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

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

Section

Objectives

Topic 1: Fraud Prevention and Deterrence

- Auditors' Role

1. Fraud detection responsibilities

- Corporate Governance

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

- Ethics

1. Ethical considerations in fraud examination

- Management's Role

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

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q198-Q203):

NEW QUESTION # 198
XYZ, Inc. Is a specialty retailer of high-end ergonomic office furniture. The company receives a very large order from ABC 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 XYZ should perform on ABC before proceeding with this transaction?

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

Answer: B

NEW QUESTION # 199
Article II of the ACFE Code of Professional Ethics prohibits illegal or unethical conduct, but it allows exceptions for unknowing violations of the law

A. True
B. False

Answer: B

NEW QUESTION # 200
Which of the following is TRUE regarding the internal audit function's reporting responsibilities pertaining to fraud?

A. The internal audit function should discuss how and when to report fraud-related issues with senior management and the board of directors before such issues arise.
B. The internal audit function is permitted, but not required, to periodically report about the organization's fraud risks to senior management and the board of directors.
C. The internal audit function is not permitted to communicate with the board of directors about fraud, as that is the responsibility of external auditors.
D. The internal audit function should not disclose the results of its fraud audits to senior management or the board of directors in order to maintain independence.

Answer: A

Explanation:
* Internal Audit Reporting Responsibilities:
* Internal audit must maintain open communication with senior management and the board to ensure appropriate handling of fraud-related issues.
* Establishing reporting protocols in advance ensures timely and consistent responses when fraud occurs.
* Analysis of Other Options:
* B. Periodic reporting is optional: Reporting fraud risks is a required responsibility.
* C. Non-disclosure: Fails to fulfill the role of internal audit in governance and accountability.
* D. No communication with the board: Misrepresents the internal audit's role in fraud oversight.
* Conclusion:Discussing reporting protocols proactively with senior management and the board is the correct approach.

NEW QUESTION # 201
Gian is a manager at Ram Co. and is tasked with building the company's fraud risk management program. As a starting point, Gian wants to formally define the program's objectives. Which of the following is TRUE regarding the process of defining the objectives of the fraud risk management program?

A. Gian must ensure that the company's investment in the fraud risk management program outweighs the benefit of those controls.
B. Gian must assign both a quantitative and qualitative measure to the company's risk appetite to accurately measure the program's effectiveness.
C. When expressing the organization's risk appetite, Gian should do so without regard to the company's culture or operations.
D. Gian should examine previous fraud occurrences to determine how the ideal fraud risk management program would have prevented them.

Answer: D

NEW QUESTION # 202
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 # 203
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