ACFE CFE-FRAUD-PREVENTION-AND-DETERRENCE Dumps Questions Answers

ACFE CFE-FRAUD-PREVENTION-AND-DETERRENCE Dumps

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ACFE CFE-FRAUD-PREVENTION-AND-DETERRENCE Frequently Asked Questions

ACFE CFE-FRAUD-PREVENTION-AND-DETERRENCE Sample Questions

Question # 1

Which of the following is NOT a purpose served by a professional organization s code of conduct?

A. It provides more direct solutions to professional ethical dilemmas than might exist under general ethical principles
B. It serves as a reference and benchmark for ethical guidance
C. It provides clear answers to all ethical dilemmas the organization s members might face
D. It facilitates practical enforcement and profession-wide internal discipline 

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Question # 2

According to behaviorists such as B F Skinner, which of the following scenarios is mostly likely to occur when an undesired behavior is punished?

A. The behavior will be permanently suppressed
B. The behavior will return when punishment ceases
C. The behavior will occur more frequently.
D. The behavior will not be affected by the punishment

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Question # 3

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

A. Establishing well-defined job descriptions to facilitate performance evaluations
B. Evaluating employee performance based solely on productivity and profit
C. Tying employee compensation to reasonable organizational performance goals
D. Providing regular training to ensure that all employees are sufficiently prepared to perform their tasks

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Question # 4

Which of the following is among the audit committee s primary responsibilities related to fraud risk management?

A. Understanding how internal and external audit strategies address fraud risk
B. Designing the fraud risk management program
C. Punishing fraud perpetrators discovered through fraud risk management activities
D. Implementing the fraud risk management program 

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Question # 5

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

A. True 
B. False 

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Question # 6

Criminologist Charles McCaghy has slated that profit pressure is the single most compelling factor behind deviance by organizations

A. True 
B. False 

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Question # 7

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?

A. Contract law
B. The handling of similar situations by individuals he respects
C. Moral philosophical principles
D. The ACFE Code of Professional Ethics 

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Question # 8

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 resulting from revenue manipulation and misstatements resulting from expense manipulation
C. Misstatements affecting the income statement and misstatements affecting the balance sheet
D. Immaterial misstatements and material misstatements

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Question # 9

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

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Question # 10

A report by a fraud examiner is privileged from disclosure by anyone other than the client

A. True
B. False

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Question # 11

Which of the following is NOT considered a conflict of interest that is prohibited under the ACFE Code of Professional Ethics? ) 

A. Undertaking an engagement that decreases the fraud examiner's ability to perform their duties for their full-time employer
B. 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
C. Undertaking engagements for both sides in a case of an alleged product substitution scheme
D. Accepting an assignment to secretly infiltrate the fraud examiner s employing organization and transmit inside information to another party 

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Question # 12

According to Silk and Vogel's research, business leaders rationalize legal violations by asserting that the damage done by the violations is diffused among a large number of parties.

A. True
B. False

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Question # 13

Which of the following statements regarding document retention policies (DRPs) is TRUE?

A. Document retention policies do not need to include protocols for preserving electronic documents as most IT systems automatically preserve copies of such data
B. When establishing a document retention policy, management should consider any industry-specific rules for documenting and regaining records
C. An effective document retention policy permits the organization to continue the destruction of documents when faced with potential litigation
D. All of the above

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Question # 14

Which of the following is FALSE regarding proactive fraud auditing procedures?

A. Implementing proactive fraud audit procedures demonstrates management's intention to aggressively seek out possible fraudulent conduct
B. Fraud audit procedures should be designed to incorporate an element of surprise.
C. Analytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods
D. Fraud assessment questioning techniques are most appropriately used as part of the normal audit process

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Question # 15

Which of the following is NOT explicitly prohibited by the ACFE Code of Professional Ethics?

A. Participating in an activity where there is an undisclosed conflict of interest
B. Engaging in behavior that is against the law
C. Drawing conclusions based upon evidence
D. Acting in a way that could be deemed unethical by the industry

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Question # 16

Article II of the ACFE Code of Professional Ethics prohibits illegal or unethical conduct, but it allows exceptions for unknowing violations of the law

A. True
B. False

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Question # 17

Which of the following principles of corporate governance pertains to the duty of the organization to act in the best interest of society?

A. Responsibility
B. Fairness
C. Transparency
D. Accountability 

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Question # 18

For its compliance program lo be effective, an organization must perform procedures to ensure management hires only ethical individuals who exercise a substantial measure of discretion in acting on the organization s behalf. 

A. True 
B. False 

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Question # 19

According to International Organization for Standardization (ISO) 31000 2018. an organization's risk management program should be proportionate to the organization s specific operations and objectives.

A. True
B. False

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Question # 20

Open-door management policies are a fraud prevention mechanism that addresses which leg of the Fraud Triangle?

A. Opportunity 
B. Willingness
C. Lack of integrity
D. Pressure 

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Question # 21

The objective of anti-fraud controls is to:

A. Completely eliminate residual fraud risk
B. Reduce the residual fraud risk to a level that is significantly smaller than the inherent fraud risk
C. Reduce the inherent fraud risk to a level that is significantly smaller than the residual fraud risk.
D. Completely eliminate inherent fraud risk

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Question # 22

Which of the following is FALSE regarding fraud examiners responsibilities under the ACFE Code of Professional Ethics?

A. Confidential information provided to fraud examiners by their clients is considered privileged and therefore legally exempt from disclosure in all circumstances
B. In determining what information to include in a fraud examination report, fraud examiners should try to decide what users will consider important and material
C. If fraud examiners become aware of a situation that might appear to others as though they have a conflict of interest they should immediately disclose the situation to company management
D. Fraud examiners must obtain and document evidence in a manner that ensures that the chain of custody is preserved 

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Question # 23

The Institute of Internal Auditors' (IIA) International Standards for the Professional Practice of Internal Auditing states that

A. The internal auditor must apply the skill and care of an expert whose primary responsibility is investigating fraud
B. The internal auditor must apply the skill and care of an expert whose primary responsibility is detecting fraud.
C. The internal auditor must apply the skill and care of an unbiased, infallible audit professional.
D. The internal auditor must apply the skill and care of a reasonably prudent and competent internal auditor 

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Question # 24

Consistently punishing perpetrators can be an effective fraud prevention mechanism.

A. True
B. False 

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Question # 25

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

A. Separation of duties
B. Hiring policies and procedures
C. Independent reconciliations
D. Fraud awareness training 

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Question # 26

In the area of criminological theory, compliance is the theory that tries to prevent crime by providing economic incentives for voluntary conformity to the laws and using administrative efforts to control violations before they occur. 

A. True 
B. False

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Question # 27

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

A Studying the effect of the threat of vicarious liability on the behavior of corporate executives
B. Designing a model corporate compliance program
C. Defining the responsibility of the auditor in preventing and detecting fraud
D. Determining the specific requirements of the Principles of Risk Management

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Question # 28

In response to an employee s failure to meet performance expectations. a manager demotes the employee to a junior-level position This is an example of what type of behavioral response? 

A. Negative reinforcement
B. Punishment
C. Positive reinforcement
D. None of the above 

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Question # 29

Effective risk management involves balancing which of the following?

A. The organization s internal controls and its financial goals 
B. The organization s financial reporting model and its risk tolerance
C. The organization s regulatory requirements and its available resources
D. The organization s risk appetite and its ability to meet its objectives 

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Question # 30

During a fraud risk assessment, (he assessment (earn is seeking information on the ethical tone set by upper and middle managers The team members determine that, for this task, they would like to get candid one-on-one feedback from employees away from their peers. Which of the following techniques would be most helpful for them to use in gathering this information?

A. Surveys
B. Anonymous feedback mechanisms
C. Interviews
D. Focus groups

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Question # 31

Employees should be kepi unaware that management is watching for lifestyle and behavior changes in staff members that might indicate fraud

A. True
B. False 

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Question # 32

Jane, a Certified Fraud Examiner (CFE). was hired to conduct a fraud examination at XYZ Company. Her examination did not reveal any conclusive evidence that fraud had occurred or was occurring. Consequently. XYZ's management asked Jane to state in her official examination report that the company is free of fraud as a means of assuring the board of directors that the company's anti-fraud controls were effective. The ACFE Code of Professional Ethics prohibits Jane from complying with management's request

A. True 
B. False

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Question # 33

Gray, an independent Certified Fraud Examiner (CFE). was hired by Green president of the ABC Corporation, to investigate allegations that one oi ABC s employees is taking kickbacks. During the investigation. Gray learns that Green is involved in an unrelated fraud. Under the ACFE Code of Professional Ethics. Gray should: 

A. Tell the company's board of directors about Green
B. Report Green to law enforcement.
C. Resign from the engagement
D. Not disclose the information about Green. 

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Question # 34

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?

A Offer a bonus to anyone whose drawer reconciles perfectly for sixty days.
B. Take away an hour of paid time off for each time the drawer is over or short.
C. Publicly call out and criticize employees whose cash drawers are over or short
D. Demote employees who continue to have reconciliation discrepancies

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Question # 35

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

A. Subordination of desires for personal gain to the interests of clients, employers, and the public
B. Avoidance of differences of opinion
C. Independence of mental attitude
D. An ability to analyze situations where no professional rules are specifically applicable and determine right from wrong 

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Question # 36

Fraud risks related lo corruption include all of the following EXCEPT 

A. Espionage by competitor
B. Aiding and abetting vendor fraud
C. Payment of bribes
D. Receipt of kickbacks

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Question # 37

Which of the following would most likely be a violation of the ACFE Code of Professional Ethics?

A. 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
B. 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.
C. 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.
D. All of the above are violations

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Question # 38

Which of the following is NOT a responsibility of the organization s board of directors?

A. Acting as guardians of the organization s resources and assets
B. Managing the performance of employees charged with carrying out business activities
C. Assessing the strategy and underlying purpose of management's decisions and actions
D. Serving as the middlemen between shareholders and management 

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Question # 39

Which of the following is FALSE regarding a background check policy for employees'7

A. Where permitted by law. management should run a background check on any existing employee who is being promoted to a position that includes access to sensitive or valuable company resources, even if a background check was run on the individual at the time of hire
B. When verifying past employment, management should only ask previous employers to verify the dates the candidate was employed.
C. As part of the screening process, management should contact the references provided by the job candidate
D. At a minimum, management should conduct a background check on any candidate who will have constant access to cash, checks, and credit card numbers, or other easily stolen items. 

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Question # 40

According to modern criminological studies, which of the following is the determinant aspect of white-collar crime'?

A. Organizational opportunity
B. Absence of risk factors
C. Potential legal punishment
D. Social status

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