Reliable ACFE CFE-Fraud-Prevention Test Questions - CFE-Fraud-Prevention 100% Correct Answers

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ACFE CFE-Fraud-Prevention Exam Syllabus Topics:

Section	Weight	Objectives
Fraud Prevention and Deterrence	25%	- Internal control systems and evaluation - Fraud risk assessment - Monitoring, auditing, and continuous improvement - Fraud deterrence strategies and controls - Ethics and corporate governance - Fraud risk governance and organizational culture - Whistleblowing and reporting mechanisms - Fraud prevention programs and frameworks - Anti-fraud policies and procedures

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q184-Q189):

NEW QUESTION # 184
Which of the following is TRUE regarding the internal audit function's reporting responsibilities pertaining to fraud?

A. 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.
B. 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.
C. The internal audit function is not permitted to communicate with the board of directors about fraud, as that is the responsibility of external auditors.
D. 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.

Answer: A

Explanation:
Internal Audit Reporting Responsibilities:
Internal audit must maintain open communication with senior management and the board to ensure appropriate handling of fraud-related issues.
Establishing reporting protocols in advance ensures timely and consistent responses when fraud occurs.

NEW QUESTION # 185
Which of the following is a detective anti-fraud control?

A. Fraud awareness training
B. Hiring policies and procedures
C. Independent reconciliations
D. Separation of duties

Answer: C

Explanation:
Detective Anti-Fraud Controls:
These controls aim to identify fraud after it has occurred. Independent reconciliations are an example of such controls because they verify transactions and accounts to detect discrepancies.
Why B is Correct:
Independent reconciliations are specifically designed to identify errors or fraud in financial records.

NEW QUESTION # 186
Which of the following BEST reduces the risk of collusion among employees?

A. Independent monitoring and surprise reviews
B. Eliminating internal audits
C. Reducing management oversight
D. Relying solely on segregation of duties

Answer: A

Explanation:
Collusion can defeat many traditional controls, including segregation of duties. Independent monitoring, data analytics, management reviews, and surprise audits create additional layers of detection that make collusive schemes harder to conceal.

NEW QUESTION # 187
In response to a risk identified during a fraud risk assessment, management decides to implement additional internal control measures. This response is known as:

A. Mitigating the risk
B. Transferring the risk
C. Avoiding the risk
D. Assuming the risk

Answer: A

Explanation:
Understanding Fraud Risk Management Responses:
Risk mitigation refers to implementing controls or measures to reduce the likelihood or impact of a risk.
In this case, by implementing additional internal controls, management aims to mitigate the identified fraud risk.

NEW QUESTION # 188
An effective system of anti-fraud controls

A. Focuses more on preventive controls than detective controls
B. Focuses more on detective controls than preventive controls
C. Increases the perception that fraud will be detected
D. Fully eliminates the risk of fraud

Answer: A

Explanation:
Purpose of Anti-Fraud Controls:
Preventive controls deter fraud before it occurs, making them the primary focus of an effective anti- fraud program.
Detective controls identify fraud after it has occurred, serving as a secondary line of defense.

NEW QUESTION # 189
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