[2024] Pass Key features of CFE-Fraud-Prevention-and-Deterrence Course with Updated 140 Questions
CFE-Fraud-Prevention-and-Deterrence Sample Practice Exam Questions 2024 Updated Verified
The CFE-Fraud-Prevention-and-Deterrence Certification Exam is a comprehensive and rigorous test that requires candidates to have a deep understanding of fraud prevention and detection techniques. CFE-Fraud-Prevention-and-Deterrence exam is made up of four sections, each of which covers a specific topic related to fraud prevention and detection. Candidates must pass all four sections to earn the certification. CFE-Fraud-Prevention-and-Deterrence exam is administered online and is timed, with candidates having four hours to complete each section. Upon passing the exam, candidates will earn the CFE-Fraud-Prevention-and-Deterrence Certification, which is recognized worldwide as a mark of excellence in the field of fraud prevention and detection.
ACFE CFE-Fraud-Prevention-and-Deterrence Certification Exam is designed for professionals who want to specialize in fraud prevention and deterrence. It is a globally recognized certification program that provides candidates with the skills and knowledge to prevent, detect, and investigate fraud. CFE-Fraud-Prevention-and-Deterrence exam covers a variety of topics, including fraud prevention and deterrence strategies, fraud risk assessment, fraud investigation techniques, and legal and ethical issues related to fraud.
NEW QUESTION # 54
Which of the following would MOST LIKELY be a violation of the ACFE Code of Professional Ethics?
- A. All of the above are violations.
- B. Vivian, a CFE, accepted an assignment to conduct a fraud examination within a manufacturing company. Because she was in a hurry to complete the investigation, she overlooked key items of evidence and ended up failing to uncover a major fraud scheme.
- C. Rodrigo. a CFE. uncovered several material Internal control deficiencies unrelated to the Kickback scheme he was Investigating. In his final report to management. Rodrigo included information about the deficiencies even though they were unrelated to the situation he was hired to investigate.
- D. Tom, a CFE, was hired by a client to conduct a fraud examination but found nothing amiss. A year later, he received a court order to provide the client's file to the ordering court. Tom complied with the court order, even though he did not have the client's authorization to do so.
Answer: B
NEW QUESTION # 55
Which of the following Is FALSE regarding proactive fraud auditing procedures?
- A. Fraud audit procedures should be designed to incorporate an element of surprise
- B. Fraud assessment questioning techniques are most appropriately used as part of the normal audit process
- C. Analytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods
- D. Implementing proactive fraud audit procedures demonstrates management's intention to aggressively look for possible fraudulent conduct
Answer: C
NEW QUESTION # 56
Which of the following is FALSE regarding fraud examiners responsibilities under the ACFE Code of Professional Ethics?
- A. In determining what information to include in a fraud examination report, fraud examiners should try to decide what users will consider important and material
- B. Confidential information provided to fraud examiners by their clients is considered privileged and therefore legally exempt from disclosure in all circumstances
- C. Fraud examiners must obtain and document evidence in a manner that ensures that the chain of custody is preserved
- D. 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
Answer: A
NEW QUESTION # 57
Which of the following is FALSE regarding a background check policy for employees'7
- A. As part of the screening process, management should contact the references provided by the job candidate
- B. When verifying past employment, management should only ask previous employers to verify the dates the candidate was employed.
- C. 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
- 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.
Answer: B
NEW QUESTION # 58
According to the 2020 Report to the Nations.___________schemes ate the MOST COMMON form of occupational fraud, while_________schemes are the MOST COSTLY form of occupational fraud.
- A. Corruption, asset misappropriation
- B. Asset misappropriation; corruption
- C. Asset misappropriation: financial statement fraud
- D. Financial statement fraud: corruption
Answer: D
NEW QUESTION # 59
Independent auditors play a critical role in enhancing the reliability of financial information by financial position and performance in compliance with accepted accounting standards.
- A. False
- B. True
Answer: B
NEW QUESTION # 60
Fraud risks related to regulatory and legal misconduct include all of the following EXCEPT:
- A. Anti-competitive practices
- B. Fraudulent customer payments
- C. Conflicts of interest
- D. Insider trading
Answer: C
NEW QUESTION # 61
The objective of anti-fraud controls is to:
- A. Reduce the residual fraud risk to a level that is significantly smaller than the inherent fraud risk
- B. Reduce the inherent fraud risk to a level that is significantly smaller than the residual fraud risk.
- C. Completely eliminate inherent fraud risk
- D. Completely eliminate residual fraud risk
Answer: D
NEW QUESTION # 62
According to the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Internal Control-integrated Framework (the Framework), there are five interrelated components of a company's internal control. Which of the following is NOT among these five components?
- A. Independent oversight
- B. Information and communication
- C. Control environment
- D. Monitoring
Answer: A
NEW QUESTION # 63
The findings in the 2020 Report to the Nations include which of the following?
- A. The majority of fraudsters have been previously punished by an employer for a fraud-related offense
- B. The median losses caused by executives are lower than those caused by staff-level employees
- C. Mote occupational frauds are committed by men than by women
- D. The most commonly reported red flag displayed by fraud perpetrators prior to the detection of their crime is complaints about management.
Answer: C
NEW QUESTION # 64
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. A written charter for management
- B. Adequate audit committee resources and authority
- C. A mandatory independent compensation committee
- D. Shareholder oversight of internal controls
Answer: B
NEW QUESTION # 65
Which of the following Is TRUE regarding an organization's ethics program?
- A. To be most effective, access to the organization's ethics policy should be restricted to employees and other Internal parties only
- B. An effective written ethics policy alone is sufficient to communicate management's ethical philosophy and serve as a comprehensive ethics program
- C. In designing the ethics program, management should consider whether the organization currently has any ethical leadership Issues
- D. All of the above
Answer: C
NEW QUESTION # 66
Which of the following statements is FALSE regarding an organization's fraud risk management program?
- A. Formal sanctions for intentional noncompliance should be determined and enacted privately
- B. The punishment for intentional noncompliance should be carried out in a consistent and firm manner.
- C. The program must include mechanisms to address breaches in compliance.
- D. A specific individual or team should be designated as responsible for monitoring compliance with the program
Answer: A
NEW QUESTION # 67
Criminologist Charles McCaghy has slated that profit pressure is the single most compelling factor behind deviance by organizations
- A. False
- B. True
Answer: B
NEW QUESTION # 68
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. False
- B. True
Answer: A
NEW QUESTION # 69
Reporting known incidents of fraud to law enforcement can be an effective fraud prevention mechanism.
- A. False
- B. True
Answer: B
NEW QUESTION # 70
Which of the following Is NOT Included In Ihe five fraud risk management principles described In Fraud Risk Management Guide, a joint publication by COSO and the ACFE?
- A. Communicating the expectations of those governing the fraud risk management program
- B. Performing comprehensive fraud risk assessments to identify specific fraud schemes
- C. Deploying preventive and detective fraud control activities to mitigate fraud risk
- D. Developing one-time evaluations for each fraud risk management principle
Answer: D
NEW QUESTION # 71
Criminologist Charles McCaghy has stated that regulatory pressure is the single most compelling factor behind deviance by organizations.
- A. False
- B. True
Answer: A
NEW QUESTION # 72
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. Desire for recognition, lack of separation of duties
- B. Living beyond their means, too much trust in key employees
- C. High personal debt; lack of separation of duties
- D. Revenge: too much trust in key employees
Answer: B
NEW QUESTION # 73
Effectively documenting and communicating organizational hierarchies, including the proper flow of information, can be a helpful tool in preventing fraud
- A. False
- B. True
Answer: B
NEW QUESTION # 74
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The CFE-Fraud-Prevention-and-Deterrence exam is designed for professionals who are responsible for preventing, detecting, and deterring fraud in organizations. CFE-Fraud-Prevention-and-Deterrence exam covers topics such as fraud risk assessment, fraud prevention strategies and techniques, fraud detection methods, and fraud investigation procedures.
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