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ACFE CFE-Fraud-Prevention-and-Deterrence Exam Syllabus Topics:
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NEW QUESTION 36
Fraud risks related lo corruption include all of the following EXCEPT
- A. Payment of bribes
- B. Aiding and abetting vendor fraud
- C. Receipt of kickbacks
- D. Espionage by competitor
Answer: C
NEW QUESTION 37
Which of the following is a detective anti-fraud control?
- A. Fraud awareness training
- B. Separation of duties
- C. Hiring policies and procedures
- D. Independent reconciliations
Answer: B
NEW QUESTION 38
Management at ABC Corp. is assessing the company s ethical tone and how it affects the organization s fraud risk. To most effectively reinforce an anti-fraud culture, management should
- A. Use a checklist of initiatives to make sure all the elements of a strong tone at the top are in place
- B. All of the above
- C. Implement two separate sets of ethics policies one for management and one for employees
- D. Create an environment in which employees feel safe challenging managements decisions
Answer: B
NEW QUESTION 39
A report by a fraud examiner is privileged from disclosure by anyone other than the client.
- A. False
- B. True
Answer: A
NEW QUESTION 40
The existence of many specialized departments within a company generally decreases the overall risk of fraud within the organization
- A. True
- B. False
Answer: A
NEW QUESTION 41
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 should not disclose the results of its fraud audits to senior management or the board of directors in order to maintain independence.
- C. 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.
- 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: C
NEW QUESTION 42
Who is ultimately responsible lor ensuring the effectiveness of the organization's anti-fraud program?
- A. Internal auditors
- B. The compliance function
- C. Management
- D. External auditors
Answer: C
NEW QUESTION 43
Which of the following is one of the components of the Committee of Sponsoring Organizations of the Treactway Commission's (COSO) Enterprise Risk Management-Integrating with Strategy and Performance?
- A. Compliance
- B. Review and revision
- C. Event avoidance
- D. Risk tolerance
Answer: D
NEW QUESTION 44
Susannah Is conducting an external audit of a company In a jurisdiction that is subject to International Standards on Auditing (ISAs). While undertaking her audit procedures, she discovers evidence that senior management has been fraudulently manipulating the financial statements. Which of the following is Susannah's BEST response to these findings?
- A. Susannah should not disclose her findings to any other parties due to client confidentiality.
- B. Susannah should Immediately report her findings to the secunties regulators
- C. Susannah should confront management with her audit findings and try to get a confession.
- D. Susannah should report her findings to the audit committee of the board of directors.
Answer: D
NEW QUESTION 45
According to Diane Vaughan. which of the following factors increases an organization s inherent inclination toward committing crime?
- A. All of the above
- B. Management seeks out diversity in attitudes and perspectives when hiring employees
- C. Management links employee performance goals with company performance goals
- D. Rewards are given to employees who challenge the status quo
Answer: D
NEW QUESTION 46
Which of the following is among the board of directors' primary responsibilities related to fraud risk management?
- A. Implementing the fraud risk management program
- B. Punishing fraud perpetrators discovered through fraud risk management activities
- C. Designing the fraud risk management program
- D. Overseeing the organization's fraud risk management activities
Answer: D
NEW QUESTION 47
Which of the following is FALSE regarding the process of defining the objective of the fraud risk management program?
- A. Management should examine previous fraud occurrences to determine how the ideal fraud risk management program would have prevented them.
- B. Management should express risk appetite in a manner that is appropriate for and unique to the organization s culture and operations.
- C. Management must consider the total amount of fraud risk it is willing to accept when determining fraud risk management objectives
- D. Management must assign a quantitative measure to its risk appetite so that it can accurately measure the fraud risk management program s effectiveness
Answer: C
NEW QUESTION 48
A corporation can generally be held criminally responsible for criminal acts committed by its employees even if those in management had no knowledge of or participation in the underlying events.
- A. True
- B. False
Answer: A
NEW QUESTION 49
According to International Auditing Standard (ISA) 240. the two types of intentional financial statement misstatements that are relevant to the auditor are
- A. Misstatements resulting from fraudulent financial reporting and misstatements resulting from misappropriation of assets
- B. Misstatements affecting the income statement and misstatements affecting the balance sheet
- C. Misstatements resulting from revenue manipulation and misstatements resulting from expense manipulation
- D. Immaterial misstatements and material misstatements
Answer: B
NEW QUESTION 50
According to the authors of Crimes of the Middle Classes, all of the following factors have contributed to the rising problem of economic crime EXCEPT:
- A. The economy's increased reliance on credit
- B. The increased opportunity for wrongdoing as a result of advancing information technologies
- C. The decrease in funds available from government assistance programs
- D. The continued pressures of a culture that rewards affluence and success
Answer: B
NEW QUESTION 51
Which of the following is TRUE regarding G20/OECD Principles of Corporate Governance (the Principles)?
- A. The Principles are required to be implemented by all corporations in the jurisdictions that have officially adopted them
- B. The Principles state that an entity's corporate governance framework should ensure the equitable treatment of all shareholders.
- C. The Principles state that an entity's corporate governance framework should discourage active cooperation between corporations and stakeholders in creating wealth.
- D. The Principles are intended to be applicable in developed economies but not in emerging markets.
Answer: B
NEW QUESTION 52
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