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ACFE CFE-Fraud-Prevention-and-Deterrence Exam Overview:

Certification Vendor:	Association of Certified Fraud Examiners (ACFE)
Exam Name:	CFE Exam – Fraud Prevention and Deterrence
Exam Number:	CFE-Fraud-Prevention-and-Deterrence
Exam Format:	True/False, Multiple-choice
Related Certifications:	Certified Fraud Examiner (CFE)
Real Exam Qty:	70
Passing Score:	75%
Available Languages:	English
Exam Duration:	90 minutes
Recommended Training:	CFE Exam Preparation Resources ACFE Official Training & Study Resources
Exam Registration:	ACFE CFE Exam Registration ACFE Exam Information and Scheduling
Sample Questions:	ACFE CFE-Fraud-Prevention-and-Deterrence Sample Questions
Exam Way:	Computer-based exam (remote proctoring via Prometric ProProctor or in-person Prometric test center)
Pre Condition:	Part of the ACFE Certified Fraud Examiner (CFE) exam program; eligibility requirements apply for CFE certification (education, experience, and ethics requirements).
Official Syllabus URL:	https://www.acfe.com/cfe-credential/about-the-cfe-exam

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ACFE CFE-Fraud-Prevention-and-Deterrence Certification Exam consists of approximately 500 multiple-choice questions and is divided into four sections: Fraud Prevention and Deterrence, Financial Transactions and Fraud Schemes, Investigation, and Law. Candidates must pass all four sections of the exam to become certified. CFE-Fraud-Prevention-and-Deterrence Exam is designed to test a candidate's knowledge, skills, and abilities in the areas of fraud prevention and detection, investigation, and reporting.

ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q154-Q159):

NEW QUESTION # 154
According to the differential reinforcement theory, behavior is weakened when positive rewards are gained or punishment is avoided.

A. False
B. True

Answer: A

Explanation:
* Differential Reinforcement Theory:
* This theory suggests behavior is strengthened when positive rewards are gained or punishment is avoided, not weakened.
* The premise is the opposite of what the statement claims.
* Conclusion:The statement is incorrect because differential reinforcement strengthens, not weakens, behavior.
References:ACFE discussions on behavioral theories and fraud prevention.

NEW QUESTION # 155
Which of the following is TRUE regarding the internal audit function's reporting responsibilities pertaining to fraud?

A. The internal audit function is not permitted to communicate with the board of directors about fraud, as that is the responsibility of external auditors.
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 should not disclose the results of its fraud audits to senior management or the board of directors in order to maintain independence.
D. 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.

Answer: B

NEW QUESTION # 156
Which of the following is TRUE regarding International Standard on Auditing (ISA) 240?

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

Answer: A

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 # 157
(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. Automatically designate the employee travel and expense function as a high-risk area.
B. Include his disagreements with Brenna as a factor when assessing the risk of fraud in the employee travel and expense function.
C. Request that someone else perform the fraud risk assessment work related to employee travel and expenses.
D. Confront Brenna about the disagreements and discuss how they increase the organization's risk of fraud.

Answer: C

Explanation:
The Fraud Risk Assessment chapter stresses that the people leading and conducting the fraud risk assessment must be independent and objective. The manual specifically warns that personal experiences or biases can improperly affect a team member's evaluation of fraud risks in a business area. It gives an example that if a team member had a bad experience with someone in a department, someone else should perform the fraud risk assessment work for that area to avoid bias. That guidance directly applies here. Because Jacques has had multiple disagreements with Brenna, his objectivity regarding the travel and expense function could reasonably be impaired or questioned. Therefore, to preserve the integrity of the assessment process, he should request that another person perform the fraud risk assessment work related to employee travel and expenses.

NEW QUESTION # 158
Luis, the internal audit manager for Oak Corporation, is working to formally incorporate the company's fraud risk assessment into its audit process. Which of the following options BEST describes how Oak's audit team should use the fraud risk assessment process and results as part of its audits?

A. To validate whether the organization is appropriately managing its low-to-moderate fraud risks.
B. To design audit tests to evaluate whether the company's anti-fraud controls are operating effectively and efficiently.
C. To inform the development of audit programs for areas that have been identified as having any risk of fraud, regardless of the risk level.
D. To confirm whether there is conclusive evidence that fraud is occurring within the company.

Answer: B

Explanation:
Internal audit should use the fraud risk assessment to focus audit work on the organization's significant fraud risks and related controls. The CFE material explains that auditors should consider fraud risks when assessing internal control design and determining audit steps. They should evaluate whether controls are adequate, operating as intended, and mitigating fraud risk effectively and efficiently. Option C is therefore correct.
Option A is incorrect because the audit process is not designed merely to confirm conclusive evidence of existing fraud. Option B is too broad because audit resources should be risk-based, not applied equally to every area with any level of fraud risk. Option D is too narrow because internal audit should focus particularly on moderate-to-high risks. The best use is designing tests of anti-fraud controls.

NEW QUESTION # 159
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