Latest CFE-Fraud-Prevention Exam Practice | Latest Test CFE-Fraud-Prevention Simulations

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ACFE CFE-Fraud-Prevention Exam Syllabus Topics:

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

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q67-Q72):

NEW QUESTION # 67
ArtisanWare, Inc. is a retailer of high-end kitchen supplies. The company receives a very large order from EFG Company, a new customer in a different country that wants to pay on credit.
Which of the following is MOST ACCURATE regarding the due diligence procedures that ArtisanWare should perform on EFG before proceeding with this transaction?

A. ArtisanWare only needs to undertake due diligence procedures if EFG conducts business in countries with known corruption risks.
B. ArtisanWare does not need to take any specific procedures to verify EFG's identity before accepting the transaction.
C. ArtisanWare should examine EFG's net worth as part of deciding whether to allow the purchase on credit.
D. ArtisanWare should perform the same level of due diligence as it would for any other customer to avoid claims of discrimination.

Answer: C

NEW QUESTION # 68
ABC. Inc. is a publicly traded, multi-national corporation. Which of the following statements is TRUE regarding the corporate governance requirements that ABC is subject to?

A. ABC is required to comply with G20/OECD Principles of Corporate Governance
B. ABC is subject to the Universal Corporate Governance Act because it is a publicly traded corporation.
C. ABC is not required to comply with any corporate governance requirements because it operates in multiple jurisdictions
D. ABC must comply with specific listing standards for the stock exchange(s) on which it is listed

Answer: D

Explanation:
Publicly traded companies must adhere to the listing standards of the stock exchanges where their shares are traded (e.g., NYSE or NASDAQ).

NEW QUESTION # 69
Black, a Certified Fraud Examiner CFE, was hired to conduct a fraud examination. He did not find fraud, but in Black's opinion, the controls he examined were deficient. Under the ACFE Code of Professional Ethics, which of the following is TRUE?

A. Black is not permitted to express his opinion on the internal control deficiencies in his report to management under any circumstances.
B. Black may include his opinion on the internal control deficiencies in his report to management only if he gets formal approval from the board of directors.
C. Black may include his opinion on the internal control deficiencies in his report to management because it is a technical matter.
D. Black may include his opinion on the internal control deficiencies in his report to management only if he amends his engagement letter.

Answer: C

Explanation:
The ACFE Code of Professional Ethics prohibits a fraud examiner from expressing an opinion regarding the guilt or innocence of any person or party. However, the manual clearly distinguishes prohibited opinions on guilt from permissible opinions on technical matters. It explains that fraud examiners may draw reasonable conclusions supported by evidence and, if qualified, may offer opinions regarding technical matters such as the relative adequacy of an entity's internal controls. Therefore, Black is not barred from discussing control deficiencies merely because he did not uncover fraud. As long as his opinion is within his expertise and has a reasonable evidential basis, including it in a report to management is ethically acceptable. For this reason, the option stating that he may express the opinion because it concerns a technical matter is correct.

NEW QUESTION # 70
Which of the following Is TRUE regarding the reporting of the fraud risk assessment results?

A. A fraud risk assessment report should reflect the assessment team's subjective perspective regarding the risks identified
B. All of the above
C. The fraud risk assessment report should be delivered in a style most suited to the language of the business
D. The fraud risk assessment report should contain a detailed, comprehensive list of every assessment finding

Answer: C

Explanation:
Reporting Fraud Risk Assessment Results:
Reports should align with the organization's operational language to ensure comprehension by management and stakeholders.
Why A is Correct:
Using business-appropriate language ensures effective communication of findings and recommendations.

NEW QUESTION # 71
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines____________ as "a process, effected by an entity's board of directors, management, andother personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance."

A. Corporate compliance
B. Risk assessment
C. Fraud risk management
D. Internal control

Answer: D

Explanation:
COSO defines internal control as a process executed by an entity's board, management, and personnel to provide reasonable assurance about achieving objectives in operations, reporting, and compliance.

NEW QUESTION # 72
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