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ACFE CFE-Fraud-Prevention Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Fraud Prevention and Deterrence	25%	- Ethics and corporate governance - Fraud deterrence strategies and controls - Monitoring, auditing, and continuous improvement - Internal control systems and evaluation - Anti-fraud policies and procedures - Fraud prevention programs and frameworks - Whistleblowing and reporting mechanisms - Fraud risk assessment - Fraud risk governance and organizational culture

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q218-Q223):

NEW QUESTION # 218
Which of the following is FALSE regarding an organization's anti-fraud policy?

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

Answer: C

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.

NEW QUESTION # 219
According to International Organization for Standardization (ISO) 31000:2018, an effective and efficient risk management program contains all of the following principles EXCEPT:

A. The program facilitates continuous improvement.
B. The program takes human and cultural factors into account.
C. The program is static and consistent, even during times of organizational change.
D. The program is customized and proportionate to the organization's operations and objectives.

Answer: C

NEW QUESTION # 220
Alicia, a government auditor, is conducting a financial statement audit of a public-sector entity in accordance with the International Standards of Supreme Audit Institutions. Which of the following is TRUE regarding Alicia's consideration of fraud during this engagement?

A. If Alicia identifies fraud during the audit engagement, she must immediately withdraw from the engagement.
B. Alicia should focus on potential fraud and does not need to consider the possibility of abuse or other misconduct during the audit engagement.
C. In conducting the audit, Alicia's objectives are likely narrower than those of a private-sector financial statement audit.
D. Alicia must comply with the requirements found in International Standard on Auditing 240 as they apply to both private- and public-sector audits.

Answer: D

Explanation:
Government auditors, like their private-sector counterparts, must adhere to International Standard on Auditing (ISA) 240, which provides guidance on the auditor's responsibilities related to fraud.
This standard applies to both private- and public-sector audits, emphasizing the importance of addressing risks of material misstatement due to fraud. Alicia must carefully evaluate fraud risks and incorporate relevant procedures, as mandated by ISA 240, ensuring a comprehensive audit approach.

NEW QUESTION # 221
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 regard the misstatement as immatenal to the audit because the omitted amount is less than the quantitative materiality threshold
B. The auditors should assume that all audit evidence collected previously is unreliable and withdraw from the audit engagement.
C. The auditors should only consider the evidence if they can determine that the actions meet the legal definition of fraud.
D. The auditors should reconsider the reliability of the audit evidence they have previously obtained.

Answer: D

Explanation:
Implications of Management Manipulation:
Intentional manipulation, even if quantitatively immaterial, raises concerns about the reliability of management representations and the integrity of audit evidence.
Why Option A is Correct:
Reassessing the reliability of previously obtained evidence ensures that the auditors address potential biases or systemic issues arising from management's actions.

NEW QUESTION # 222
The existence of many specialized departments within a company generally decreases the overall risk of fraud within the organization.

A. False
B. True

Answer: A

Explanation:
Impact of Specialized Departments on Fraud Risk:While specialization improves operational efficiency, it can also create silos, reducing oversight and coordination. This fragmentation may increase the overall fraud risk.
Key Considerations:
Fraud often occurs in areas where controls and communication are weak. Specialized departments may inadvertently facilitate fraud by isolating information.
Cross-departmental collaboration and centralized controls are essential to mitigate these risks.

NEW QUESTION # 223
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