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ACFE CFE-Fraud-Prevention Exam Syllabus Topics:

Section	Weight	Objectives
Internal Controls and Fraud Prevention	25%	- Fraud detection and prevention controls - Internal control design and effectiveness
Fraud Prevention Framework	25%	- Fraud risk governance and oversight - Fraud risk assessment processes
Corporate Governance and Ethics	25%	- Code of conduct and compliance programs - Ethical culture and tone at the top
Fraud Risk Management and Deterrence	25%	- Monitoring and continuous improvement - Fraud prevention strategies and programs

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q101-Q106):

NEW QUESTION # 101
Which of the following is included in the G20/OECD Principles of Corporate Governance?

A. Support for the equal treatment of all members of an organization's governing body.
B. A requirement for a corporate governance framework that protects the exercise of management's rights.
C. An emphasis on the importance of timely, accurate, and transparent disclosure mechanisms.
D. A request that governments implement effective internal controls to support good corporate governance practices.

Answer: D

NEW QUESTION # 102
The internal auditor's fraud-related responsibilities include which of the following?

A. Reporting to regulators regarding the entity's vulnerability to fraud
B. Evaluating whether management is actively retaining responsibility for oversight of the fraud risk management program
C. Attesting that the organization's financial statements are free of material misstatements caused by fraud
D. Overseeing management's actions to manage fraud risks

Answer: B

Explanation:
Internal Auditors' Role in Fraud Risk Management:
Internal auditors evaluate management's commitment to overseeing and addressing fraud risks as part of their assurance role.
Why A is Correct:
Oversight of fraud risk management is a management responsibility, and internal auditors assess whether this responsibility is effectively retained and executed.

NEW QUESTION # 103
During an external audit, the audit team identifies evidence that management has intentionally omitted some expenses from the company's financial statements in order to conceal an asset misappropriation scheme. 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 assume that all audit evidence collected previously is unreliable and withdraw from the audit engagement
B. The auditors do not need to be concerned with this evidence, as asset misappropriation schemes are not considered relevant or material for external audit purposes.
C. The auditors should assess the need to adjust the nature, timing, and extent of remaining audit procedures based on this evidence.
D. The auditors can ignore the misstatement because the omitted amount is less than the quantitative materiality threshold and therefore immaterial to the audit.

Answer: C

Explanation:
Responsibility of Auditors:
Under International Standards on Auditing (ISA) 240, auditors are required to investigate any indications of fraud, regardless of the materiality of the misstatement.
Evidence of intentional misstatements indicates the potential for broader fraudulent activity, necessitating a reassessment of audit procedures.
Importance of Fraud Indicators:
Even if the misstatement does not exceed the materiality threshold, it represents a significant risk factor that could compromise the reliability of the financial statements.
Why B is Correct:
Adjusting audit procedures ensures that the audit team addresses the broader implications of the fraud risk while maintaining professional skepticism and compliance with auditing standards.

NEW QUESTION # 104
Jacques, an internal auditor, and Brenna, the company's travel and expense manager, have had several disagreements about employee expense limits and policies. Jacques has just been told that he will lead the company's fraud risk assessment. During the fraud risk assessment, Jacques should:

A. Include his disagreements with Brenna as a factor when assessing the risk of fraud in the employee travel and expense function.
B. Automatically designate the employee travel and expense function as a high-risk area.
C. Confront Brenna about the disagreements and discuss how they increase the organization's risk of fraud.
D. Request that someone else perform the fraud risk assessment work related to employee travel and expenses.

Answer: D

Explanation:
The Fraud Risk Assessment chapter stresses that the people leading and conducting the assessment must be independent and objective. The manual specifically warns that personal experiences or biases can affect the evaluation of fraud risk in a business area. It gives an example that if someone on the team had a bad experience with a person in a department, that experience might improperly influence the assessment, and in that situation someone else should perform the work related to that department. This guidance directly applies here. Because Jacques has had repeated disagreements with Brenna, his objectivity regarding the travel and expense function could reasonably be questioned. To preserve the integrity and neutrality of the fraud risk assessment, he should request that someone else handle that area.

NEW QUESTION # 105
Which of the following is a TRUE statement regarding the role of a well-designed organizational structure as part of an anti-fraud program?

A. Displaying organizational and departmental hierarchies can help fraudsters select their targets.
B. Effectively documenting and communicating the organizational structure to all employees can help prevent fraud.
C. A confused organizational structure makes it harder for a fraudster to perpetrate and conceal their misdeeds.
D. Formally establishing and communicating the proper flow of information in an organization can hinder its fraud prevention initiatives.

Answer: B

Explanation:
A clearly defined organizational structure contributes to accountability and reduces fraud risks.
According to the ACFE manual:
"An effectively documented and communicated structure helps prevent fraud by providing clear lines of authority and responsibility and ensuring appropriate oversight."

NEW QUESTION # 106
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