[2023] CFE-Fraud-Prevention-and-Deterrence All-in-One Exam Guide Practice To your CFE-Fraud-Prevention-and-Deterrence Exam! [Q16-Q35]

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[2023] CFE-Fraud-Prevention-and-Deterrence All-in-One Exam Guide Practice To your CFE-Fraud-Prevention-and-Deterrence Exam!

Preparations of CFE-Fraud-Prevention-and-Deterrence Exam 2023 Certified Fraud Examiner Unlimited 140 Questions

NEW QUESTION 16
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines_____________as
“a process, effected by an entity s board of directors management.
and other personnel designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.”

Fraud risk management

Corporate compliance

Internal control

Risk assessment

NEW QUESTION 17
Which of the following would MOST LIKELY be a violation of the ACFE Code of Professional Ethics?

Rodrigo. a CFE. uncovered several material Internal control deficiencies unrelated to the Kickback scheme he was Investigating. In his final report to management. Rodrigo included information about the deficiencies even though they were unrelated to the situation he was hired to investigate.

Vivian, a CFE, accepted an assignment to conduct a fraud examination within a manufacturing company. Because she was in a hurry to complete the investigation, she overlooked key items of evidence and ended up failing to uncover a major fraud scheme.

Tom, a CFE, was hired by a client to conduct a fraud examination but found nothing amiss. A year later, he received a court order to provide the client’s file to the ordering court. Tom complied with the court order, even though he did not have the client’s authorization to do so.

All of the above are violations.

NEW QUESTION 18
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.

True

False

NEW QUESTION 19
The existence of many specialized departments within a company generally decreases the overall risk of fraud within the organization

True

False

NEW QUESTION 20
Jody has been working at ABC Corp. for ten years. He steals funds from the company and tells himself that the company owes it to him for his “unrewarded hard work and loyalty” This situation BEST illustrates which leg of the Fraud Triangle?

Perceived non-shareable financial need

Rationalization

Perceived opportunity

Lack of personal Integrity

NEW QUESTION 21
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:

The continued pressures of a culture that rewards affluence and success

The economy’s increased reliance on credit

The increased constraints of the regulatory environment for businesses

The increased opportunity for wrongdoing as a result of advancing information technologies

NEW QUESTION 22
According to the 2020 Report to the Nations, which of the following is the MOST COMMON method by which frauds are detected?

Internal audit

Confession

Tips

External audit

NEW QUESTION 23
The objectives of a fraud risk management program include

Proactively identifying fraud risks

Limiting the damage caused by fraud occurrences

Punishing fraud perpetrators

All of the above

NEW QUESTION 24
The internal auditor’s fraud-related responsibilities include which of the following?

Evaluating whether management is actively retaining responsibility for oversight of the fraud risk management program

Reporting to regulators regarding the entity’s vulnerability to fraud

Overseeing management’s actions to manage fraud risks

Attesting that the organization’s financial statements are free of material misstatements caused by fraud

NEW QUESTION 25
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:

Use a checklist of initiatives to make sure all the elements of a strong tone at the lop are in place

Create an environment in which employees are dissuaded from challenging management’s decisions

Visibly adhere to the same set of ethics policies that is required of all employees

All of the above

NEW QUESTION 26
During an external audit, the audit team identifies evidence that management has intentionally omitted some expenses from the company’s financial statements in order to conceal an asset misappropriation scheme. However, the amount of the resulting misstatement does not meet the quantitative materiality threshold for the audit. Which of the following is TRUE regarding this situation?

The auditors should assume that all audit evidence collected previously is unreliable and withdraw from the audit engagement

The auditors should assess the need to adjust the nature, timing, and extent of remaining audit procedures based on this evidence.

The auditors can ignore the misstatement because the omitted amount is less than the quantitative materiality threshold and therefore immaterial to the audit.

The auditors do not need to be concerned with this evidence, as asset misappropriation schemes are not considered relevant or material for external audit purposes.

NEW QUESTION 27
Which of the following is TRUE regarding an organization s ethics program?

To be most effective, access to the organization s ethics policy should be restricted to employees and other internal parties only

In designing the ethics program, management should consider whether the organization currently has any ethical leadership issues

An effective written ethics policy alone is sufficient to communicate managements ethical philosophy and serve as a comprehensive ethics program

All of the above

NEW QUESTION 28
Which of the following is FALSE regarding the process of defining the objective of the fraud risk management program?

Management should examine previous fraud occurrences to determine how the ideal fraud risk management program would have prevented tnem.

Management must balance the investment in anti-fraud controls with the benefit of those controls and the amount of risk it is willing to accept.

Management must assign a quantitative measure to its risk appetite so that it can accurately measure the fraud risk management program’s effectiveness.

Management should tailor the detailed objectives of the fraud risk management program to the organization’s specific needs and goals.

NEW QUESTION 29
Which of the following is a detective anti-fraud control?

Separation of duties

Hiring policies and procedures

Independent reconciliations

Fraud awareness training

NEW QUESTION 30
Which of the following is one of the recommendations made by the National Commission on Fraudulent Financial Reporting (the Treadway Commission) to reduce the probability of fraud in financial reports?

A mandatory independent compensation committee

Shareholder oversight of internal controls

A written charter for management

Adequate audit committee resources and authority

NEW QUESTION 31
In the context of fraud examination, integrity requires all of the following EXCEPT:

Subordination of desires for personal gain to the interests of clients, employers, and the public

Avoidance of differences of opinion

Independence of mental attitude

An ability to analyze situations where no professional rules are specifically applicable and determine right from wrong

NEW QUESTION 32
In the context of a fraud examination, integrity requires all of the following EXCEPT:

Trustworthiness

A well-developed sense of moral philosophy

Avoidance of conflicts of interest

Refusal to admit errors

NEW QUESTION 33
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:

The continued pressures of a culture that rewards affluence and success

The economy’s increased reliance on credit

The decrease in funds available from government assistance programs

The increased opportunity for wrongdoing as a result of advancing information technologies

NEW QUESTION 34
Fraud risks related to regulatory and legal misconduct include all of the following EXCEPT:

Fraudulent customer payments

Anti-competitive practices

Insider trading

Conflicts of interest

NEW QUESTION 35
Which of the following theories suggests that, when considering the possibility of violating a law. people are likely to ask themselves. “What would my family and friends think if they find out?

Cognitive theory

Social control theory

Behavioral theory

Routine activities theory

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ACFE CFE-Fraud-Prevention-and-Deterrence Exam Syllabus Topics:

Topic	Details
Topic 1	Demonstrate knowledge of these concepts: basic accounting and auditing theory
Topic 2	Demostrate the knowledge of the types of fraudulent financial transactions incurred in accounting records
Topic 3	Demonstrate knowledge of fraud schemes, internal controls to deter fraud and other auditing and accounting matters
Topic 4	Tests your knowledge of why people commit fraud and what can be done to prevent it
Topic 5	Crime causation, white-collar crime, occupational fraud, fraud prevention, fraud risk assessment, and the ACFE Code of Professional Ethics

Focus on CFE-Fraud-Prevention-and-Deterrence All-in-One Exam Guide For Quick Preparation: https://www.real4prep.com/CFE-Fraud-Prevention-and-Deterrence-exam.html

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