Latest CFE-Fraud-Prevention Test Notes, CFE-Fraud-Prevention Exam Flashcards

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ACFE CFE-Fraud-Prevention Exam Syllabus Topics:

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

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CFE-Fraud-Prevention Exam Flashcards - CFE-Fraud-Prevention Key Concepts

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q275-Q280):

NEW QUESTION # 275
Which of the following is BEST classified as a type of external fraud risk?

A. Collusion between contractors
B. Embezzling incoming customer payments
C. Reporting revenue in the wrong period
D. Adding ghost employees to payroll

Answer: A

Explanation:
Collusion between contractors is an example of external fraud risk because it involves external parties conspiring to defraud the organization. The other options describe internal fraud risks, such as actions committed by employees within the organization.

NEW QUESTION # 276
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: C

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 # 277
According to modern criminological studies, which of the following is the determinant aspect of white-collar crime?

A. Social class
B. Organizational opportunity
C. Criminal history
D. Cultural ties

Answer: B

Explanation:
Modern Criminological Studies on White-Collar Crime:Studies highlight that white-collar crimes are often influenced by situational factors rather than inherent criminal traits. The availability of organizational opportunities to commit fraud plays a crucial role.

NEW QUESTION # 278
Which of the following would MOST LIKELY be a violation of the ACFE Code of Professional Ethics?

A. All of the above are violations
B. Stephanie, a CFE, accepted a fraud examination assignment and then instructed a lower-level employee to assess the company's cash records for signs of fraud. She took his word when he said there was no evidence of wrongdoing and ended up failing to uncover a very costly fraud scheme.
C. Green a CFE, uncovered several material internal control deficiencies unrelated to the financial statement fraud he was investigating. In his final report to management. Green included information about the deficiencies even though they were unrelated to the situation he was hired to investigate.
D. Susan, a CFE, was hired by a client to conduct a fraud examination but found nothing amiss A year later, she received a legal order from the local prosecutor's office to provide the client's file.
Susan complied with the court order, even though she did not have the client's authorization to do so.

Answer: A

Explanation:
CFEs must adhere to principles of confidentiality, diligence, and focus in their work.
Failing to follow these standards compromises the integrity and credibility of their practice.
Conclusion:All the described scenarios involve violations of the ACFE Code of Professional Ethics.

NEW QUESTION # 279
The findings in the 2020 Report to the Nations include which of the following?

A. The median losses caused by executives are lower than those caused by staff-level employees
B. Mote occupational frauds are committed by men than by women
C. The majority of fraudsters have been previously punished by an employer for a fraud-related offense
D. The most commonly reported red flag displayed by fraud perpetrators prior to the detection of their crime is complaints about management.

Answer: B

NEW QUESTION # 280
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