Get Started CFE-Fraud-Prevention-and-Deterrence Exam [2023] Dumps ACFE PDF Questions [Q31-Q51]

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Get Started: CFE-Fraud-Prevention-and-Deterrence Exam [2023] Dumps ACFE PDF Questions

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QUESTION 31
Black, a Certified Fraud Examiner (CFE). was hired to conduct a fraud examination. He did not find fraud, but. in Black’s opinion, the controls he examined were deficient. Under the ACFE Code of Professional Ethics. Black is not permitted to express his opinion on the deficient controls.

True

False

QUESTION 32
Effective risk management involves balancing which of the following?

The organization s internal controls and its financial goals

The organization s financial reporting model and its risk tolerance

The organization s regulatory requirements and its available resources

The organization s risk appetite and its ability to meet its objectives

QUESTION 33
Blue, a Certified Fraud Examiner (CFE). had an ethical dilemma regarding the contract governing one of his professional engagements. Which of the following sources of guidance would be considered the lowest level of reference to help Blue in determining the most ethical course of action?

Contract law

The handling of similar situations by individuals he respects

Moral philosophical principles

The ACFE Code of Professional Ethics

QUESTION 34
Green, a Certified Fraud Examiner (CFE). had an ethical dilemma regarding her business contract with her professional partners. Which of the following sources of guidance would be considered the lowest level of reference to help Green in determining the most ethical course of action?

Contract law

Guidance from her family and friends

The ACFE Code of Professional Ethics

Philosophical principles related to ethics

QUESTION 35
Which of the following Is NOT considered a conflict of Interest that Is prohibited under the ACFE Code of Professional Ethics?

Undertaking an engagement that decreases the fraud examiner’s ability to perform their duties for their full-time employer

Accepting an assignment to assess red flags of fraud at an organization in which the fraud examiner is a partner, provided the fraud examiner’s ownership interest is disclosed

Undertaking engagements for both sides in a case of an alleged product substitution scheme

Accepting an assignment to secretly infiltrate the fraud examiner’s employing organization and transmit inside information to another party

QUESTION 36
Which of the following is NOT a factor that directors and management should consider when developing a corporate governance framework for an organization?

The legal and regulatory environment in which the organization operates

The ability of the framework to remain static during changes in the corporate landscape

The organization’s ethical environment

The organization’s cultural environment

QUESTION 37
Which of the following statements Is TRUE regarding how fraud examiners should exercise professional skepticism during a fraud examination engagement?

Fraud examiners should not relax their skeptical attitudes under any circumstances.

Professional skepticism involves maintaining a mindset that no fraud has occurred

Fraud examiners should form the engagement hypothesis without regard to the nature of the assignment

Professional skepticism can be dispelled only by evidence

QUESTION 38
_____________Is the criminological theory that presents crime as a conscious decision that can be deterred by reducing opportunities for criminal activity and increasing the personal risk to an Individual of being caught and punished.

Differential association theory

Routine activities theory

Justification of action theory

Rational choice theory

QUESTION 39
Which of the following best describes the purpose of The National Commission on Fraudulent Financial Reporting (the Treadway Commission)?

Studying the effect of the threat of vicarious liability on the behavior of corporate executives

Designing a model corporate compliance program

Defining the responsibility of the auditor in preventing and detecting fraud

Determining the specific requirements of the Principles of Risk Management

QUESTION 40
In identifying the inherent fraud risks that could apply to the organization, the fraud risk assessment team should discuss:

The organization’s incentive programs

The possibility of management’s override of controls

Risks to the organization’s reputation

All of the above

QUESTION 41
Employee anti-fraud education should:

Include examples of prior employee misconduct and how those situations were handled

Include descriptions of the procedures that management uses to detect fraud.

Be restricted to formal educational mechanisms to reinforce the importance of the message

Be presented by organizational executives or anti-fraud professionals only

QUESTION 42
Which of the following is NOT an effective way to help prevent fraud through the organization’s performance measurement and management programs?

Including ethics-based metrics as a component of performance evaluations

Providing regular training to ensure that all employees are sufficiently prepared to perform their tasks

Establishing loosely defined job descriptions that allow employees flexibility in their roles

Tying employee compensation to reasonable organizational performance goals

QUESTION 43
Smith, a retail sales manager, wants to decrease the level of cash register over-and-short discrepancies among his sales team. According to behaviorist theories, which of the following options would be the most effective way for Smith to encourage his team members to keep their cash drawers in balance?

Offer a bonus to anyone whose drawer reconciles perfectly for sixty days.

Take away an hour of paid time off for each time the drawer is over or short.

Publicly call out and criticize employees whose cash drawers are over or short

Demote employees who continue to have reconciliation discrepancies

QUESTION 44
Which of the following is FALSE regarding a fraud risk assessment?

The designation of an area as being high risk does not conclusively mean that fraud is occurring there

The objective of the assessment is to provide an estimate of the organization s fraud losses

The assessment should be used to improve employee fraud awareness

The assessment team should consider how employees behave as part of its assessment

QUESTION 45
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

QUESTION 46
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

QUESTION 47
Which of the following statements is FALSE?

Controls are not effective in preventing theft and fraud If those at risk do not know of their presence

Most experts agree that it is harder to detect frauds than to prevent them

Educating employees about company hotlines and reporting programs increases their perception of detection

Conducting covert audits is among the most effective fraud prevention methods

QUESTION 48
Maria conducted a fraud examination that led to a valid confession of guilt from Rita. In Maria’s verbal report to her superiors, she stated that, in her opinion. “Rita is guilty of embezzlement.” Maria has just violated the ACFE Code of Professional Ethics.

True

False

QUESTION 49
Glend
a. an internal auditor, and Brldgette. an accounts receivable clerk, have had several heated disagreements over accounting procedures and policies. Glenda has just been told that she will be the lead on the company’s fraud risk assessment. During the fraud risk assessment. Glenda should:

Confront Bridgette about the disagreements and discuss how they increase the department’s risk of fraud.

Include her disagreements with Bridgette as a factor when assessing the risk of fraud in the accounts receivable department.

Automatically designate the accounts receivable department as a high-risk area.

Have someone else perform the fraud risk assessment work related to the accounts receivable department’s activities.

QUESTION 50
Which of the following is TRUE regarding the communication of the fraud risk assessment process?

The communication should be in the form of a personalized message from the assessment sponsor

The communication should actively encourage employees to participate in the assessment process

The communication should be visibly disseminated throughout the business

All of the above

QUESTION 51
An effective system of anti-fraud controls

Fully eliminates the risk of fraud

Focuses more on detective controls than preventive controls

Focuses more on preventive controls than detective controls

Increases the perception that fraud will be detected

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The CFE-Fraud-Prevention-and-Deterrence Exam is a computer-based test that consists of multiple-choice questions. The exam is divided into four sections, each testing the candidates on a specific area of fraud prevention and detection. The first section tests the candidate’s knowledge of fraud prevention and deterrence, including understanding the principles of fraud prevention, assessing fraud risk, and implementing fraud prevention programs. The second section focuses on financial transactions and fraud schemes, including understanding accounting concepts, analyzing financial statements, and detecting and investigating financial statement fraud.

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Get Started CFE-Fraud-Prevention-and-Deterrence Exam [2023] Dumps ACFE PDF Questions [Q31-Q51]

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