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NEW QUESTION # 83
Maria conducted a fraud examination that led to a valid confession of guilt from Rita. In Maria's verbal report to her superiors, she stated that, in her opinion. "Rita is guilty of embezzlement." Maria has just violated the ACFE Code of Professional Ethics.
- A. False
- B. True
Answer: A
NEW QUESTION # 84
Which of the following is a detective anti-fraud control?
- A. Hiring policies and procedures
- B. Fraud awareness training
- C. Independent reconciliations
- D. Separation of duties
Answer: D
NEW QUESTION # 85
Which of the following is NOT considered a conflict of interest that is prohibited under the ACFE Code of Professional Ethics?
- A. Accepting an assignment to evaluate the anti-fraud controls at an organization in which the fraud examiner is a shareholder, provided the fraud examiner's ownership interest is disclosed
- B. Undertaking an engagement that decreases the fraud examiner's ability to perform their duties for their full-time employer
- C. Undertaking engagements for both sides in a case of alleged vendor overbilling
- D. Accepting an assignment to secretly infiltrate the fraud examiner's employing organization and transmit inside information to another party
Answer: A
NEW QUESTION # 86
Fraud risks related to regulatory and legal misconduct include all of the following EXCEPT:
- A. Fraudulent customer payments
- B. Anti-competitive practices
- C. Conflicts of interest
- D. Insider trading
Answer: C
NEW QUESTION # 87
Which of the following statements is FALSE regarding an organization's fraud risk management program1?
- A. The responsibility of handling suspected incidences of noncompliance should be delegated to someone outside of the company
- B. The program must include mechanisms to monitor and identify breaches in compliance
- C. There should be measures in place to address failures in the design or operation of anti-fraud controls, as well as fraud occurrervces
- D. A Formal sanctions for intentional noncompliance should be well-publicized throughout the company
Answer: D
NEW QUESTION # 88
The theory of differential association is used frequently lo explain white-collar criminality. Which of the following is NOT one of the assertions or principles of differential association?
- A. Criminal behavior is learned from other people in a process of communication.
- B. Criminal behavior is explained by an individual's general needs and values.
- C. Criminal behavior is learned using the same mechanisms as other learning
- D. Criminal behavior is acquired through participation with intimate personal groups.
Answer: B
NEW QUESTION # 89
According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO).________Is "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. Financial reporting
- C. Operational risk assessment
- D. Fraud risk management
Answer: A
NEW QUESTION # 90
Which of the following criminological theories asserts that the three elements that have the most influence on crime are the availability of suitable targets, absence of capable guardians, and presence of motivated offenders?
- A. Social control theory
- B. Rational choice theory
- C. Routine activities theory
- D. Differential association theory
Answer: B
NEW QUESTION # 91
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 replaces the need for individuals to consult their own conscience.
- C. It serves as a reference and benchmark for ethical guidance
- D. It provides more direct solutions to professional ethical dilemmas than might exist under general ethical principles
Answer: B
NEW QUESTION # 92
Gregory, an internal auditor, and Brandon, the company's purchasing manager, have had several heated disagreements over purchasing procedures and policies. Gregory has just been told that he will be the lead on the company's fraud risk assessment. During the fraud risk assessment. Gregory should:
- A. Have someone else perform the fraud risk assessment work related to the purchasing function
- B. Confront Brandon about the disagreements and discuss how they increase the organization's risk of fraud-
- C. Automatically designate the purchasing function as a high-risk area.
- D. Include his disagreements with Brandon as a factor when assessing the risk of fraud in the purchasing function.
Answer: D
NEW QUESTION # 93
Who is ultimately responsible for responding appropriately to instances of fraud within an organization?
- A. The audit committee
- B. Management
- C. Internal auditors
- D. General counsel
Answer: B
NEW QUESTION # 94
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 focus solely on how the company's assets could be misappropriated
- C. A The audit team should discuss how management could conceal fraud
- D. The audit team should consider factors that provide the opportunity for fraud.
Answer: A
NEW QUESTION # 95
Which of the following statements is FALSE regarding an organization's fraud risk management program?
- A. The punishment for intentional noncompliance should be carried out in a consistent and firm manner.
- B. The program must include mechanisms to address breaches in compliance.
- C. A specific individual or team should be designated as responsible for monitoring compliance with the program
- D. Formal sanctions for intentional noncompliance should be determined and enacted privately
Answer: D
NEW QUESTION # 96
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. Risk assessment
- B. Monitoring
- C. Ethical culture
- D. Control activities
Answer: C
NEW QUESTION # 97
Which of the following is NOT one of the three general approaches used to control corporate crime?
- A. Voluntary changes in corporate attitudes and structure
- B. Strong intervention of the government
- C. Consumer action to force change
- D. Withdrawal of financial institution funding
Answer: D
NEW QUESTION # 98
The Institute of Internal Auditors' (IIA) International Standards for the Professional Practice of Internal Auditing states that
- A. The internal auditor must apply the skill and care of an expert whose primary responsibility is investigating fraud
- B. The internal auditor must apply the skill and care of an expert whose primary responsibility is detecting fraud.
- C. The internal auditor must apply the skill and care of an unbiased, infallible audit professional.
- D. The internal auditor must apply the skill and care of a reasonably prudent and competent internal auditor
Answer: C
NEW QUESTION # 99
Which of the following is NOT one of the three general approaches used to control corporate crime?
- A. Voluntary changes in corporate attitudes and structure
- B. Strong intervention of the government
- C. Consumer action to force change
- D. Media blacklisting of the organization
Answer: D
NEW QUESTION # 100
Which of the following is a best practice to ensure a successful fraud reporting program?
- A. The company should require employees with information about potential fraud to report it directly and only to their immediate supervisor.
- B. Employees are held accountable for reporting tips that are not able to be substantiated
- C. Employees should be informed that, to the extent possible, their names will not be disclosed.
- D. The company should communicate that fraud, waste, and abuse are more likely to occur in large organizations than small ones.
Answer: C
NEW QUESTION # 101
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. False
- B. True
Answer: A
NEW QUESTION # 102
Stevens, a Certified Fraud Examiner (CFE), was hired to conduct a fraud examination at ABC Company. His examination did not reveal any conclusive evidence that fraud had occurred or was occurring. Consequently, ABC's management asked Stevens to state in his official examination report that the organization is free of fraud as a means of assuring the board of directors that the company's anti-fraud controls were effective. Under the ACFE Code of Professional Ethics. Stevens is permitted to comply with management's request based on the findings of his examination.
- A. False
- B. True
Answer: A
NEW QUESTION # 103
In the area of criminological theory, deterrence is the theory that tries to prevenl crime by using the threat of criminal sanctions.
- A. False
- B. True
Answer: B
NEW QUESTION # 104
Which of the following is an example of organizational crime?
- A. An accounting clerk forging company checks to herself
- B. doctor conspiring with patients to file false health care insurance claims
- C. A salesman offering bribes to secure a contract
- D. Management of several construction companies engaging in bid rigging
Answer: A
NEW QUESTION # 105
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 # 106
Which of the following is TRUE regarding prosecutions of white-collar criminals?
- A. Only a small percentage of perpetrators are punished when an organization deals with a fraud case internally.
- B. The primary reason organizations decline to prosecute fraud cases is a belief that their internal discipline methods are sufficient
- C. When fraud cases are handled internally, an employee is more likely to be suspended or put on probation than to be terminated for their crime.
- D. Most fraud cases are only handled internally and are not referred to law enforcement for prosecution
Answer: A
NEW QUESTION # 107
Employees should be kept unaware that management is watching for lifestyle and behavior changes In staff members that might indicate fraud.
- A. False
- B. True
Answer: B
NEW QUESTION # 108
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The Association of Certified Fraud Examiners (ACFE) is a leading global association that provides anti-fraud training and education to professionals, businesses, and governments. One of the certifications offered by ACFE is the Certified Fraud Examiner (CFE) – Fraud Prevention and Deterrence. Certified Fraud Examiner - Fraud Prevention and Deterrence Exam certification is designed for professionals who are working in the field of fraud prevention and detection, or who are interested in pursuing a career in this field.
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