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Online CFE-Fraud-Prevention-and-Deterrence free questions and answers of New Version:
NEW QUESTION 1
According to the authors of Crimes of the Middle Classes, all of the following factors have contributed to the rising problem of economic crime EXCEPT:
- A. The continued pressures of a culture that rewards affluence and success
- B. The economy's increased reliance on credit
- C. The decrease in funds available from government assistance programs
- D. The increased opportunity for wrongdoing as a result of advancing information technologies
Answer: D
NEW QUESTION 2
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 express risk appetite in a manner that is appropriate for and unique to the organization s culture and operations.
- C. Management should examine previous fraud occurrences to determine how the ideal fraud risk management program would have prevented them.
- D. Management must consider the total amount of fraud risk it is willing to accept when determining fraud risk management objectives
Answer: D
NEW QUESTION 3
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. A The audit team should discuss how management could conceal fraud
- B. The audit team should consider factors that provide the opportunity for fraud.
- C. The audit team should focus solely on how the company's assets could be misappropriated
- D. The audit team should consider whether the organizational culture might enable the rationalization of fraud
Answer: D
NEW QUESTION 4
The International Organization of Securities Commissions' (IOSCO) Principles for Auditor Oversight states that auditor oversight should involve a regular review process designed to ascertain whether audit firms adhere to quality control policies and procedures.
- A. True
- B. False
Answer: A
NEW QUESTION 5
Which of the following statements regarding white-collar defendants is TRUE?
- A. The lower the offenders' social status, the more likely they are to be imprisoned
- B. They are more likely to be fined than to face prison terms as punishment
- C. They are less likely to insist on a trial than other offenders
- D. All of the above
Answer: B
NEW QUESTION 6
The objective of anti-fraud controls is to:
- A. Completely eliminate residual fraud risk
- B. Reduce the residual fraud risk to a level that is significantly smaller than the inherent fraud risk
- C. Reduce the inherent fraud risk to a level that is significantly smaller than the residual fraud risk.
- D. Completely eliminate inherent fraud risk
Answer: A
NEW QUESTION 7
According to The Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing, which of the following should the internal audit team evaluate in its assessment of the risk management process?
- A. The materiality of the organization s financial statements
- B. The organization s fraud risk management initiatives
- C. The management team's assessment of the internal controls over financial reporting
- D. The organization s risk exposures relating to the sale of assets
Answer: B
NEW QUESTION 8
Which of the following principles of corporate governance pertains to the duty of the organization to act in the best interest of society?
- A. Responsibility
- B. Fairness
- C. Transparency
- D. Accountability
Answer: B
NEW QUESTION 9
According to the 2018 Report to the Nations. schemes are the most common form of occupational fraud, while schemes are the costliest form of
occupational fraud
- A. Financial statement fraud, corruption
- B. Asset misappropriation; financial statement fraud
- C. Asset misappropriation; corruption
- D. Corruption; asset misappropriation
Answer: C
NEW QUESTION 10
In the context of fraud examination, integrity requires all of the following EXCEPT:
- A. Subordination of desires for personal gain to the interests of clients, employers, and the public
- B. Avoidance of differences of opinion
- C. Independence of mental attitude
- D. An ability to analyze situations where no professional rules are specifically applicable and determine right from wrong
Answer: B
NEW QUESTION 11
Open-door management policies are a fraud prevention mechanism that addresses which leg of the Fraud Triangle?
- A. Opportunity
- B. Willingness
- C. Lack of integrity
- D. Pressure
Answer: A
NEW QUESTION 12
Smith, a retail sales manager, wants to decrease the level of cash register over-and-short discrepancies among his sales team. According to behaviorist theories, which of the following options would be the most effective way for Smith to encourage his team members to keep their cash drawers in balance?
- A. Offer a bonus to anyone whose drawer reconciles perfectly for sixty days.
- B. Take away an hour of paid time off for each time the drawer is over or short.
- C. Publicly call out and criticize employees whose cash drawers are over or short
- D. Demote employees who continue to have reconciliation discrepancies
Answer: A
NEW QUESTION 13
Glenda. an internal auditor, and Bridgette. an accounts receivable clerk, have had several heated disagreements over accounting procedures and policies Glenda has just been told that she will be the lead on the company s fraud risk assessment. During the fraud risk assessment. Glenda should:
- A. Include her disagreements with Bridgette as a factor when assessing the risk of fraud in the accountsreceivable department
- B. Automatically designate the accounts receivable department as a high-risk area
- C. Confront Bridgette about the disagreements and discuss how they increase the departments risk of fraud
- D. Have someone else perform the fraud risk assessment work related to the accounts receivable departments activities
Answer: C
NEW QUESTION 14
Criminologist Charles McCaghy has slated that profit pressure is the single most compelling factor behind deviance by organizations
- A. True
- B. False
Answer: A
NEW QUESTION 15
Which of the following is NOT included in the five fraud risk management principles described
- A. Communicating the expectations of those governing the fraud risk management program
- B. Deploying preventive and detective fraud control activities to mitigate fraud risk
- C. Performing comprehensive fraud risk assessments to identify specific fraud schemes
- D. Developing one-time evaluations for each fraud risk management principle
Answer: D
NEW QUESTION 16
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