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ACFE CFE-Fraud-Prevention-and-Deterrence Exam Syllabus Topics:
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NEW QUESTION 28
Which of the following statements regarding white-collar defendants is TRUE?
- A. All of the above
- B. The lower the offenders' social status, the more likely they are to be imprisoned
- C. They are less likely to insist on a trial than other offenders
- D. They are more likely to be fined than to face prison terms as punishment
Answer: D
NEW QUESTION 29
Which of the following is FALSE regarding G20/OECD Principles of Corporate Governance (the Principles)?
- A. The Principles state that an entity's corporate governance framework should encourage active cooperation between corporationfiand stakeholders in creating wealth.
- B. The Principles are required to be implemented by all corporations in the jurisdictions that have officially adopted them
- C. The Principles are intended to be applicable in both developed economies and emerging markets
- D. The Principles state that an entity's corporate governance framework should ensure the equitable treatment of all shareholders
Answer: C
NEW QUESTION 30
According to modern criminological studies, which of the following is the determinant aspect of white-collar crime'?
- A. Organizational opportunity
- B. Social status
- C. Potential legal punishment
- D. Absence of risk factors
Answer: B
NEW QUESTION 31
According to Steve Albrecht's research,______is the most common personal characteristic motivating fraudsters, and ________ is the most common organization-environment factor motivating fraudsters.
- A. Living beyond their means, too much trust in key employees
- B. Desire for recognition, lack of separation of duties
- C. Revenge: too much trust in key employees
- D. High personal debt; lack of separation of duties
Answer: A
NEW QUESTION 32
Which of the following is NOT a responsibility of the organization s board of directors?
- A. Serving as the middlemen between shareholders and management
- B. Acting as guardians of the organization s resources and assets
- C. Managing the performance of employees charged with carrying out business activities
- D. Assessing the strategy and underlying purpose of management's decisions and actions
Answer: A
NEW QUESTION 33
According to the 2018 Report to the Nations, which of the following is the most common method by which frauds are detected?
- A. External audit
- B. Confession
- C. Internal audit
- D. Tips
Answer: D
NEW QUESTION 34
Which of the following is FALSE regarding the process of defining the objective of the fraud risk management program?
- A. Management must assign a quantitative measure to its risk appetite so that it can accurately measure the fraud risk management program s effectiveness
- 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 should examine previous fraud occurrences to determine how the ideal fraud risk management program would have prevented them.
Answer: C
NEW QUESTION 35
According to Diane Vaughan. which of the following factors increases an organization s inherent inclination toward committing crime?
- A. Management links employee performance goals with company performance goals
- B. All of the above
- C. Rewards are given to employees who challenge the status quo
- D. Management seeks out diversity in attitudes and perspectives when hiring employees
Answer: C
NEW QUESTION 36
Which of the following principles of corporate governance pertains to the duty of the organization to act in the best interest of society?
- A. Transparency
- B. Fairness
- C. Responsibility
- D. Accountability
Answer: C
NEW QUESTION 37
Which of the following is NOT considered a conflict of interest that is prohibited under the ACFE Code of Professional Ethics? )
- A. Undertaking engagements for both sides in a case of an alleged product substitution scheme
- B. Undertaking an engagement that decreases the fraud examiner's ability to perform their duties for their full-time employer
- C. Accepting an assignment to secretly infiltrate the fraud examiner s employing organization and transmit inside information to another party
- D. 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
Answer: A
NEW QUESTION 38
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. Social conflict theory
- B. Differential association theory
- C. Routine activities theory
- D. Rational choice theory
Answer: D
NEW QUESTION 39
Jenny is a highly respected employee at XYZ Corp Her husbands gambling addiction has caused them to have a significant amount of debt Jenny begins stealing money from the company to cover her husbands gambling losses. This situation best illustrates which leg of the Fraud Triangle?
- A. Rationalization
- B. Perceived non-shareable financial need
- C. Perceived acquiescence
- D. Perceived opportunity
Answer: B
NEW QUESTION 40
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. Not agree to the request for confidentiality
- C. Take White's request straight to ABC Corp.'s management
- D. Agree that the information will be held in confidence, even though Blue knows it will not be
Answer: B
NEW QUESTION 41
During an external audit of an organization's financial statements. Elena, the external auditor, uncovers significant internal control deficiencies at the audit client's organization. She believes these deficiencies could result in a material misstatement of the financial statements. Which of the following should Elena do with regard to these findings?
- A. Elena should work independently to correct the underlying internal control deficiency.
- B. Elena should provide a written communication about the findings to senior management.
- C. Elena should suspend the audit and begin a new audit focused on the internal controls
- D. Elena should report the findings in writing to the appropriate law enforcement agencies.
Answer: B
NEW QUESTION 42
Which of the following is NOT a way that an organization's fraud risk assessment should be incorporated into the audit process''
- A. It should be used to increase awareness in the development of audit programs for areas that have been identified as having a moderate-to-high risk of fraud.
- B. It should be used to replace the auditor's own identification and assessment of fraud risks.
- C. It should be used to assess whether there is a moderate-to-high risk of management override of internal controls within the moderate-to-high fraud risk areas
- D. It should be used to design audit tests to evaluate whether the controls are operating effectively
Answer: B
NEW QUESTION 43
The theory of differential association is used frequently to explain white-collar criminality Which of the following is NOT one of the assertions or principles of differential association?
- A. Criminal behavior is acquired through participation with intimate personal groups
- B. The process of learning criminal behavior Is the same as pure imitation
- C. Criminal behavior is learned using the same mechanisms as other learning
- D. Criminal behavior is learned from other people in a process of communication
Answer: A
NEW QUESTION 44
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. 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
- 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
Answer: C
NEW QUESTION 45
Which of the following is NOT one of the three general approaches used to control corporate crime?
- A. Voluntary changes in corporate attitudes and structure
- B. Consumer action to force change
- C. Strong intervention of the government
- D. Media blacklisting of the organization
Answer: A
NEW QUESTION 46
During a fraud risk assessment, the assessment team determines that it would like to observe the interactions among several employees as they collectively discuss the organization's current fraud awareness training. Which of the following techniques would be MOST HELPFUL for the team to use in gathering this information?
- A. Interviews
- B. Anonymous feedback mechanisms
- C. Surveys
- D. Focus groups
Answer: D
NEW QUESTION 47
Which of the following is FALSE regarding the fraud risk assessment learn?
- A. The team size should be limited to a maximum of three individuals
- B. The team members might include both internal and external sources.
- C. The team members should have experience in gathering and eliciting information
- D. The team should consist of individuals with diverse knowledge, skills, and perspectives
Answer: A
NEW QUESTION 48
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. The ACFE Code of Professional Ethics
- B. Contract law
- C. Moral philosophical principles
- D. The handling of similar situations by individuals he respects
Answer: D
NEW QUESTION 49
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.
- A. True
- B. False
Answer: B
NEW QUESTION 50
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. Not disclose the information about Green.
- D. Resign from the engagement
Answer: B
NEW QUESTION 51
Which of the following is among the board of directors' primary responsibilities related to fraud risk management?
- A. Designing the fraud risk management program
- B. Overseeing the organization's fraud risk management activities
- C. Implementing the fraud risk management program
- D. Punishing fraud perpetrators discovered through fraud risk management activities
Answer: B
NEW QUESTION 52
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