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ACFE CFE-Fraud-Prevention Exam Syllabus Topics:

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

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q95-Q100):

NEW QUESTION # 95
Effectively documenting and communicating organizational hierarchies, including the proper flow of information, can be a helpful tool in preventing fraud.

A. True
B. False

Answer: A

Explanation:
Importance of Documenting Organizational Hierarchies:
Clearly defined hierarchies help establish accountability, delineate responsibilities, and ensure the proper flow of information, reducing opportunities for fraud.
It minimizes ambiguity in roles and reporting lines, which are often exploited in fraudulent schemes.
Preventive Value:
By ensuring that employees know whom to report to and how to escalate concerns, organizations foster transparency and reduce fraud risk.
Conclusion: Proper documentation and communication of hierarchies are effective tools in fraud prevention.

NEW QUESTION # 96
Which of the following is the MOST EFFECTIVE way for management to respond to incidents of fraud within an organization?

A. Emphasizing to all employees that the company maintains a policy of zero tolerance for fraud.
B. Punishing frauds only if they have a significant financial impact.
C. Keeping all known incidents of fraud private to protect the identities of parties involved.
D. Maintaining a policy that allows employees one warning before they are terminated for committing fraud

Answer: A

NEW QUESTION # 97
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 suspend the current audit engagement and begin a new audit focused on the internal control deficiencies.
B. Saskia should communicate the deficiencies in writing to those charged with governance.
C. Saskia should provide a written communication about her findings to the relevant regulatory agencies.
D. Saskia should withdraw from the audit engagement immediately and issue a disclaimer on any prior work performed.

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 # 98
Which of the following is TRUE regarding International Standard on Auditing (ISA) 240?

A. ISA 240 establishes auditors as being primarily responsible for implementing anti-fraud internal controls within an organization.
B. ISA 240 provides guidance regarding the auditor's responsibility to consider fraud in an audit of financial statements.
C. ISA 240 creates requirements for the board of directors regarding the establishment of a holistic fraud risk management program.
D. ISA 240 requires auditors to effectively educate the staff about the risk of fraud within the audited organization.

Answer: B

NEW QUESTION # 99
A government auditor is conducting a financial statement audit of a public-sector entity in accordance with the International Standards of Supreme Audit Institutions (ISSAI). Which of the following is TRUE regarding the auditor's consideration of fraud during this engagement?

A. In addition to fraud, the auditor should remain alert to potential occurrences of abuse during the audit.
B. The auditor has the automatic ability to withdraw from the audit engagement if fraud is found.
C. The objectives of the audit are likely narrower than those of a private-sector financial statement audit.
D. The requirements found in International Standard on Auditing (ISA) 240 do not apply to the engagement

Answer: A

Explanation:
ISSAI Standards:
The International Standards of Supreme Audit Institutions (ISSAI) require government auditors to consider fraud and abuse during financial audits. Abuse includes improper use of authority or resources, which may not always meet the legal threshold of fraud but still warrants attention.
Expanded Audit Scope:
Unlike private-sector audits, public-sector audits often have broader objectives, requiring vigilance for misuse of public funds and resources.
Why A is Correct:
Staying alert to abuse ensures comprehensive accountability, aligning with ISSAI's objectives.

NEW QUESTION # 100
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