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ACFE CFE-Fraud-Prevention-and-Deterrence Exam Overview:

Certification Vendor:	Association of Certified Fraud Examiners (ACFE)
Exam Name:	CFE Exam – Fraud Prevention and Deterrence
Exam Number:	CFE-Fraud-Prevention-and-Deterrence
Real Exam Qty:	70
Exam Duration:	90 minutes
Available Languages:	English
Exam Format:	True/False, Multiple-choice
Passing Score:	75%
Related Certifications:	Certified Fraud Examiner (CFE)
Recommended Training:	CFE Exam Preparation Resources ACFE Official Training & Study Resources
Exam Registration:	ACFE CFE Exam Registration ACFE Exam Information and Scheduling
Sample Questions:	ACFE CFE-Fraud-Prevention-and-Deterrence Sample Questions
Exam Way:	Computer-based exam (remote proctoring via Prometric ProProctor or in-person Prometric test center)
Pre Condition:	Part of the ACFE Certified Fraud Examiner (CFE) exam program; eligibility requirements apply for CFE certification (education, experience, and ethics requirements).
Official Syllabus URL:	https://www.acfe.com/cfe-credential/about-the-cfe-exam

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To be eligible for the CFE-Fraud-Prevention-and-Deterrence certification exam, candidates must meet specific educational and professional requirements. Applicants must have a minimum of a bachelor's degree from an accredited institution and two years of relevant professional experience in fraud examination, auditing, or investigations. Alternatively, applicants can have a master's degree or higher in business, accounting, or finance and one year of professional experience.

ACFE CFE-Fraud-Prevention-and-Deterrence Exam is a globally recognized certification that is highly valued by employers in various industries. Professionals who earn this certification have demonstrated their expertise in fraud prevention and deterrence, which is a critical skill set in today's business environment. The CFE-Fraud-Prevention-and-Deterrence Exam is also an excellent way for professionals to advance their careers and increase their earning potential.

ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q183-Q188):

NEW QUESTION # 183
Which of the following steps should be incorporated into an organization's fraud risk assessment strategy to ensure the effectiveness of the fraud risk assessment?

A. Determine the ideal number of fraud response protocols that the organization should implement.
B. Solicit stakeholder input to quantify the organization's greatest fraud risks and total fraud losses.
C. Identify and reward the people and departments that are least likely to commit fraud.
D. Assess the significance of each inherent fraud risk to the organization.

Answer: D

Explanation:
An effective fraud risk assessment should identify inherent fraud risks and then assess both the likelihood and significance of those risks. Significance considers the potential impact of the fraud event on the organization, including financial loss, reputational harm, legal exposure, regulatory consequences, employee morale, and operational disruption. Option A is therefore correct. Option B is not a fraud risk assessment step because the purpose is to evaluate risk, not reward low-risk departments. Option C is too narrow and does not address the core assessment process. Option D is incorrect because fraud risk assessments do not require quantifying total fraud losses, and such amounts are often unknown or impossible to measure precisely. The assessment should prioritize risks so management can address the most serious vulnerabilities.

NEW QUESTION # 184
Which of the following is FALSE regarding an organization's anti-fraud policy?

A. One of the most important considerations in developing the anti-fraud policy is to ensure every allegation is handled in a uniform manner.
B. A detailed anti-fraud policy can make it easier to investigate and punish employees who commit fraud and other dishonest acts.
C. In developing the anti-fraud policy, management should check with legal counsel regarding any legal considerations with respect to the policy.
D. To avoid legal problems in discharging employees, the anti-fraud policy should not include any specific examples of frau and misconduct.

Answer: D

Explanation:
* nti-Fraud Policy Components:
* A robust anti-fraud policy should provide clear definitions and examples of fraud and misconduct to ensure employees understand what constitutes unacceptable behavior.
* Specific examples make investigations and enforcement more consistent and defensible.
* Analysis of Option B:
* Avoiding specific examples creates ambiguity, which can hinder enforcement and increase legal risks when discharging employees.
* Properly vetted examples, reviewed with legal counsel, help ensure compliance with legal standards.
* Conclusion:Option B is false because including examples of fraud and misconduct strengthens the anti- fraud policy.
References:ACFE guidance on anti-fraud policies and employee misconduct.

NEW QUESTION # 185
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines internal control as:

A. A process involving personnel at all levels of the organization that aims to eliminate all uncertainty and risk while also ensuring the achievement of organizational goals
B. 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
C. A process implemented to review how well the organization's risk management capabilities have increased value over time and how they will continue to drive value for the organization
D. A process aimed at proactively identifying, evaluating, and addressing an organization's vulnerabilities to fraud by both internal and external sources

Answer: B

Explanation:
The COSO definition of internal control 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." This is the formal and widely accepted COSO definition.
Reference:ACFE Fraud Examiners Manual, 2020 International Edition -Fraud Risk Management, COSO IC
2013 Definition.

NEW QUESTION # 186
The internal auditor s fraud-related responsibilities include which of the following?

A. Overseeing managements actions to manage fraud risks
B. Reporting to regulators regarding the entity's vulnerability to fraud
C. Attesting that the organization s financial statements are free of material misstatements caused by fraud
D. Evaluating whether management is actively retaining responsibility for oversight of the fraud risk management program

Answer: B

NEW QUESTION # 187
Which of the following is FALSE regarding the fraud risk assessment learn?

A. The team size should be limited to a maximum of three individuals
B. The team members should have experience in gathering and eliciting information
C. The team members might include both internal and external sources.
D. The team should consist of individuals with diverse knowledge, skills, and perspectives

Answer: A

Explanation:
* Composition of Fraud Risk Assessment Teams:
* Effective teams require diverse perspectives, skills, and experiences to identify and address fraud risks comprehensively.
* Why C is Incorrect:
* Limiting team size to three individuals restricts diversity and may not provide sufficient expertise for a thorough assessment. Larger teams, with a range of skills, are often necessary.
* Why Other Options are Correct:
* A: Experience in gathering information is critical for the effectiveness of the team.
* B: Including external experts adds objectivity.
* D: Diverse perspectives enhance the assessment's scope.
References for All Questions:
* ACFE Fraud Examination Guide and Standards.
* ISA standards on audit procedures and unpredictability.
* Fraud risk assessment guidelines from COSO and ACFE resources.

NEW QUESTION # 188
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