ACFE CFE-Fraud-Prevention-and-Deterrence Exam Questions - Real Practice Questions for Guaranteed Success

Question 1

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?

ACommunicating the expectations of those governing the fraud risk management program

BPerforming comprehensive fraud risk assessments to identify specific fraud schemes

CDeploying preventive and detective fraud control activities to mitigate fraud risk

DDeveloping one-time evaluations for each fraud risk management principle

Correct : D

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ACommunicating the expectations of those governing the fraud risk management program

BPerforming comprehensive fraud risk assessments to identify specific fraud schemes

CDeploying preventive and detective fraud control activities to mitigate fraud risk

DDeveloping one-time evaluations for each fraud risk management principle

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Question 2

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

AFraud audit procedures should be designed to incorporate an element of surprise

BAnalytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods

CFraud assessment questioning techniques are most appropriately used as part of the normal audit process

DImplementing proactive fraud audit procedures demonstrates management's intention to aggressively look for possible fraudulent conduct

Correct : B

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AFraud audit procedures should be designed to incorporate an element of surprise

BAnalytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods

CFraud assessment questioning techniques are most appropriately used as part of the normal audit process

DImplementing proactive fraud audit procedures demonstrates management's intention to aggressively look for possible fraudulent conduct

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Question 3

Which of the following statements about the fraud risk assessment process Is MOST ACCURATE?

AThe fraud risk assessment can be effectively conducted by people inside or outside of the organization.

BTo ensure the independence of the team members, a fraud risk assessment must be conducted by a consultant or other external party.

CIf the individuals conducting the fraud risk assessment truly believe that fraud could not happen at the organization, then the assessment process should reflect that belief.

DThe fraud risk assessment is most effective when management's influence on the process is limited

Correct : D

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AThe fraud risk assessment can be effectively conducted by people inside or outside of the organization.

BTo ensure the independence of the team members, a fraud risk assessment must be conducted by a consultant or other external party.

CIf the individuals conducting the fraud risk assessment truly believe that fraud could not happen at the organization, then the assessment process should reflect that belief.

DThe fraud risk assessment is most effective when management's influence on the process is limited

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Question 4

Jody has been working at ABC Corp. for ten years. He steals funds from the company and tells himself that the company owes it to him for his "unrewarded hard work and loyalty" This situation BEST illustrates which leg of the Fraud Triangle?

APerceived non-shareable financial need

BRationalization

CPerceived opportunity

DLack of personal Integrity

Correct : B

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APerceived non-shareable financial need

BRationalization

CPerceived opportunity

DLack of personal Integrity

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Question 5

Which of the following is TRUE regarding corporate governance?

AFraud risk management is considered to be the foundation of effective corporate governance

BCorporate governance's primary purpose is to ensure the accuracy of the organization's financial reports

CEffective corporate governance practices are most necessary in an organization in which the owners are also the individuals responsible for setting the corporate strategy.

DAn entity's corporate governance structure specifies the distribution of rights and responsibilities among the different participants in the organization

Correct : A

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AFraud risk management is considered to be the foundation of effective corporate governance

BCorporate governance's primary purpose is to ensure the accuracy of the organization's financial reports

CEffective corporate governance practices are most necessary in an organization in which the owners are also the individuals responsible for setting the corporate strategy.

DAn entity's corporate governance structure specifies the distribution of rights and responsibilities among the different participants in the organization

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Master ACFE CFE-Fraud-Prevention-and-Deterrence Exam with Reliable Practice Questions

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