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| Section | Weight | Objectives |
|---|---|---|
| Fraud Prevention and Deterrence | 25% | - Fraud risk governance and organizational culture - Anti-fraud policies and procedures - Monitoring, auditing, and continuous improvement - Whistleblowing and reporting mechanisms - Fraud prevention programs and frameworks - Internal control systems and evaluation - Fraud deterrence strategies and controls - Fraud risk assessment - Ethics and corporate governance |
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NEW QUESTION # 122
According to ACFE research, which of the following is TRUE?
Answer: C
Explanation:
The White-Collar Crime chapter summarizes ACFE research on occupational fraud perpetrators.
In the section addressing perpetrators' criminal backgrounds, the manual states that the vast majority of occupational fraudsters have no prior history of criminal fraud convictions and notes that only a small percentage had previously been convicted of a fraud-related offense. It concludes from these findings that most occupational fraudsters are first-time offenders. The manual also explains elsewhere that owners and executives tend to cause much larger median losses than lower-level employees, which eliminates option D. Because the question asks which statement is true according to ACFE research, the best answer is that most employees who commit occupational fraud are first- time offenders. This is a recurring finding in ACFE studies cited by the manual.
NEW QUESTION # 123
During an external audit, the audit team identifies evidence that management has intentionally omitted some expenses from the company's financial statements in order to conceal an asset misappropriation scheme. However, the amount of the resulting misstatement does not meet the quantitative materiality threshold for the audit. Which of the following is TRUE regarding this situation?
Answer: D
Explanation:
Responsibility of Auditors:
Under International Standards on Auditing (ISA) 240, auditors are required to investigate any indications of fraud, regardless of the materiality of the misstatement.
Evidence of intentional misstatements indicates the potential for broader fraudulent activity, necessitating a reassessment of audit procedures.
Importance of Fraud Indicators:
Even if the misstatement does not exceed the materiality threshold, it represents a significant risk factor that could compromise the reliability of the financial statements.
Why B is Correct:
Adjusting audit procedures ensures that the audit team addresses the broader implications of the fraud risk while maintaining professional skepticism and compliance with auditing standards.
NEW QUESTION # 124
Who is ultimately responsible for responding appropriately to instances of fraud within an organization?
Answer: C
Explanation:
Fraud Response Responsibilities:
Management is responsible for responding to fraud because they oversee the organization's operations, culture, and compliance frameworks.
Other parties, such as internal auditors and the audit committee, provide oversight and recommendations but do not directly implement responses.
Conclusion: Management has the ultimate responsibility for responding appropriately to fraud.
NEW QUESTION # 125
Charles, the chief executive officer (CEO) of the Baking & Things Corporation, hired Daniela, a Certified Fraud Examiner (CFE), to investigate an embezzlement case. During the investigation, Daniela learns that Charles is involved in an unrelated fraud. What action should Daniela take based on the ACFE Code of Professional Ethics?
Answer: C
NEW QUESTION # 126
Which of the following is TRUE regarding G20/OECD Principles of Corporate Governance (the Principles)?
Answer: B
Explanation:
G20/OECD Principles Overview:
The G20/OECD Principles of Corporate Governance are international guidelines aimed at enhancing economic efficiency and promoting stable financial systems.
Equitable Treatment of Shareholders:
The principles stress fairness and the protection of all shareholders' rights, particularly minority shareholders, ensuring they are treated equally.
Why D is Correct:
Equitable treatment is a fundamental tenet of the Principles, which strive to maintain trust and integrity in governance practices across jurisdictions.
NEW QUESTION # 127
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