Exam ACFE CFE-Fraud-Prevention-and-Deterrence Collection Pdf, Exam CFE-Fraud-Prevention-and-Deterrence Answers

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ACFE CFE-Fraud-Prevention-and-Deterrence Exam Syllabus Topics:

Topic	Details
Topic 1	Demonstrate knowledge of fraud schemes, internal controls to deter fraud and other auditing and accounting matters
Topic 2	Demostrate the knowledge of the types of fraudulent financial transactions incurred in accounting records
Topic 3	Demonstrate knowledge of these concepts: basic accounting and auditing theory
Topic 4	Crime causation, white-collar crime, occupational fraud, fraud prevention, fraud risk assessment, and the ACFE Code of Professional Ethics
Topic 5	Tests your knowledge of why people commit fraud and what can be done to prevent it

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q103-Q108):

NEW QUESTION # 103
During an external audit, the audit team identifies evidence that management has Intentionally manipulated the organization's reported revenue amount 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?

A. The auditors should reconsider the reliability of the audit evidence they have previously obtained.
B. The auditors should only consider the evidence if they can determine that the actions meet the legal definition of fraud.
C. The auditors should regard the misstatement as immatenal to the audit because the omitted amount is less than the quantitative materiality threshold
D. The auditors should assume that all audit evidence collected previously is unreliable and withdraw from the audit engagement.

Answer: C

NEW QUESTION # 104
_____________Is the criminological theory that presents crime as a conscious decision that can be deterred by reducing opportunities for criminal activity and increasing the personal risk to an Individual of being caught and punished.

A. Routine activities theory
B. Justification of action theory
C. Differential association theory
D. Rational choice theory

Answer: C

NEW QUESTION # 105
Which of the following statements is FALSE regarding an organization's fraud risk management program?

A. The punishment for intentional noncompliance should be carried out in a consistent and firm manner.
B. The program must include mechanisms to address breaches in compliance.
C. A specific individual or team should be designated as responsible for monitoring compliance with the program
D. Formal sanctions for intentional noncompliance should be determined and enacted privately

Answer: D

Explanation:
* Fraud Risk Management Program Requirements:
* Effective fraud risk management programs ensure transparency, consistency, and fairness.
* Sanctions for noncompliance should be transparent and communicated to demonstrate a commitment to accountability.
* Analysis of Options:
* A. Mechanisms for breaches: Necessary to address compliance issues.
* B. Consistent and firm punishment: Ensures a deterrent effect.
* D. Designated compliance monitors: Vital for program enforcement.
* C. Enacted privately: This is false because transparency is essential to maintain trust and deter similar actions.
* Conclusion:Option C is false as formal sanctions should be communicated appropriately to promote deterrence and accountability.
References:ACFE materials on fraud risk management and enforcement practices.

NEW QUESTION # 106
Who is ultimately responsible for responding appropriately to instances of fraud within an organization?

A. The audit committee
B. Management
C. General counsel
D. Internal auditors

Answer: B

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 # 107
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. 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.
C. Residual fraud risks are risks that are present before anti-fraud controls are implemented across the organization.
D. Inherent fraud risks are risks that remain after controls are implemented to mitigate fraud risk.

Answer: B

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 # 108
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