Quiz CFE-Fraud-Prevention-and-Deterrence - Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Latest Dumps Collection

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The Association of Certified Fraud Examiners (ACFE) is a global professional organization dedicated to preventing, detecting, and combating fraud. One of the most popular certifications offered by this organization is the Certified Fraud Examiner (CFE) credential, which is recognized worldwide as the standard of excellence in the anti-fraud profession. The CFE program is designed to provide individuals with the knowledge and skills needed to identify and prevent fraud in their organizations.

ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q56-Q61):

NEW QUESTION # 56
Benjamin, a Certified Fraud Examiner CFE, was contacted regarding an engagement to investigate a complex money laundering case spanning numerous international jurisdictions and involving different types of technologies. Benjamin had previously attended a seminar on investigating money laundering schemes, but he had no other training or experience. However, he accepted the engagement and chose to conduct the work himself. Which of the following is TRUE regarding Benjamin's conduct?

A. Benjamin's conduct would be a violation of the ACFE Code of Professional Ethics.
B. Benjamin's conduct would be a violation of the ACFE Code of Professional Ethics only if he also violated applicable banking regulations.
C. Benjamin's conduct would not be a violation of the ACFE Code of Professional Ethics.
D. Benjamin's conduct would be a violation of the ACFE Code of Professional Ethics only if he failed to find evidence of fraud.

Answer: A

Explanation:
The ACFE Code of Professional Ethics requires fraud examiners to continually strive to increase the competence and effectiveness of the professional services performed under their direction. Related professional standards also require due professional care, adequate planning, and competence supported by appropriate education and experience. A complex international money laundering engagement involving multiple jurisdictions and technologies requires more than minimal exposure through a seminar. Accepting such an engagement without sufficient competence and choosing to handle it alone would fall short of the ethical obligation to perform only with proper capability and professional care. The violation does not depend on whether banking regulations were broken or whether Benjamin ultimately found fraud. The problem is accepting and conducting work beyond his demonstrated competence.

NEW QUESTION # 57
An effective system of internal controls:

A. Focuses more on detective controls than preventive controls
B. Decreases the perception that fraud will be detected
C. Focuses more on preventive controls than detective controls
D. Does not completely eliminate the risk of fraud

Answer: C

NEW QUESTION # 58
Which of the following is TRUE regarding International Standard on Auditing (ISA) 240?

A. ISA 240 requires auditors to effectively raise awareness about the risk of fraud within the audited organization.
B. ISA 240 establishes auditors as being primarily responsible for the prevention and detection of fraud within an organization.
C. ISA 240 establishes standards regarding the auditor's responsibility to consider fraud in an audit of financial statements.
D. ISA 240 creates requirements for management regarding the establishment of a holistic fraud risk management program.

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation:
ISA 240 (The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements) outlines the auditor's responsibility to assess and respond to the risk of material misstatement due to fraud. It does not impose a primary responsibility for fraud prevention and detection upon auditors-that responsibility lies with management (eliminating C). The standard also does not require auditors to actively raise fraud awareness within the organization (eliminating A), nor does it establish requirements for fraud risk management programs for management (eliminating D).
Reference:Fraud Examiners Manual, 2022, Fraud Prevention and Deterrence, Auditors' Fraud-Related Responsibilities - Section 4.501.

NEW QUESTION # 59
Ian is drafting a report containing the results of his company's fraud risk assessment process. To be MOST EFFECTIVE, Ian's report should:

A. Reflect the assessment team's subjective perspective toward the identified risks.
B. Include a complete list of all potential actions management could take to address all identified risks.
C. Focus on the findings that will make the most impact on the company's fraud risk management efforts.
D. Contain a detailed and comprehensive list of every finding in the assessment.

Answer: C

Explanation:
A fraud risk assessment report should be useful, understandable, and action-oriented. The CFE Fraud Prevention and Deterrence material emphasizes that assessment results should not become an overwhelming list of every observation. Management needs the most important risks, practical priorities, and clear recommendations that can improve fraud risk management. A report based mainly on subjective impressions would weaken reliability. A report containing every finding can distract management from the risks that matter most. A complete list of all possible actions is also not ideal because it may be too broad and impractical. The best report focuses on the significant findings that will drive meaningful improvement in the organization's anti-fraud program. Therefore, the most effective approach is to focus on the findings that will make the greatest impact.

NEW QUESTION # 60
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. Confront Brenna about the disagreements and discuss how they increase the organization's risk of fraud.
C. Automatically designate the employee travel and expense function as a high-risk area.
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 # 61
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