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ACFE CFE-Fraud-Prevention-and-Deterrence Exam Syllabus Topics:
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NEW QUESTION 33
An effective system of anti-fraud controls
- A. Focuses more on preventive controls than detective controls
- B. Focuses more on detective controls than preventive controls
- C. Increases the perception that fraud will be detected
- D. Fully eliminates the risk of fraud
Answer: A
NEW QUESTION 34
In the context of a fraud examination, integrity requires all of the following EXCEPT:
- A. Refusal to admit errors
- B. Avoidance of conflicts of interest
- C. A well-developed sense of moral philosophy
- D. Trustworthiness
Answer: A
NEW QUESTION 35
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:
- A. Use a checklist of initiatives to make sure all the elements of a strong tone at the top are in place
- B. implement two separate sets of ethics policies, one for management and one for employees
- C. All of the above
- D. Create an environment in which employees feel safe challenging management's decisions
Answer: D
NEW QUESTION 36
Which of the following is FALSE regarding corporate governance'
- A. Effective corporate governance practices are considered to be the foundation of fraud risk management.
- B. An entity's corporate governance structure specifies the distribution of rights and responsibilities among the different participants in the organization
- C. Effective corporate governance practices are most necessary in an organization in which the owners are not also the individuals responsible for setting and executing the business strategy
- D. Corporate governances primary purpose is to ensure the accuracy of the organizations financial reports
Answer: C
NEW QUESTION 37
Having specialized departments within a company often increases the overall risk ot traud by the organization.
- A. True
- B. False
Answer: A
NEW QUESTION 38
Julia is conducting a formal assessment of XYZ Corporation s ethical culture To which of the five components of the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Internal Control-Integrated Framework (the Framework) does her assessment pertain?
- A. Control activities
- B. Control environment
- C. Information and communication
- D. Monitoring
Answer: B
NEW QUESTION 39
In identifying the inherent fraud risks that could apply to the organization, the fraud risk assessment team should discuss:
- A. Risks to the organization's reputation
- B. The organization's incentive programs
- C. All of the above
- D. The possibility of management's override of controls
Answer: C
NEW QUESTION 40
Which of the following statements is FALSE?
- A. Conducting covert audits is among the most effective fraud prevention methods
- B. Educating employees about company hotlines and reporting programs increases their perception of detection
- C. Most experts agree that it is harder to detect frauds than to prevent them
- D. Controls do little good in preventing theft and fraud if those at risk do not know of their presence
Answer: D
NEW QUESTION 41
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
Answer: A
NEW QUESTION 42
An effective system of internal controls:
- A. Does not completely eliminate the risk of fraud
- B. Focuses more on preventive controls than detective controls
- C. Decreases the perception that fraud will be detected
- D. Focuses more on detective controls than preventive controls
Answer: B
NEW QUESTION 43
Which of the following is TRUE regarding the communication of the fraud risk assessment process?
- A. The more personalized the communication, the more effective it will be in encouraging employees to participate
- B. The communication should be visibly disseminated throughout the business
- C. All of the above
- D. The communication should be made in a format mat is most appropriate for the culture of the organization
Answer: C
NEW QUESTION 44
According to Diane Vaughan. which of the following factors increases an organization's inherent inclination toward committing crime?
- A. Management separates employee performance goals from company performance goals
- B. Rewards are given to employees who challenge the status quo
- C. All of the above
- D. Management encourages employee loyalty through social functions
Answer: D
NEW QUESTION 45
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. Focus groups
- B. Anonymous feedback mechanisms
- C. Interviews
- D. Surveys
Answer: A
NEW QUESTION 46
Fraud risks related to corruption include all of the following EXCEPT;
- A. Aiding and abetting vendor fraud
- B. Payment of bribes
- C. Espionage by competitors
- D. Receipt of kickbacks
Answer: C
NEW QUESTION 47
Which of the following is TRUE regarding an organization s ethics program?
- A. In designing the ethics program, management should consider whether the organization currently has any ethical leadership issues
- B. An effective written ethics policy alone is sufficient to communicate managements ethical philosophy and serve as a comprehensive ethics program
- C. All of the above
- D. To be most effective, access to the organization s ethics policy should be restricted to employees and other internal parties only
Answer: C
NEW QUESTION 48
The findings in the 2020 Report to the Nations include which of the following?
- A. Mote occupational frauds are committed by men than by women
- B. The most commonly reported red flag displayed by fraud perpetrators prior to the detection of their crime is complaints about management.
- C. The majority of fraudsters have been previously punished by an employer for a fraud-related offense
- D. The median losses caused by executives are lower than those caused by staff-level employees
Answer: A
NEW QUESTION 49
Which of the following is NOT one of the three general approaches used to control corporate crime?
- A. Consumer action to force change
- B. Voluntary changes in corporate attitudes and structure
- C. Strong intervention of the government
- D. Media blacklisting of the organization
Answer: B
NEW QUESTION 50
The internal auditor s fraud-related responsibilities include which of the following?
- A. Overseeing managements actions to manage fraud risks
- B. Reporting to regulators regarding the entity's vulnerability to fraud
- C. Attesting that the organization s financial statements are free of material misstatements caused by fraud
- D. Evaluating whether management is actively retaining responsibility for oversight of the fraud risk management program
Answer: B
NEW QUESTION 51
Consistently punishing perpetrators can be an effective fraud prevention mechanism
- A. True
- B. False
Answer: A
NEW QUESTION 52
Which of the following is NOT one of the three general approaches used to control corporate crime?
- A. Consumer action to force change
- B. Voluntary changes in corporate attitudes and structure
- C. Strong intervention of the government
- D. Media blacklisting of the organization
Answer: D
NEW QUESTION 53
According to The Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing, which of the following should the internal audit team evaluate in its assessment of the risk management process?
- A. The management team's assessment of the internal controls over financial reporting
- B. The organization s risk exposures relating to the sale of assets
- C. The materiality of the organization s financial statements
- D. The organization s fraud risk management initiatives
Answer: D
NEW QUESTION 54
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