EXAM CFE-FRAUD-PREVENTION-AND-DETERRENCE QUESTION & CFE-FRAUD-PREVENTION-AND-DETERRENCE CERTIFICATION PRACTICE

Exam CFE-Fraud-Prevention-and-Deterrence Question & CFE-Fraud-Prevention-and-Deterrence Certification Practice

Exam CFE-Fraud-Prevention-and-Deterrence Question & CFE-Fraud-Prevention-and-Deterrence Certification Practice

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q100-Q105):

NEW QUESTION # 100
During an external audit of an organization's financial statements. Peter, the external auditor, uncovers significant internal control deficiencies at the audit client's organization. He believes these deficiencies could result in a material misstatement of the financial statements. Which of the following should Peter do with regard to these findings?

  • A. Peter should provide a written communication about the findings to those charged with governance.
  • B. Peter should discreetly work with senior management to correct the underlying internal control deficiencies.
  • C. Peter should report the findings in writing directly to the appropriate regulatory agencies
  • D. Peter should make a public announcement that he is withdrawing from the audit engagement.

Answer: A

Explanation:
Auditor's Responsibility Under ISA Standards:
* ISA 265 requires auditors to communicate significant deficiencies in internal control to those charged with governance in writing.
* This ensures proper corrective actions are taken and maintains transparency in the audit process.
Why B is Correct:
* Written communication to governance authorities is the appropriate course of action to address control deficiencies without breaching confidentiality or overstepping regulatory boundaries.
References:
* ISA 265, "Communicating Deficiencies in Internal Control," supports this approach.


NEW QUESTION # 101
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines____________ as
"a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance."

  • A. Internal control
  • B. Fraud risk management
  • C. Risk assessment
  • D. Corporate compliance

Answer: A

Explanation:
* COSO Definition of Internal Control:
* COSO defines internal control as a process executed by an entity's board, management, and personnel to provide reasonable assurance about achieving objectives in operations, reporting, and compliance.
* Analysis of Options:
* A. Corporate compliance: Corporate compliance focuses on adhering to laws and regulations, not the broader operational objectives.
* B. Fraud risk management: This is a component of internal control, not its definition.
* C. Risk assessment: This is a step within the internal control process but not the overarching process.
* D. Internal control: Matches the COSO definition accurately.
* Conclusion:Internal control is the correct answer as defined by COSO.
References:COSO Internal Control Framework documentation.


NEW QUESTION # 102
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

Answer: B


NEW QUESTION # 103
Which of the following is TRUE regarding International Standard on Auditing (ISA) 240?

  • A. ISA 240 establishes auditors as being primarily responsible for the prevention and detection of fraud within an organization.
  • B. ISA 240 requires auditors to effectively raise awareness about the risk of fraud within the audited organization.
  • C. ISA 240 creates requirements for management regarding the establishment of a holistic fraud risk management program.
  • D. ISA 240 establishes standards regarding the auditor's responsibility to consider fraud in an audit of financial statements.

Answer: D

Explanation:
Comprehensive and Detailed in Depth Explanation:
ISA 240 (The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements) outlines the auditor's responsibility to assess and respond to the risk of material misstatement due to fraud. It does not impose a primary responsibility for fraud prevention and detection upon auditors-that responsibility lies with management (eliminating C). The standard also does not require auditors to actively raise fraud awareness within the organization (eliminating A), nor does it establish requirements for fraud risk management programs for management (eliminating D).


NEW QUESTION # 104
Which of the following Is TRUE regarding the reporting of the fraud risk assessment results?

  • A. A fraud risk assessment report should reflect the assessment team's subjective perspective regarding the risks identified
  • B. All of the above
  • C. The fraud risk assessment report should be delivered in a style most suited to the language of the business
  • D. The fraud risk assessment report should contain a detailed, comprehensive list of every assessment finding

Answer: C

Explanation:
* Reporting Fraud Risk Assessment Results:
* Reports should align with the organization's operational language to ensure comprehension by management and stakeholders.
* Why A is Correct:
* Using business-appropriate language ensures effective communication of findings and recommendations.
* Why Other Options are Incorrect:
* B: Comprehensive details may overwhelm the audience; only key findings are usually reported.
* C: Reports should reflect objective analysis, not subjective perspectives.


NEW QUESTION # 105
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