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The CFE-Fraud-Prevention-and-Deterrence exam is designed for professionals who are responsible for preventing and detecting fraud in their organizations. This includes fraud examiners, forensic accountants, internal auditors, and financial investigators. CFE-Fraud-Prevention-and-Deterrence Exam covers a range of topics related to fraud prevention and deterrence, including fraud risk assessment, fraud prevention strategies, internal controls, and ethics.

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ACFE CFE-Fraud-Prevention-and-Deterrence Exam is administered by the Association of Certified Fraud Examiners (ACFE), which is the world's largest anti-fraud organization. The ACFE is dedicated to fighting fraud and white-collar crime by providing education, training, and resources to professionals in the field. The ACFE CFE-Fraud-Prevention-and-Deterrence Exam is one of the most respected and recognized certifications in the field of fraud prevention and deterrence.

The CFE-Fraud-Prevention-and-Deterrence exam covers a range of topics related to fraud prevention and detection, including fraud risk assessment, internal controls, fraud prevention programs, and fraud investigation techniques. CFE-Fraud-Prevention-and-Deterrence Exam is designed to be comprehensive, covering all aspects of fraud prevention and detection. Candidates who pass the exam will have demonstrated a strong understanding of these topics and their practical application in a business setting.

ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q268-Q273):

NEW QUESTION # 268
Which of the following statements regarding fraud risks is TRUE?

A. The objective of anti-fraud controls is to completely eliminate inherent fraud risks within the organization.
B. Residual fraud risks are risks that are present before anti-fraud controls are implemented across the organization.
C. The objective of anti-fraud controls is to reduce the residual fraud risk to a level that is significantly lower than the inherent fraud risk.
D. Inherent fraud risks are risks that remain after controls are implemented to mitigate fraud risk.

Answer: C

Explanation:
Inherent fraud risk is the fraud risk that exists before considering the effect of controls. Residual fraud risk is the risk that remains after preventive and detective controls are applied. Anti-fraud controls are not expected to eliminate all fraud risk because no internal control system can provide absolute assurance. Instead, the objective is to reduce residual fraud risk to a level that is acceptable to management and significantly lower than the inherent risk. Option A is incorrect because complete elimination of fraud risk is unrealistic. Option B reverses the definition of inherent risk. Option D reverses the definition of residual risk. Therefore, option C correctly describes the relationship between inherent risk, residual risk, and anti-fraud controls in a fraud risk assessment.

NEW QUESTION # 269
According to Silk and Vogel's research, which of the following is one of the ways that businesses rationalize illegal conduct?

A. Government regulation is unnecessary because the matters being regulated are unimportant.
B. Corporate violations that involve large sums of money are often spread among so many organizations that each gains very little individually.
C. Violations are caused by innocent errors in judgment rather than economic necessity.
D. Government regulations are justified because the additional costs of regulations and bureaucratic procedures increase government profits.

Answer: B

Explanation:
Comprehensive and Detailed in Depth Explanation:
Silk and Vogel's research found that organizations often rationalize unethical or illegal behavior by diffusing responsibility across a group, thus minimizing perceived individual culpability. This"shared guilt" justification is reflected in option D. The other options either misunderstand the research or do not reflect actual rationalizations used in white-collar crime contexts.
Reference:Fraud Examiners Manual, 2022, Fraud Prevention and Deterrence, Understanding Criminal Behavior - Section 4.116.

NEW QUESTION # 270
Christopher is conducting an external audit of a company in a jurisdiction that is subject to International Standards on Auditing (ISAs). While conducting his audit procedures, he discovers evidence of a fraud involving Jeffrey, the company's chief executive officer (CEO). Which of the following options is Christopher's BEST response to these findings?

A. Christopher should confront Jeffrey with his audit findings and try to get a confession.
B. Christopher should not disclose his findings to any other parties due to legal liability.
C. Christopher should report his findings to those charged with governance of the organization.
D. Christopher should immediately report his findings to the relevant government authority.

Answer: C

Explanation:
Under ISA 240, when an auditor identifies or suspects fraud involving management, especially senior management, the auditor must communicate the matter to those charged with governance unless clearly inappropriate. Because Jeffrey is the CEO, reporting directly to him would not be appropriate. The auditor should not immediately report to a government authority unless law, regulation, or professional duty requires external reporting. The auditor also should not remain silent simply because legal liability might exist.
Confronting the CEO to obtain a confession is not the auditor's role and could compromise the audit, investigation, or evidence. Those charged with governance, such as the board or audit committee, are responsible for oversight and should be informed of suspected senior management fraud. Therefore, option B is correct.

NEW QUESTION # 271
Green, a Certified Fraud Examiner (CFE). had an ethical dilemma regarding her business contract with her professional partners. Which of the following sources of guidance would be considered the lowest level of reference to help Green in determining the most ethical course of action?

A. The ACFE Code of Professional Ethics
B. Philosophical principles related to ethics
C. Contract law
D. Guidance from her family and friends

Answer: C

NEW QUESTION # 272
The internal auditor's fraud-related responsibilities include which of the following options?

A. Establishing and maintaining a comprehensive system of effective anti-fraud controls at a reasonable cost.
B. Issuing a public report stating whether the organization has experienced any material misstatements caused by fraud.
C. Overseeing management's actions to manage fraud risks.
D. Performing an organization-wide assessment of fraud risks.

Answer: D

Explanation:
Internal auditors assist the organization in fraud prevention and detection by evaluating controls, considering fraud risks, identifying red flags, and supporting the fraud risk assessment process. The internal audit function may conduct or support an organization-wide assessment of fraud risks, depending on the internal audit charter and governance structure. Option A is management's responsibility because management establishes and maintains internal controls at a reasonable cost. Option B is primarily a governance responsibility of the board or audit committee, which oversees management's fraud risk activities. Option D describes an external financial statement audit reporting role and is not a general internal audit responsibility. Therefore, the best answer is that internal auditors can perform an organization-wide assessment of fraud risks.

NEW QUESTION # 273
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