Quiz ACFE - CFE-Fraud-Prevention-and-Deterrence - Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Authoritative Latest Dumps Sheet

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ACFE CFE-Fraud-Prevention-and-Deterrence (Certified Fraud Examiner - Fraud Prevention and Deterrence) Exam is a certification offered by the Association of Certified Fraud Examiners (ACFE) to professionals who specialize in the prevention, detection, and deterrence of fraud. CFE-Fraud-Prevention-and-Deterrence Exam is designed to test the knowledge and skills of individuals who are responsible for developing and implementing fraud prevention programs in their organizations.

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The CFE-Fraud-Prevention-and-Deterrence Exam covers a wide range of topics, including fraud prevention and deterrence, financial transactions and fraud schemes, law and ethics, investigation, and reporting. CFE-Fraud-Prevention-and-Deterrence exam consists of four sections, each containing 125 multiple-choice questions. To pass the exam, candidates must score at least 75% on each section. Certified Fraud Examiner - Fraud Prevention and Deterrence Exam certification is recognized globally and is highly valued by employers in both the public and private sectors. It is an excellent credential for professionals who want to advance their careers in the fraud prevention and deterrence field.

ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q82-Q87):

NEW QUESTION # 82
The existence of many specialized departments within a company generally decreases the overall risk of fraud within the organization

A. False
B. True

Answer: B

NEW QUESTION # 83
Which of the following would most likely be a violation of the ACFE Code of Professional Ethics?

A. All of the above are violations
B. Green, a CFE. uncovered several material internal control deficiencies unrelated to the financial statement fraud he was investigating. In his final report to management. Green included information about the deficiencies even though they were unrelated to the situation he was hired to investigate.
C. Stephanie, a CFE. accepted a fraud examination assignment and then instructed a lower-level employee to assess the company's cash records for signs of fraud She took his word when he said there was no evidence of wrongdoing and ended up failing to uncover a very costly fraud scheme.
D. Susan, a CFE was hired by a client to conduct a fraud examination but found nothing amiss A year later, she received a legal order from the local prosecutor's office to provide the client's file Susan complied with the court order, even though she did not have the client's authorization to do so

Answer: C

NEW QUESTION # 84
The internal auditor's fraud-related responsibilities include which of the following?

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

Answer: C

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 # 85
Which of the following Is FALSE regarding proactive fraud auditing procedures?

A. Implementing proactive fraud audit procedures demonstrates management's intention to aggressively look for possible fraudulent conduct
B. Fraud assessment questioning techniques are most appropriately used as part of the normal audit process
C. Fraud audit procedures should be designed to incorporate an element of surprise
D. Analytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods

Answer: D

Explanation:
* Proactive Fraud Auditing Procedures:
* Analytical reviews are effective for identifying large or unusual trends and anomalies, not necessarily small frauds.
* Other tools, such as detailed transaction testing, are better suited for uncovering small frauds.
* Analysis of Other Options:
* A. Element of surprise: A key feature of fraud audits.
* C. Fraud assessment questioning: Valid as part of the audit process.
* D. Management's intentions: Proactive procedures signal a strong stance against fraud.
* Conclusion:Option B is false because analytical reviews are better at detecting significant anomalies rather than small frauds.
References:ACFE materials on fraud auditing techniques.

NEW QUESTION # 86
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines____________ as
"a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance."

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

Answer: A

Explanation:
* COSO Definition of Internal Control:
* 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.
* Analysis of Options:
* A. Corporate compliance: Corporate compliance focuses on adhering to laws and regulations, not the broader operational objectives.
* B. Fraud risk management: This is a component of internal control, not its definition.
* C. Risk assessment: This is a step within the internal control process but not the overarching process.
* D. Internal control: Matches the COSO definition accurately.
* Conclusion:Internal control is the correct answer as defined by COSO.
References:COSO Internal Control Framework documentation.

NEW QUESTION # 87
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