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

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

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q11-Q16):

NEW QUESTION # 11
According to the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Internal Control-integrated Framework (the Framework), there are five interrelated components of a company's internal control. Which of the following is NOT among these five components?

A. Independent oversight
B. Control environment
C. Information and communication
D. Monitoring

Answer: A

Explanation:
COSO Internal Control Framework Components:
* The five components are:
* Control Environment
* Risk Assessment
* Control Activities
* Information and Communication
* Monitoring Activities
Why C is Correct:
* Independent oversight, while important in governance, is not explicitly listed as one of the five COSO components. It may relate to broader governance structures but is not a core component of the internal control framework.
References:
* COSO Internal Control-Integrated Framework.

NEW QUESTION # 12
Which of the following would MOST LIKELY be a violation of the ACFE Code of Professional Ethics?

A. Tom, a CFE, was hired by a client to conduct a fraud examination but found nothing amiss. A year later, he received a court order to provide the client's file to the ordering court. Tom complied with the court order, even though he did not have the client's authorization to do so.
B. Rodrigo. a CFE. uncovered several material Internal control deficiencies unrelated to the Kickback scheme he was Investigating. In his final report to management. Rodrigo included information about the deficiencies even though they were unrelated to the situation he was hired to investigate.
C. All of the above are violations.
D. Vivian, a CFE, accepted an assignment to conduct a fraud examination within a manufacturing company. Because she was in a hurry to complete the investigation, she overlooked key items of evidence and ended up failing to uncover a major fraud scheme.

Answer: C

Explanation:
* Analysis of Each Scenario:
* A. Rodrigo: Reporting unrelated findings without a clear mandate violates principles of focus and relevance under the ACFE Code.
* B. Vivian: Overlooking evidence demonstrates a lack of due diligence and professionalism.
* C. Tom: Complying with a court order is permissible, but failure to safeguard client confidentiality before receiving the order constitutes a breach.
* Ethical Standards:
* Each scenario demonstrates a failure to meet the ethical and professional responsibilities outlined in the ACFE Code.
* Conclusion:All scenarios represent violations of the ACFE Code of Professional Ethics.
References:ACFE Code of Professional Ethics, particularly diligence and confidentiality provisions.

NEW QUESTION # 13
During a fraud risk assessment, the assessment team determines that it would like to observe the interactions among several employees as they collectively discuss the organization's current fraud awareness training.
Which of the following techniques would be MOST HELPFUL for the team to use in gathering this information?

A. Interviews
B. Surveys
C. Anonymous feedback mechanisms
D. Focus groups

Answer: D

Explanation:
Definition of Focus Groups:
* Focus groups involve small groups of individuals discussing a specific topic under the guidance of a facilitator. This technique is used to gather qualitative insights through direct interaction and observation.
Why A is Correct:
* Observing employee interactions during a focus group provides rich, contextual data about attitudes, understanding, and engagement with fraud awareness training.
Why Other Options are Incorrect:
* B (Surveys): Collect quantitative data but lack interaction and observational opportunities.
* C (Anonymous feedback mechanisms): Useful for confidentiality but do not allow observation.
* D (Interviews): Individualized and do not involve group dynamics.

NEW QUESTION # 14
Patrick is conducting an external audit of a company in a jurisdiction that is subject to International Standards on Auditing (ISAs). While undertaking his audit procedures, he discovers evidence that senior management has been fraudulently manipulating the financial statements. Which of the following is Patrick's BEST response to these findings?

A. Patrick should immediately report his findings to local law enforcement authorities.
B. Patrick should report his findings to those charged with governance of the organization.
C. Patrick should confront management with his audit findings and try to get a confession.
D. Patrick should not disclose his findings to any other parties due to client confidentiality

Answer: B

Explanation:
International Standards on Auditing (ISAs) Requirements:
ISAs require auditors to communicate suspected or confirmed fraud to "those charged with governance" of the organization, as they have the responsibility for oversight.
ISA 240, "The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements," mandates that findings be reported to appropriate governance bodies before considering further actions.
Confidentiality and Legal Obligations:
Auditors must maintain confidentiality unless legal or regulatory frameworks require disclosure to authorities.
Immediate reporting to law enforcement (option B) may breach confidentiality without proper internal escalation.
Why Option D is Correct:
Reporting to governance ensures proper internal actions are taken and protects the integrity of the audit process. It allows the organization to address the issue before external involvement if required.
References:
ISA 240 and the ACFE guidelines on professional auditor conduct.

NEW QUESTION # 15
Which of the following is NOT included in G20/OECD Principles of Corporate Governance (the Principles)?

A. A request that governments have in place an appropriate framework to support good corporate governance practices
B. Recognition of the importance of the role of stakeholders in corporate governance
C. Guidance regarding appropriate board structures, responsibilities, and procedures
D. Support for establishing stronger protection for foreign shareholders than for domestic shareholders

Answer: D

Explanation:
* Understanding G20/OECD Principles of Corporate Governance:These principles provide a framework to improve corporate governance worldwide. Key elements include board responsibilities, shareholder rights, equitable treatment, and stakeholder roles.
* Analysis of Options:
* A. Guidance on board structures: This is included in the principles to ensure effective governance and oversight.
* C. Framework for corporate governance: Governments are encouraged to create legal and regulatory frameworks supporting corporate governance.
* D. Stakeholder importance: Stakeholders' roles in governance are recognized, acknowledging their contribution to sustainable business practices.
* B. Stronger protection for foreign shareholders: The principles advocate for equitable treatment of all shareholders, not preferential treatment for any group.
* Conclusion:Option B contradicts the principle of equitable treatment, making it the correct answer.
References:G20/OECD Principles of Corporate Governance documentation.

NEW QUESTION # 16
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