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ACFE CFE-Fraud-Prevention Exam Syllabus Topics:

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

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q116-Q121):

NEW QUESTION # 116
Which of the following is TRUE regarding the G20/OECD Principles of Corporate Governance?

A. They assert that a corporate governance framework should ensure the equitable treatment of all the organization's shareholders.
B. They are intended to be applicable in developed economies but not in emerging markets.
C. They state that a corporate governance framework should require disclosure of all financial information to the organization's investors.
D. They are required to be implemented by all corporations in the jurisdictions that have officially adopted them.

Answer: A

Explanation:
The G20/OECD Principles call for a corporate governance framework that ensures "the equitable treatment of all shareholders including minority and foreign shareholders." This principle reinforces fairness and equal rights in governance systems.
"The Principles... call for a corporate governance framework that protects the exercise of shareholders' rights and supports the equal treatment of all shareholders including minority and foreign shareholders."

NEW QUESTION # 117
Which of the following is TRUE regarding a background check policy for employees?

A. When verifying past employment, management should only ask previous employers to verify the candidate's previous position and dates of employment.
B. Management should perform a background check on any candidate who will have access to cash, checks, credit card numbers, or other items that are easily stolen.
C. If a background check was conducted on an employee at the time of hire, then there is no need for management to conduct additional background checks on that employee during their employment.
D. As part of the screening process, management should contact the personal and professional references provided by the job candidate only if they are unsure whether the candidate is being honest.

Answer: B

NEW QUESTION # 118
Which of the following statements is MOST ACCURATE regarding an organization's fraud risk management program?

A. All employees at the organization should be responsible for monitoring compliance with the program.
B. Systems to monitor and identify breaches in compliance must be included in the fraud risk management program.
C. Formal sanctions for intentional noncompliance should be kept private and only shared if a party absolutely needs to know.
D. Punishment for intentional noncompliance should be individualized based on the offender's personal circumstances.

Answer: B

NEW QUESTION # 119
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 not disclose his findings to any other parties due to client confidentiality
B. Patrick should confront management with his audit findings and try to get a confession.
C. Patrick should immediately report his findings to local law enforcement authorities.
D. Patrick should report his findings to those charged with governance of the organization.

Answer: D

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.
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.

NEW QUESTION # 120
During an external audit of an organization's financial statements, Saskia, the external auditor, uncoverssignificant internal control deficiencies at the organization. She believes these deficiencies could result in a material misstatement of the financial statements. Which of the following should Saskia do regarding these findings?

A. Saskia should provide a written communication about her findings to the relevant regulatory agencies.
B. Saskia should communicate the deficiencies in writing to those charged with governance.
C. Saskia should withdraw from the audit engagement immediately and issue a disclaimer on any prior work performed.
D. Saskia should suspend the current audit engagement and begin a new audit focused on the internal control deficiencies.

Answer: B

Explanation:
ISA 265 requires that significant deficiencies in internal control identified during an audit be communicated in writing to those charged with governance. The auditor is not obligated to inform regulatory agencies unless required by law (eliminating A). Internal control audits are not separate engagements under standard financial statement audits (eliminating B). Withdrawalfrom the engagement is a last resort and only appropriate under severe circumstances beyond internal control issues (eliminating D).

NEW QUESTION # 121
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