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ACFE CFE-Fraud-Prevention Exam Syllabus Topics:

Section	Weight	Objectives
Fraud Prevention and Deterrence	25%	- Fraud risk assessment - Anti-fraud policies and procedures - Whistleblowing and reporting mechanisms - Fraud prevention programs and frameworks - Internal control systems and evaluation - Monitoring, auditing, and continuous improvement - Ethics and corporate governance - Fraud risk governance and organizational culture - Fraud deterrence strategies and controls

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q193-Q198):

NEW QUESTION # 193
Baldwin, a Certified Fraud Examiner (CFE), has an ethical dilemma regarding his business contract with his professional partners. Which of the following scenarios demonstrates Baldwin consulting a source of guidance that would be considered the LOWEST level of reference to use for determining the most ethical action to take?

A. Baldwin contemplating philosophical principles related to ethics.
B. Baldwin reviewing the ACFE Code of Professional Ethics.
C. Baldwin asking for guidance from his family and friends.
D. Baldwin reading the applicable contract law.

Answer: C

NEW QUESTION # 194
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 report his findings to those charged with governance of the organization.
B. Patrick should not disclose his findings to any other parties due to client confidentiality
C. Patrick should immediately report his findings to local law enforcement authorities.
D. Patrick should confront management with his audit findings and try to get a confession.

Answer: A

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 # 195
Julia, an internal auditor, is formalizing a process to evaluate the effectiveness of the company's control system over time, including both ongoing evaluations and periodic, separate evaluations.
Julia's initiative BEST pertains to the component of the Committee of Sponsoring Organizations of the Treadway Commission's COSO Internal Control--Integrated Framework the Framework:

A. Control activities
B. Control environment
C. Risk assessment
D. Monitoring

Answer: D

Explanation:
The Management's Fraud-Related Responsibilities chapter defines monitoring as the process that assesses the effectiveness of a control system over time. The manual states that this component should include both ongoing evaluations and periodic separate evaluations, and that the findings should be measured against predefined criteria. This wording matches the question almost exactly. Monitoring also includes timely evaluation and communication of internal control deficiencies to the appropriate parties for corrective action. Because Julia is establishing a process for continuous and separate reviews of control effectiveness over time, her initiative falls squarely within the monitoring component of COSO's Internal Control--Integrated Framework.
None of the other components focus on the continuing evaluation of whether controls remain present and functioning over time in this way.

NEW QUESTION # 196
Black, a Certified Fraud Examiner CFE, was hired to conduct a fraud examination. He did not find fraud, but in Black's opinion, the controls he examined were deficient. Under the ACFE Code of Professional Ethics, which of the following is TRUE?

A. Black may include his opinion on the internal control deficiencies in his report to management only if he amends his engagement letter.
B. Black may include his opinion on the internal control deficiencies in his report to management because it is a technical matter.
C. Black is not permitted to express his opinion on the internal control deficiencies in his report to management under any circumstances.
D. Black may include his opinion on the internal control deficiencies in his report to management only if he gets formal approval from the board of directors.

Answer: B

Explanation:
The ACFE Code of Professional Ethics prohibits a fraud examiner from expressing an opinion regarding the guilt or innocence of any person or party. However, the manual clearly distinguishes prohibited opinions on guilt from permissible opinions on technical matters. It explains that fraud examiners may draw reasonable conclusions supported by evidence and, if qualified, may offer opinions regarding technical matters such as the relative adequacy of an entity's internal controls. Therefore, Black is not barred from discussing control deficiencies merely because he did not uncover fraud. As long as his opinion is within his expertise and has a reasonable evidential basis, including it in a report to management is ethically acceptable. For this reason, the option stating that he may express the opinion because it concerns a technical matter is correct.

NEW QUESTION # 197
Po, a Certified Fraud Examiner (CFE), was hired to conduct a fraud examination. She did not find fraud, but in Po's opinion, there were several internal control deficiencies that, if not corrected, could facilitate the occurrence of fraud. Under the ACFE Code of Professional Ethics, which of the following is TRUE?

A. Po may include her opinion on the internal controls in her report to management only if management agrees to compensate her for the addition.
B. Po may not include her opinion on the internal controls in her report to management because that is not what she was hired to assess.
C. Po may include her opinion on the internal controls in her report to management because it is a technical matter.
D. Po may include her opinion on the internal controls in her report to management only if she amends her contract.

Answer: C

NEW QUESTION # 198
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