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NEW QUESTION 37
During the course of a fraud examination. Stefan, an employee of Acme Inc., approaches Marten, a Certified Fraud Examiner (CFE) and fellow employee of Acme, and tells him that he knows of a major fraud being committed by the chief financial officer (CFO). However. Stefan says he can only provide details if Marten promises him absolute confidentiality. How should Marten respond?
- A. Not agree to the request for confidentiality
- B. Tell Stefan that he will try to keep the information as confidential as possible
- C. Agree that the information will be held in confidence, even though Marten knows it will not be
- D. Take Stefan's request straight to Acme Inc.'s management
Answer: B
NEW QUESTION 38
Which of the following is FALSE regarding fraud examiners responsibilities under the ACFE Code of Professional Ethics?
- A. Confidential information provided to fraud examiners by their clients is considered privileged and therefore legally exempt from disclosure in all circumstances
- B. If fraud examiners become aware of a situation that might appear to others as though they have a conflict of interest they should immediately disclose the situation to company management
- C. Fraud examiners must obtain and document evidence in a manner that ensures that the chain of custody is preserved
- D. In determining what information to include in a fraud examination report, fraud examiners should try to decide what users will consider important and material
Answer: D
NEW QUESTION 39
Which of the following is NOT a way that an organization's fraud risk assessment should be incorporated into the audit process''
- A. It should be used to replace the auditor's own identification and assessment of fraud risks.
- B. It should be used to assess whether there is a moderate-to-high risk of management override of internal controls within the moderate-to-high fraud risk areas
- C. It should be used to increase awareness in the development of audit programs for areas that have been identified as having a moderate-to-high risk of fraud.
- D. It should be used to design audit tests to evaluate whether the controls are operating effectively
Answer: A
NEW QUESTION 40
Employee anti-fraud education should:
- A. Be presented by organizational executives or anti-fraud professionals only
- B. Include examples of prior employee misconduct and how those situations were handled
- C. Include descriptions of the procedures that management uses to detect fraud.
- D. Be restricted to formal educational mechanisms to reinforce the importance of the message
Answer: B
NEW QUESTION 41
The fact that most groups within groups a society have the same ideas of right and wrong greatly assists in the ability to determine the correct ethical decision in a given situation.
- A. False
- B. True
Answer: A
NEW QUESTION 42
Effectively documenting and communicating organizational hierarchies, including the proper flow of information, can be a helpful tool in preventing fraud
- A. True
- B. False
Answer: A
NEW QUESTION 43
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. True
- B. False
Answer: A
NEW QUESTION 44
The Public Interest Oversight Board (PIOB) is the global body responsible for establishing international corporate governance standards.
- A. False
- B. True
Answer: A
NEW QUESTION 45
Which of the following is NOT included in G20/OECD Principles of Corporate Governance (the Principles)?
- A. Support for establishing stronger protection for foreign shareholders than for domestic shareholders
- B. Recognition of the importance of the role of stakeholders in corporate governance
- C. Guidance regarding appropriate board structures, responsibilities, and procedures
- D. A request that governments have in place an appropriate framework to support good corporate governance practices
Answer: A
NEW QUESTION 46
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 detecting fraud.
- B. The internal auditor must apply the skill and care of a reasonably prudent and competent internal auditor
- 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 an expert whose primary responsibility is investigating fraud
Answer: C
NEW QUESTION 47
In the area of criminological theory, compliance is the theory that tries to prevent crime by providing economic incentives for voluntary conformity to the laws and using administrative efforts to control violations before they occur.
- A. True
- B. False
Answer: A
NEW QUESTION 48
Which of the following is an example of organizational crime?
- A. An accounting clerk forging company checks to herself
- B. Management of several construction companies engaging in bid rigging
- C. doctor conspiring with patients to file false health care insurance claims
- D. A salesman offering bribes to secure a contract
Answer: A
NEW QUESTION 49
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. Tips
- C. Internal audit
- D. External audit
Answer: B
NEW QUESTION 50
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 51
A report by a fraud examiner is privileged from disclosure by anyone other than the client
- A. True
- B. False
Answer: A
NEW QUESTION 52
To be in compliance with the ACFE Code of Professional Ethics, fraud examiners must have:
- A. A Sufficient skill and knowledge to recognize when additional training or expert guidance is required
- B. An expert level of knowledge for every circumstance that might be encountered in a fraud examination
- C. An expert level of experience for every circumstance that might be encountered in a fraud examination
- D. Sufficient resources to obtain the training needed to become an expert on all facets of fraud examinations
Answer: D
NEW QUESTION 53
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 54
Blue, a Certified Fraud Examiner (CFE). had an ethical dilemma regarding the contract governing one of his professional engagements. Which of the following sources of guidance would be considered the lowest level of reference to help Blue in determining the most ethical course of action?
- A. Moral philosophical principles
- B. The ACFE Code of Professional Ethics
- C. The handling of similar situations by individuals he respects
- D. Contract law
Answer: C
NEW QUESTION 55
Fraud risks related lo corruption include all of the following EXCEPT
- A. Payment of bribes
- B. Aiding and abetting vendor fraud
- C. Espionage by competitor
- D. Receipt of kickbacks
Answer: D
NEW QUESTION 56
Professional auditing standards suggest that auditors incorporate an "element of predictability" in the selection of auditing procedures to be performed so that they ensure the same areas are tested in the same manner during each audit.
- A. True
- B. False
Answer: A
NEW QUESTION 57
Which of the following is FALSE regarding an organization's anti-fraud policy?
- A. In developing the anti-fraud policy, management should check with legal counsel regarding any legal considerations with respect to the policy
- 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. To avoid legal problems in discharging employees, the anti-fraud policy should not include any specific examples of fraud and misconduct
Answer: D
NEW QUESTION 58
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