CFE-Fraud-Prevention-and-Deterrence Latest Dumps: Certified Fraud Examiner - Fraud Prevention and Deterrence Exam & Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Exam Cram

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

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

Section

Objectives

Topic 1: Fraud Prevention and Deterrence

- Corporate Governance

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

- Auditors' Role

1. Fraud detection responsibilities

- Management's Role

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

- Ethics

1. Ethical considerations in fraud examination

>> CFE-Fraud-Prevention-and-Deterrence Reliable Test Topics <<

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q152-Q157):

NEW QUESTION # 152
Which of the following scenarios would MOST LIKELY be considered a violation of the ACFE Code of Professional Ethics?

A. All of the above are violations.
B. Eric, a CFE, accepted a fraud examination assignment and then instructed his employee to assess the company's accounts receivable for indications of fraud. He accepted the employee's work that showed no evidence of fraud without conducting his own assessment. However, the employee missed some key information, causing Eric to fail to uncover a costly fraud scheme.
C. Mae, a CFE, was hired by a client to conduct a fraud examination but found nothing unusual. A year later, she received a legal order from the local prosecutor's office to provide the client's file. Mae complied with the court order despite not having the client's authorization to provide the file.
D. Grace, a CFE, uncovered internal control deficiencies that were material but unrelated to the financial statement fraud she was investigating. In her final report to management, Grace included information about the deficiencies despite their being unrelated to the situation she was hired to investigate.

Answer: A

Explanation:
Each scenario involves violations of the ACFE Code of Professional Ethics including unauthorized disclosure, failure to exercise due professional care, and inclusion of information outside of the scope of the engagement.
"CFEs must demonstrate a commitment to integrity and objectivity, avoid conflicts of interest, perform assignments with due diligence, and comply with lawful orders, balancing client confidentiality with legal obligations." Reference:ACFE Fraud Examiners Manual, 2020 International Edition -Standards of Professional Conduct, Section 4.1100 et seq..

NEW QUESTION # 153
An effective system of anti-fraud controls

A. Increases the perception that fraud will be detected
B. Focuses more on preventive controls than detective controls
C. Fully eliminates the risk of fraud
D. Focuses more on detective controls than preventive controls

Answer: B

Explanation:
* Purpose of Anti-Fraud Controls:
* Preventive controls deter fraud before it occurs, making them the primary focus of an effective anti-fraud program.
* Detective controls identify fraud after it has occurred, serving as a secondary line of defense.
* Analysis of Options:
* A. Fully eliminates risk: No system can fully eliminate fraud risk.
* B. Focus on detective controls: Less effective than prevention.
* D. Increases perception of detection: Important but not the primary focus.
* Conclusion:An effective anti-fraud system emphasizes preventive controls.
References:ACFE guidance on fraud control systems.

NEW QUESTION # 154
According to the authors of Crimes of the Middle Classes, all of the following factors have contributed to the rising problem of economic crime EXCEPT:

A. The continued pressures of a culture that rewards affluence and success
B. The increased constraints of the regulatory environment for businesses
C. The increased opportunity for wrongdoing as a result of advancing information technologies
D. The economy's increased reliance on credit

Answer: B

Explanation:
* Understanding the Factors of Economic Crime:The authors of Crimes of the Middle Classes identify factors contributing to economic crime:
* A. Cultural pressures: Society's emphasis on material success creates incentives for unethical behavior.
* B. Reliance on credit: A credit-based economy increases financial vulnerabilities and fraud opportunities.
* D. Advancing technologies: These create new avenues for economic crime through sophisticated methods.
* Analysis of Option C:
* Increased regulatory constraints typically deter crime by establishing clear compliance requirements. They do not contribute to the rising problem of economic crime but instead act as a countermeasure.
* Conclusion:Option C does not align with the factors discussed by the authors.
References:ACFE materials on cultural and technological influences on economic crime.

NEW QUESTION # 155
Tasha, a new Certified Fraud Examiner (CFE), has been tasked with her first fraud examination engagement.
What is the MOST ACCURATE statement regarding how Tasha should exercise professional skepticism as she conducts the engagement?

A. Tasha should begin the engagement with the belief that fraud has occurred.
B. Tasha should form her engagement hypothesis before referring to any preliminary information that is available to maintain objectivity.
C. Tasha should maintain a mindset that fraud has not occurred until she finds conclusive evidence.
D. Tasha should maintain her skeptical attitude throughout the entire engagement even if the evidence shows no signs of fraudulent activity.

Answer: D

Explanation:
Professional skepticism requires a questioning mind, critical assessment of evidence, and awareness that fraud can exist even when initial information appears innocent. Tasha should not begin with a fixed belief that fraud occurred, because that would bias the engagement. She also should not assume fraud has not occurred until conclusive evidence appears, because that would weaken her ability to identify red flags. Forming a hypothesis before reviewing preliminary information is also improper because the fraud examination should be guided by facts and logical fraud theory development. The most accurate approach is to maintain skepticism throughout the engagement. Even when evidence does not initially show fraud, a CFE should continue to evaluate information objectively and remain alert to inconsistencies, alternative explanations, and concealed misconduct. Therefore, option C is correct.

NEW QUESTION # 156
The Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Enterprise Risk Management-Integrating with Strategy and Performance defines what as 'the continual iterative process of obtaining information and sharing it throughout the entity'?

A. Strategy and objective-setting
B. Information, communication, and reporting
C. Performance
D. Governance and culture

Answer: B

Explanation:
Information, communication, and reporting involve the continual process of gathering and sharing relevant information across an organization to support decision-making and risk management. This ensures that all stakeholders are informed and that information flows effectively to enhance organizational performance.

NEW QUESTION # 157
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