CFE-Fraud-Prevention-and-Deterrence PDF Dumps | Jul 27, 2024 Recently Updated Questions
CFE-Fraud-Prevention-and-Deterrence Exam Questions – Valid CFE-Fraud-Prevention-and-Deterrence Dumps Pdf
The first section of the exam covers fraud prevention and deterrence, which includes topics such as risk assessment, fraud prevention programs, and the role of management in fraud prevention. This section also covers the various types of fraud that can occur in a business, including employee fraud, vendor fraud, and financial statement fraud.
Passing the CFE-Fraud-Prevention-and-Deterrence exam demonstrates a high level of expertise in fraud prevention and deterrence. It can lead to career advancement opportunities, increased credibility and recognition, and a greater understanding of fraud prevention strategies and techniques. Additionally, maintaining the CFE certification requires ongoing education and adherence to professional standards, ensuring that certified professionals stay up-to-date on the latest developments in the anti-fraud field.
NEW QUESTION # 64
The generation and use of relevant, quality information to support the functioning of internal control is a principle related to which component of the Committee of Sponsoring Organizations of the Treadway Commissions (COSO) Internal Control-Integrated Framework (the Framework)?
- A. Risk assessment
- B. Monitoring
- C. Control environment
- D. Information and communication
Answer: A
NEW QUESTION # 65
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. 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.
- 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. When verifying past employment, management should only ask previous employers to verify the dates the candidate was employed.
Answer: D
NEW QUESTION # 66
According to the results of behavioral studies, such as those conducted by B. F. Skinner, application of punishment to undesired behavior typically results in which of the following?
- A. Temporary suppression of the undesired behavior
- B. Permanent suppression of the undesired behavior
- C. No effect on the occurrence of the undesired behavior
- D. increase in the occurrence of the undesired behavior
Answer: A
NEW QUESTION # 67
For its compliance program lo be effective, an organization must perform procedures to ensure management hires only ethical individuals who exercise a substantial measure of discretion in acting on the organization s behalf.
- A. True
- B. False
Answer: A
NEW QUESTION # 68
Which of the following is an example of organizational crime?
- A. An HR employee adding a ghost employee to the payroll and misappropriating the paychecks
- B. An insurance claims agent conspiring with customers to file false insurance claims and share the proceeds
- C. Management of several pharmaceutical companies engaging in a price fixing scheme
- D. A sales manager using a corporate credit card for personal expenses
Answer: C
NEW QUESTION # 69
Which of the following is FALSE regarding the process of defining the objective of the fraud risk management program?
- A. Management must assign a quantitative measure to its risk appetite so that it can accurately measure the fraud risk management program's effectiveness.
- B. Management should examine previous fraud occurrences to determine how the ideal fraud risk management program would have prevented tnem.
- C. Management should tailor the detailed objectives of the fraud risk management program to the organization's specific needs and goals.
- D. Management must balance the investment in anti-fraud controls with the benefit of those controls and the amount of risk it is willing to accept.
Answer: A
NEW QUESTION # 70
In a company with all of the following parties, who should have primary responsibility for the oversight of the organization s compliance program?
- A. The chief ethics officer
- B. The board of directors
- C. General counsel
- D. Internal audit
Answer: B
NEW QUESTION # 71
Which of the following is FALSE regarding an organization's anti-fraud policy?
- A. To avoid legal problems in discharging employees, the anti-fraud policy should not include any specific examples of fraud and misconduct
- B. One of the most important considerations in developing the anti-fraud policy is to ensure every allegation is handled in a uniform-manner
- C. A detailed anti-fraud policy can make it easier to investigate and punish employees who commit fraud and other dishonest acts.
- D. In developing the anti-fraud policy, management should check with legal counsel regarding any legal considerations with respect to the policy
Answer: A
NEW QUESTION # 72
According to the 2018 Report to the Nations, which of the following is the most common method by which frauds are detected?
- A. Confession
- B. External audit
- C. Tips
- D. Internal audit
Answer: C
NEW QUESTION # 73
Which of the following is FALSE regarding a background check policy for employees?
- A. 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.
- B. 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
- C. As part of the screening process, management should contact the references provided by the job candidate.
- D. When verifying past employment, management should only ask previous employers to verify the dates the candidate was employed.
Answer: D
NEW QUESTION # 74
ABC. Inc. is a publicly traded, multi-national corporation. Which of the following statements is TRUE regarding the corporate governance requirements that ABC is subject to?
- A. ABC is not required to comply with any corporate governance requirements because it operates in multiple jurisdictions
- B. ABC is subject to the Universal Corporate Governance Act because it is a publicly traded corporation.
- C. ABC is required to comply with G20/OECD Principles of Corporate Governance
- D. ABC must comply with specific listing standards for the stock exchange(s) on which it is listed
Answer: D
NEW QUESTION # 75
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 # 76
Which of the following is TRUE regarding the communication of the fraud risk assessment process?
- A. All of the above
- B. The more personalized the communication, the more effective it will be in encouraging employees to participate
- C. The communication should be visibly disseminated throughout the business
- D. The communication should be made in a format mat is most appropriate for the culture of the organization
Answer: A
NEW QUESTION # 77
International Standard on Auditing (ISA) 240 establishes auditors as being primarily responsible for the prevention and detection of fraud within an organization
- A. True
- B. False
Answer: B
NEW QUESTION # 78
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 report the findings in writing directly to the appropriate regulatory agencies
- B. Peter should make a public announcement that he is withdrawing from the audit engagement.
- C. Peter should discreetly work with senior management to correct the underlying internal control deficiencies.
- D. Peter should provide a written communication about the findings to those charged with governance.
Answer: D
NEW QUESTION # 79
Which of the following is FALSE regarding the process of defining the objective of the fraud risk management program?
- A. Management must assign a quantitative measure to its risk appetite so that it can accurately measure the fraud risk management program s effectiveness
- B. Management must consider the total amount of fraud risk it is willing to accept when determining fraud risk management objectives
- C. Management should express risk appetite in a manner that is appropriate for and unique to the organization s culture and operations.
- D. Management should examine previous fraud occurrences to determine how the ideal fraud risk management program would have prevented them.
Answer: B
NEW QUESTION # 80
Which of the following is a detective anti-fraud control?
- A. Independent reconciliations
- B. Fraud awareness training
- C. Hiring policies and procedures
- D. Separation of duties
Answer: D
NEW QUESTION # 81
Which of the following is FALSE regarding the discussion about the financial statements susceptibility to fraud that auditors are required to have under International Standard on Auditing (ISA) 240?
- A. The audit team should consider whether the organizational culture might enable the rationalization of fraud
- B. The audit team should consider factors that provide the opportunity for fraud.
- C. A The audit team should discuss how management could conceal fraud
- D. The audit team should focus solely on how the company's assets could be misappropriated
Answer: A
NEW QUESTION # 82
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