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CFE-Fraud-Prevention-and-Deterrence Real Exams - New CFE-Fraud-Prevention-and-Deterrence Test Practice

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q73-Q78):

NEW QUESTION # 73
Jenny is a highly respected employee at XYZ Corp. Her husband's gambling addiction has caused them to have a significant amount of debt. Jenny begins stealing money from the company to cover her husband's gambling losses. This situation best illustrates which leg of the Fraud Triangle?

A. Perceived non-shareable financial need
B. Perceived acquiescence
C. Perceived opportunity
D. Rationalization

Answer: A

Explanation:
* Fraud Triangle Components:
* The fraud triangle consists of perceived opportunity, rationalization, and perceived financial need.
* Perceived non-shareable financial need refers to personal pressures, such as debt or addiction, that motivate fraudulent behavior.
* Why D is Correct:
* Jenny's actions are driven by her inability to share her financial struggles (her husband's gambling debts) with others, aligning with the perceived financial need leg of the fraud triangle.
* Why Other Options are Incorrect:
* A. Rationalization: Describes justifying fraud, not financial need.
* B. Perceived opportunity: Refers to access to resources to commit fraud.
* C. Perceived acquiescence: Not part of the fraud triangle.
References for All Questions:
* ACFE Fraud Examination Guide and related case studies.
* International Standards on Auditing (ISA) guidelines, particularly ISA 240.
* Criminological research on organizational fraud influences and fraud triangle applications.

NEW QUESTION # 74
Which of the following is TRUE regarding government auditors' responsibilities to report evidence of potential fraud uncovered during an audit of a public-sector organization's financial statements?

A. The requirements for government auditors to report evidence of potential fraud depend on the jurisdiction and the specific audit mandate.
B. Government auditors' reporting requirements pertaining to fraud are substantially the same as those for external auditors in the private sector.
C. All government auditors maintain the same requirements for reporting evidence of potential fraud uncovered during a public-sector financial statement audit.
D. Government auditors are legally prohibited from reporting evidence of potential fraud to any parties outside the organization being audited.

Answer: A

NEW QUESTION # 75
Mary is charged with implementing a fraud reporting program on behalf of her organization. Which of the following is a best practice that Mary should follow to ensure that the program is successful?

A. Mary should inform employees that they are required to report any information about potential fraud directly and only to their immediate supervisor.
B. Mary should inform employees of the precise methods for reporting potential fraud, such as completing an online form.
C. Mary should inform employees that they will be held accountable for reporting tips that cannot be verified.
D. Mary should inform employees that the names of all individuals who report misconduct will be shared with the organization's governing body and law enforcement.

Answer: B

Explanation:
Comprehensive and Detailed in Depth Explanation:
For a fraud reporting program to be effective, employees must clearly understand how to use it. Providing specific and user-friendly reporting methods, such as hotlines, email addresses, or online forms, increases accessibility and usage. Options A and D discourage reporting, while B limits it unnecessarily, especially in cases where supervisors may be involved.

NEW QUESTION # 76
During an external audit, the audit team identifies evidence that management has intentionally omitted some expenses from the company's financial statements in order to conceal an asset misappropriation scheme.
However, the amount of the resulting misstatement does not meet the quantitative materiality threshold for the audit. Which of the following is TRUE regarding this situation?

A. The auditors do not need to be concerned with this evidence, as asset misappropriation schemes are not considered relevant or material for external audit purposes.
B. The auditors can ignore the misstatement because the omitted amount is less than the quantitative materiality threshold and therefore immaterial to the audit.
C. The auditors should assess the need to adjust the nature, timing, and extent of remaining audit procedures based on this evidence.
D. The auditors should assume that all audit evidence collected previously is unreliable and withdraw from the audit engagement

Answer: C

Explanation:
Responsibility of Auditors:
* Under International Standards on Auditing (ISA) 240, auditors are required to investigate any indications of fraud, regardless of the materiality of the misstatement.
* Evidence of intentional misstatements indicates the potential for broader fraudulent activity, necessitating a reassessment of audit procedures.
Importance of Fraud Indicators:
* Even if the misstatement does not exceed the materiality threshold, it represents a significant risk factor that could compromise the reliability of the financial statements.
Why B is Correct:
* Adjusting audit procedures ensures that the audit team addresses the broader implications of the fraud risk while maintaining professional skepticism and compliance with auditing standards.

NEW QUESTION # 77
Which of the following Is FALSE regarding proactive fraud auditing procedures?

A. Fraud assessment questioning techniques are most appropriately used as part of the normal audit process
B. Implementing proactive fraud audit procedures demonstrates management's intention to aggressively look for possible fraudulent conduct
C. Analytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods
D. Fraud audit procedures should be designed to incorporate an element of surprise

Answer: C

Explanation:
* Proactive Fraud Auditing Procedures:
* Analytical reviews are effective for identifying large or unusual trends and anomalies, not necessarily small frauds.
* Other tools, such as detailed transaction testing, are better suited for uncovering small frauds.
* Analysis of Other Options:
* A. Element of surprise: A key feature of fraud audits.
* C. Fraud assessment questioning: Valid as part of the audit process.
* D. Management's intentions: Proactive procedures signal a strong stance against fraud.
* Conclusion:Option B is false because analytical reviews are better at detecting significant anomalies rather than small frauds.

NEW QUESTION # 78
......

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