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ACFE CFE-Fraud-Prevention-and-Deterrence Exam Syllabus Topics:
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NEW QUESTION 84
Which of the following Is TRUE regarding the reporting of the fraud risk assessment results?
- A. A fraud risk assessment report should reflect the assessment team's subjective perspective regarding the risks identified
- B. The fraud risk assessment report should contain a detailed, comprehensive list of every assessment finding
- C. The fraud risk assessment report should be delivered in a style most suited to the language of the business
- D. All of the above
Answer: D
NEW QUESTION 85
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. A mandatory independent compensation committee
- B. Shareholder oversight of internal controls
- C. A written charter for management
- D. Adequate audit committee resources and authority
Answer: D
NEW QUESTION 86
For its compliance program lo be effective, an organization must perform procedures to ensure management hires only ethical individuals who exercise a substantial measure of discretion in acting on the organization s behalf.
- A. True
- B. False
Answer: A
NEW QUESTION 87
Effectively documenting and communicating organizational hierarchies, including the proper flow of information, can be a helpful tool in preventing fraud
- A. True
- B. False
Answer: A
NEW QUESTION 88
Gregory, an internal auditor, and Brandon, the company's purchasing manager, have had several heated disagreements over purchasing procedures and policies. Gregory has just been told that he will be the lead on the company's fraud risk assessment. During the fraud risk assessment. Gregory should:
- A. Confront Brandon about the disagreements and discuss how they increase the organization's risk of fraud-
- B. Have someone else perform the fraud risk assessment work related to the purchasing function
- C. Include his disagreements with Brandon as a factor when assessing the risk of fraud in the purchasing function.
- D. Automatically designate the purchasing function as a high-risk area.
Answer: C
NEW QUESTION 89
According to the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Internal Control-integrated Framework (the Framework), there are five interrelated components of a company's internal control. Which of the following is NOT among these five components?
- A. Control environment
- B. Information and communication
- C. Monitoring
- D. Independent oversight
Answer: D
NEW QUESTION 90
Which of the following is TRUE regarding proactive fraud auditing procedures?
- A. Analytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods.
- B. Implementing proactive fraud audit procedures demonstrates the organization's intention to aggressively look for possible fraudulent conduct.
- C. Fraud assessment Questioning techniques are most appropriately used when attempting to determine who might be responsible for a particular fraud scheme.
- D. Surprise audit procedures are an effective fraud detection mechanism, but they do not help prevent fraud
Answer: D
NEW QUESTION 91
Which of the following is NOT included in G20/OECD Principles of Corporate Governance (the Principles)?
- A. Support for establishing stronger protection for foreign shareholders than for domestic shareholders
- B. Recognition of the importance of the role of stakeholders in corporate governance
- C. Guidance regarding appropriate board structures, responsibilities, and procedures
- D. A request that governments have in place an appropriate framework to support good corporate governance practices
Answer: D
NEW QUESTION 92
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 not disclose her findings to any other parties due to client confidentiality.
- B. Susannah should report her findings to the audit committee of the board of directors.
- C. Susannah should Immediately report her findings to the secunties regulators
- D. Susannah should confront management with her audit findings and try to get a confession.
Answer: B
NEW QUESTION 93
The existence of many specialized departments within a company generally decreases the overall risk of fraud within the organization.
- A. False
- B. True
Answer: A
NEW QUESTION 94
According to modern criminological studies, which of the following is the determinant aspect of white-collar crime?
- A. Criminal history
- B. Organizational opportunity
- C. Social class
- D. Cultural ties
Answer: B
NEW QUESTION 95
Maria conducted a fraud examination that led to a valid confession of guilt from Rit a. In Maria's verbal report to her superiors, she stated that, in her opinion. "Rita is guilty of embezzlement." Maria has just violated the ACFE Code of Professional Ethics.
- A. True
- B. False
Answer: A
NEW QUESTION 96
ABC. Inc. is a publicly traded, multi-national corporation. Which of the following statements is TRUE regarding the corporate governance requirements that ABC is subject to?
- A. ABC is required to comply with G20/OECD Principles of Corporate Governance
- B. ABC must comply with specific listing standards for the stock exchange(s) on which it is listed
- C. ABC is subject to the Universal Corporate Governance Act because it is a publicly traded corporation.
- D. ABC is not required to comply with any corporate governance requirements because it operates in multiple jurisdictions
Answer: B
NEW QUESTION 97
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. Not agree to the request for confidentiality
- B. Agree that the information will be held in confidence, even though Blue knows it will not be
- C. Tell White that she will try to keep the information as confidential as possible
- D. Take White's request straight to ABC Corp.'s management
Answer: A
NEW QUESTION 98
Which of the following is FALSE regarding a fraud risk assessment?
- A. The designation of an area as high risk should only occur if the assessment has conclusively revealed that fraud is occurring there.
- B. The objective of the assessment is to help the organization identify what makes it most vulnerable to fraud.
- C. The assessment team should consider how employees behave as part of its assessment
- D. The assessment should be used to improve employee fraud awareness
Answer: A
NEW QUESTION 99
Which of the following is FALSE regarding an organization's anti-fraud policy?
- A. To avoid legal problems in discharging employees, the anti-fraud policy should not include any specific examples of fraud and misconduct
- B. In developing the anti-fraud policy, management should check with legal counsel regarding any legal considerations with respect to the policy
- 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. A detailed anti-fraud policy can make it easier to investigate and punish employees who commit fraud and other dishonest acts.
Answer: A
NEW QUESTION 100
Employee support programs are a fraud prevention mechanism that addresses which leg of the Fraud Triangle
- A. Opportunity
- B. Lack of integrity
- C. Pressure
- D. Rationalization
Answer: D
NEW QUESTION 101
Employee anti-fraud education should:
- A. Be presented by organizational executives or anti-fraud professionals only
- B. Include examples of prior employee misconduct and how those situations were handled
- C. Be restricted to formal educational mechanisms to reinforce the importance of the message
- D. Include descriptions of the procedures that management uses to detect fraud.
Answer: B
NEW QUESTION 102
According to the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Internal Control-Integrated Framework (the Framework), there are five interrelated components of a company's internal control. Which of the following is NOT among these five components?
- A. Risk assessment
- B. Ethical culture
- C. Monitoring
- D. Control activities
Answer: B
NEW QUESTION 103
According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO).________Is "a process.
effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance."
- A. Operational risk assessment
- B. Internal control
- C. Fraud risk management
- D. Financial reporting
Answer: B
NEW QUESTION 104
Which of the following is FALSE regarding fraud examiners responsibilities under the ACFE Code of Professional Ethics?
- A. Fraud examiners must obtain and document evidence in a manner that ensures that the chain of custody is preserved
- B. 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
- C. In determining what information to include in a fraud examination report, fraud examiners should try to decide what users will consider important and material
- D. Confidential information provided to fraud examiners by their clients is considered privileged and therefore legally exempt from disclosure in all circumstances
Answer: C
NEW QUESTION 105
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