[Oct-2021] Pass CFE-Fraud-Prevention-and-Deterrence Exam in First Attempt UpdatedCFE-Fraud-Prevention-and-Deterrence SurePassExams Exam Question
Certified Fraud Examiner Dumps CFE-Fraud-Prevention-and-Deterrence Exam for Full Questions - Exam Study Guide
NEW QUESTION 26
Which of the following statements regarding document retention policies (DRPs) is TRUE?
- A. When establishing a document retention policy, management should consider any industry-specific rules for documenting and regaining records
- B. All of the above
- C. Document retention policies do not need to include protocols for preserving electronic documents as most IT systems automatically preserve copies of such data
- D. An effective document retention policy permits the organization to continue the destruction of documents when faced with potential litigation
Answer: B
NEW QUESTION 27
Which of the following statements is FALSE?
- A. Conducting covert audits is among the most effective fraud prevention methods
- B. Controls do little good in preventing theft and fraud if those at risk do not know of their presence
- C. Educating employees about company hotlines and reporting programs increases their perception of detection
- D. Most experts agree that it is harder to detect frauds than to prevent them
Answer: B
NEW QUESTION 28
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. All of the above
- C. An effective written ethics policy alone is sufficient to communicate managements ethical philosophy and serve as a comprehensive ethics program
- D. To be most effective, access to the organization s ethics policy should be restricted to employees and other internal parties only
Answer: B
NEW QUESTION 29
Which of the following is FALSE regarding a fraud risk assessment?
- A. The designation of an area as being high risk does not conclusively mean that fraud is occurring there
- B. The assessment team should consider how employees behave as part of its assessment
- C. The objective of the assessment is to provide an estimate of the organization s fraud losses
- D. The assessment should be used to improve employee fraud awareness
Answer: C
NEW QUESTION 30
Which of the following would most likely be a violation of the ACFE Code of Professional Ethics?
- A. 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
- B. 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.
- C. All of the above are violations
- D. 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.
Answer: D
NEW QUESTION 31
Which of the following statements regarding white-collar defendants is TRUE?
- A. They are more likely to be fined than to face prison terms as punishment
- 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. All of the above
Answer: A
NEW QUESTION 32
Which of the following is among the audit committee s primary responsibilities related to fraud risk management?
- A. Designing the fraud risk management program
- B. Implementing the fraud risk management program
- C. Punishing fraud perpetrators discovered through fraud risk management activities
- D. Understanding how internal and external audit strategies address fraud risk
Answer: A
NEW QUESTION 33
Which of the following is NOT a purpose served by a professional organization s code of conduct?
- A. It facilitates practical enforcement and profession-wide internal discipline
- B. It provides more direct solutions to professional ethical dilemmas than might exist under general ethical principles
- C. It serves as a reference and benchmark for ethical guidance
- D. It provides clear answers to all ethical dilemmas the organization s members might face
Answer: C
NEW QUESTION 34
Effective risk management involves balancing which of the following?
- A. The organization s financial reporting model and its risk tolerance
- B. The organization s risk appetite and its ability to meet its objectives
- C. The organization s internal controls and its financial goals
- D. The organization s regulatory requirements and its available resources
Answer: D
NEW QUESTION 35
Which of the following is NOT an effective way to help prevent fraud through the organization's performance measurement and management programs?
- A. Tying employee compensation to reasonable organizational performance goals
- B. Establishing well-defined job descriptions to facilitate performance evaluations
- C. Evaluating employee performance based solely on productivity and profit
- D. Providing regular training to ensure that all employees are sufficiently prepared to perform their tasks
Answer: C
NEW QUESTION 36
According to Diane Vaughan. which of the following factors increases an organization s inherent inclination toward committing crime?
- A. Management seeks out diversity in attitudes and perspectives when hiring employees
- B. Management links employee performance goals with company performance goals
- C. Rewards are given to employees who challenge the status quo
- D. All of the above
Answer: C
NEW QUESTION 37
In a company with all of the following parties, who should have primary responsibility for the oversight of the organization s compliance program?
- A. General counsel
- B. The chief ethics officer
- C. The board of directors
- D. Internal audit
Answer: C
NEW QUESTION 38
In response to a risk identified during a fraud risk assessment, management decides to purchase fidelity insurance to help protect the company against the associated risk of loss This response is known as:
- A. Avoiding the risk
- B. Mitigating the risk
- C. Transferring the risk
- D. Assuming the risk
Answer: C
NEW QUESTION 39
Which of the following principles of corporate governance pertains to the duty of the organization to act in the best interest of society?
- A. Accountability
- B. Transparency
- C. Fairness
- D. Responsibility
Answer: C
NEW QUESTION 40
International Standard on Auditing (ISA) 240 establishes auditors as being primarily responsible for the prevention and detection of fraud within an organization
- A. False
- B. True
Answer: A
NEW QUESTION 41
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