Most probable real and updated ACFE CFE-Fraud-Prevention-and-Deterrence exam questions

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

Section	Objectives
Topic 1: Fraud Prevention and Deterrence	- Ethics 1. Ethical considerations in fraud examination - Management's Role 1. Fraud risk assessment 2. Building anti-fraud programs - Auditors' Role 1. Fraud detection responsibilities - Corporate Governance 1. Board oversight 2. Roles and responsibilities 3. Internal controls

Section

Objectives

Topic 1: Fraud Prevention and Deterrence

- Ethics

1. Ethical considerations in fraud examination

- Management's Role

1. Fraud risk assessment
2. Building anti-fraud programs

- Auditors' Role

1. Fraud detection responsibilities

- Corporate Governance

1. Board oversight
2. Roles and responsibilities
3. Internal controls

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q114-Q119):

NEW QUESTION # 114
The internal auditor's fraud-related responsibilities include which of the following?

A. Establishing and maintaining effective anti-fraud controls at a reasonable cost
B. Overseeing management's actions to manage fraud risks
C. Obtaining reasonable assurance that the organization's financial statements are free of material misstatements caused by fraud
D. Evaluating indicators of fraud and deciding whether any further action is necessary or whether an investigation should be recommended

Answer: D

Explanation:
* Internal Auditor's Role in Fraud Risk Management:
* Internal auditors are not directly responsible for establishing or maintaining anti-fraud controls (Option D). This responsibility lies with management.
* They are also not responsible for obtaining reasonable assurance that financial statements are free of fraud (Option A). This is the role of external auditors.
* Oversight of management's fraud risk actions (Option B) is primarily a governance role, not the auditor's direct responsibility.
* Internal auditors focus on identifying and assessing fraud risks, evaluating controls, and recommending further action when necessary.
* Conclusion:Option C aligns with the internal auditor's responsibilities as per the standards outlined in the ACFE's fraud risk management framework.
References:ACFE documentation on internal auditing responsibilities and fraud risk assessments.

NEW QUESTION # 115
Joanna is leading the fraud risk assessment process for her organization. Which of the following considerations about the fraud risk assessment process is MOST ACCURATE and should be incorporated into Joanna's plans?

A. The fraud risk assessment can be conducted effectively by people inside or outside of the organization.
B. If the individuals conducting the fraud risk assessment believe that fraud could not happen within the organization, then the assessment process should reflect that belief.
C. To ensure the independence of the team members, a consultant or another external party must conduct the fraud risk assessment.
D. The fraud risk assessment is most effective when management's influence on the process is limited.

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation:
Fraud risk assessments can be effectively conducted by internal personnel or external consultants. The key is that they must be conducted objectively and with due professional care. There is no requirement that they be conducted only externally (eliminating A), nor should biases about the improbability of fraud influence the assessment scope (eliminating B). Management involvement can be helpful when balanced appropriately-it should not be unduly limited (eliminating D).
Reference:Fraud Examiners Manual, 2022, Fraud Prevention and Deterrence, Fraud Risk Assessment - Section 4.703-4.739.

NEW QUESTION # 116
Which of the following is TRUE regarding proactive fraud auditing procedures?

A. Fraud assessment Questioning techniques are most appropriately used when attempting to determine who might be responsible for a particular fraud scheme.
B. Surprise audit procedures are an effective fraud detection mechanism, but they do not help prevent fraud
C. Implementing proactive fraud audit procedures demonstrates the organization's intention to aggressively look for possible fraudulent conduct.
D. Analytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods.

Answer: C

Explanation:
Step by Step Comprehensive Detailed Explanation with All References:
Proactive Fraud Auditing:
Proactive fraud audit procedures aim to prevent and detect fraud before it escalates. Implementing these procedures signals to employees and stakeholders that fraud will not be tolerated.
Such actions align with creating a strong anti-fraud culture within the organization.
Examples of Proactive Fraud Audits:
Surprise audits, continuous monitoring, and analytical procedures identify discrepancies and potential fraud risks.
Fraud prevention and deterrence are enhanced through consistent implementation.
Effectiveness and Prevention:
Unlike reactive measures, proactive approaches demonstrate an organization's commitment to maintaining integrity and ethical standards.

NEW QUESTION # 117
Harry is an internal auditor with ABC Company. Harry's supervisor, the chief audit executive (CAE), is the fraud risk assessment sponsor and has tasked Harry with drafting an email communication regarding ABC's upcoming fraud risk assessment process. Which of the following is a best practice that Harry should implement?

A. Harry should keep the communication private and only share it with executive management.
B. Harry's communication should be sent to the entire staff from his own email address.
C. Harry should find a generic template to use as the primary communication to the entire staff.
D. Harry's communication should encourage employees to participate in the assessment process.

Answer: D

NEW QUESTION # 118
Maj, a Certified Fraud Examiner (CFE), engaged in an illegal activity but did not know that the activity was illegal. Which of the following statements about the ACFE Code of Professional Ethics is TRUE?

A. Maj's conduct would be a violation of the ACFE Code of Professional Ethics only if she is criminally convicted for her actions.
B. Maj's conduct would be a violation of the ACFE Code of Professional Ethics regardless of the circumstances.
C. Maj's conduct would not be a violation of the ACFE Code of Professional Ethics because she did not know the activity was illegal.
D. Maj's conduct would not be a violation of the ACFE Code of Professional Ethics because the Code does not cover illegal activity.

Answer: B

Explanation:
The ACFE Code of Professional Ethics requires CFEs to conduct themselves lawfully and ethically. A CFE's lack of knowledge that an activity is illegal does not automatically excuse the conduct under professional ethics. Fraud examiners are expected to exercise due care, maintain competence, and avoid conduct that discredits the profession. The Code is not limited to conduct that results in a criminal conviction; professional discipline can arise from conduct that violates ethical standards even if no court conviction occurs. Option B is incorrect because the Code does address illegal and unethical conduct. Option C is too narrow because ignorance of the law does not eliminate professional responsibility. Option D is incorrect because conviction is not the only basis for ethical violation. Therefore, Maj's illegal conduct would violate the Code regardless of the circumstances stated.

NEW QUESTION # 119
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