ACFE CFE Fraud Prevention and Deterrence Certified Fraud Examiner – Fraud Prevention and Deterrence Exam Online Training
ACFE CFE Fraud Prevention and Deterrence Online Training
The questions for CFE Fraud Prevention and Deterrence were last updated at Nov 23,2024.
- Exam Code: CFE Fraud Prevention and Deterrence
- Exam Name: Certified Fraud Examiner - Fraud Prevention and Deterrence Exam
- Certification Provider: ACFE
- Latest update: Nov 23,2024
During an external audit of an organization’s financial statements. Peter, the external auditor, uncovers significant internal control deficiencies at the audit client’s organization. He believes these deficiencies could result in a material misstatement of the financial statements.
Which of the following should Peter do with regard to these findings?
- A . Peter should make a public announcement that he is withdrawing from the audit engagement.
- B . Peter should provide a written communication about the findings to those charged with governance.
- C . Peter should report the findings in writing directly to the appropriate regulatory agencies
- D . Peter should discreetly work with senior management to correct the underlying internal control deficiencies.
Professional auditing standards suggest that auditors incorporate an "element of predictability" in the selection of auditing procedures to be performed so that they ensure the same areas are tested in the same manner during each audit.
- A . True
- B . False
Consistently punishing perpetrators can be an effective fraud prevention mechanism
- A . True
- B . False
Which of the following statements is FALSE regarding an organization’s fraud risk management program?
- A . The program must include mechanisms to monitor and identify breaches in compliance.
- B . The responsibility of handling suspected incidents of noncompliance should be delegated to someone outside of the company.
- C . Formal sanctions for intentional noncompliance should be well-publicized throughout the company
- D . There should be measures in place to address failures in the design or operation of anti-fraud controls, as well as fraud occurrences
Jones, an accounting manager for a software company, wants to improve her team’s adherence to the company’s formal accounting policies and procedures and reduce the number of process exceptions they experience.
According to behaviorist theories, which of the following options would be the most effective way for Jones to condition her staff to follow the company’s formal accounting processes?
- A . Demote employees who do not adhere to the expected processes.
- B . Publicly call out and criticize employees who deviate from the formal processes.
- C . Offer a bonus to anyone who experiences no process exceptions for ninety days-
- D . Take away a day of paid time off for each process exception.
During the course of a fraud examination. While, an employee of the ABC Corp.. approaches Blue, a Certified Fraud Examiner (CFE), and tells Blue that she wishes to furnish information in confidence.
Blue also is employed by the ABC Corp. Blue should:
- A . Tell White that she will try to keep the information as confidential as possible
- B . Agree that the information will be held in confidence, even though Blue knows it will not be
- C . Take White’s request straight to ABC Corp.’s management
- D . Not agree to the request for confidentiality
Which of the following criminological theories states that individuals make a conscious decision to commit a crime and that crime can be deterred by reducing opportunities for criminal activity and increasing an individual’s personal risk of being caught and punished?
- A . Routine activities theory
- B . Differential association theory
- C . Rational choice theory
- D . Social conflict theory
Which of the following is NOT included in G20/OECD Principles of Corporate Governance (the Principles)?
- A . Guidance regarding appropriate board structures, responsibilities, and procedures
- B . Support for establishing stronger protection for foreign shareholders than for domestic shareholders
- C . A request that governments have in place an appropriate framework to support good corporate governance practices
- D . Recognition of the importance of the role of stakeholders in corporate governance
Having specialized departments within a company often increases the overall risk ot traud by the organization.
- A . True
- B . False
Which of the following would MOST LIKELY be a violation of the ACFE Code of Professional Ethics?
- A . Green a CFE, uncovered several material internal control deficiencies unrelated to the financial statement fraud he was investigating. In his final report to management. Green included information about the deficiencies even though they were unrelated to the situation he was hired to investigate.
- B . Stephanie, a CFE, accepted a fraud examination assignment and then instructed a lower-level employee to assess the company’s cash records for signs of fraud. She took his word when he said there was no evidence of wrongdoing and ended up failing to uncover a very costly fraud scheme.
- C . Susan, a CFE, was hired by a client to conduct a fraud examination but found nothing amiss A year later, she received a legal order from the local prosecutor’s office to provide the client’s file. Susan complied with the court order, even though she did not have the client’s authorization to do so.
- D . All of the above are violations
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