUESTION # 91
Which of the following is FALSE regarding an organization's anti-fraud policy?
- A. In developing the anti-fraud policy, management should check with legal counsel regarding any legal considerations with respect to the policy.
- B. A detailed anti-fraud policy can make it easier to investigate and punish employees who commit fraud and other dishonest acts.
- C. One of the most important considerations in developing the anti-fraud policy is to ensure every allegation is handled in a uniform manner.
- D. To avoid legal problems in discharging employees, the anti-fraud policy should not include any specific examples of frau and misconduct.
Answer: C
NEW QUESTION # 92
Professional auditing standards require that auditors incorporate an "element of unpredictability" in the selection of auditing procedures to be performed.
- A. True
- B. False
Answer: A
NEW QUESTION # 93
The internal auditor's fraud-related responsibilities include which of the following?
- A. Establishing and maintaining effective anti-fraud controls at a reasonable cost
- B. Obtaining reasonable assurance that the organization's financial statements are free of material misstatements caused by fraud
- C. Evaluating indicators of fraud and deciding whether any further action is necessary or whether an investigation should be recommended
- D. Overseeing management's actions to manage fraud risks
Answer: D
NEW QUESTION # 94
Which of the following is FALSE regarding an organization's anti-fraud policy?
- A. A detailed anti-fraud policy can make it easier to investigate and punish employees who commit fraud and other dishonest acts.
- B. In developing the anti-fraud policy, management should check with legal counsel regarding any legal considerations with respect to the policy
- C. To avoid legal problems in discharging employees, the anti-fraud policy should not include any specific examples of fraud and misconduct
- D. One of the most important considerations in developing the anti-fraud policy is to ensure every allegation is handled in a uniform-manner
Answer: C
NEW QUESTION # 95
Which of the following is TRUE regarding the internal audit function's reporting responsibilities pertaining to fraud?
- A. The internal audit function is permitted, but not required, to periodically report about the organization's fraud risks to senior management and the board of directors.
- B. The internal audit function should not disclose the results of its fraud audits to senior management or the board of directors in order to maintain independence.
- C. The internal audit function should discuss how and when to report fraud-related issues with senior management and the board of directors before such issues arise.
- D. The internal audit function is not permitted to communicate with the board of directors about fraud, as that is the responsibility of external auditors.
Answer: A
NEW QUESTION # 96
Reputational damage is an indirect cost of fraud that can be difficult for organizations to calculate.
- A. True
- B. False
Answer: A
NEW QUESTION # 97
Which of the following is NOT a factor that directors and management should consider when developing a corporate governance framework for an organization?
- A. The legal and regulatory environment in which the organization operates
- B. The organization's ethical environment
- C. The ability of the framework to remain static during changes in the corporate landscape
- D. The organization's cultural environment
Answer: C
NEW QUESTION # 98
Which of the following Is one of the recommendations made by the National Commission on Fraudulent Financial Reporting (the Treadway Commission) to reduce the probability of fraud in financial reports?
- A. Develop a written charter for management
- B. Give shareholders oversight of hotline reporting programs
- C. Have a mandatory independent audit committee
- D. Have adequate compensation committee resources and authority
Answer: C
NEW QUESTION # 99
For its compliance program to be effective, an organization must promote the program through appropriate incentives for compliance.
- A. True
- B. False
Answer: A
NEW QUESTION # 100
The existence of many specialized departments within a company generally decreases the overall risk of fraud within the organization
- A. True
- B. False
Answer: A
NEW QUESTION # 101
Jenny is a highly respected employee at XYZ Corp Her husbands gambling addiction has caused them to have a significant amount of debt Jenny begins stealing money from the company to cover her husbands gambling losses. This situation best illustrates which leg of the Fraud Triangle?
- A. Perceived opportunity
- B. Perceived acquiescence
- C. Perceived non-shareable financial need
- D. Rationalization
Answer: C
NEW QUESTION # 102
Susannah Is conducting an external audit of a company In a jurisdiction that is subject to International Standards on Auditing (ISAs). While undertaking her audit procedures, she discovers evidence that senior management has been fraudulently manipulating the financial statements. Which of the following is Susannah's BEST response to these findings?
- A. Susannah should report her findings to the audit committee of the board of directors.
- B. Susannah should Immediately report her findings to the secunties regulators
- C. Susannah should not disclose her findings to any other parties due to client confidentiality.
- D. Susannah should confront management with her audit findings and try to get a confession.
Answer: A
NEW QUESTION # 103
Which of the following is FALSE regarding a background check policy for employees'7
- A. When verifying past employment, management should only ask previous employers to verify the dates the candidate was employed.
- B. As part of the screening process, management should contact the references provided by the job candidate
- C. At a minimum, management should conduct a background check on any candidate who will have constant access to cash, checks, and credit card numbers, or other easily stolen items.
- D. Where permitted by law. management should run a background check on any existing employee who is being promoted to a position that includes access to sensitive or valuable company resources, even if a background check was run on the individual at the time of hire
Answer: A
NEW QUESTION # 104
In a company with all of the following parties, who should have primary responsibility for the oversight of the organization s compliance program?
- A. General counsel
- B. Internal audit
- C. The board of directors
- D. The chief ethics officer
Answer: C
NEW QUESTION # 105
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The CFE-Fraud-Prevention-and-Deterrence certification is highly regarded in the field of fraud prevention and detection. It is recognized by employers and clients as a mark of expertise and professionalism. Certified Fraud Examiner - Fraud Prevention and Deterrence Exam certification is also highly valued by professionals who are looking to advance their careers in this field. It can open up new opportunities for career growth and advancement.
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