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Updated CFE-Fraud-Prevention-and-Deterrence CBT & CFE-Fraud-Prevention-and-Deterrence Exam Tutorials

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The CFE-Fraud-Prevention-and-Deterrence exam is offered by the Association of Certified Fraud Examiners (ACFE). Certified Fraud Examiner - Fraud Prevention and Deterrence Exam certification is designed for professionals who want to specialize in fraud prevention and deterrence. CFE-Fraud-Prevention-and-Deterrence Exam covers various topics such as fraud schemes, financial transactions, legal elements, and investigation techniques. It is designed to help professionals develop expertise in identifying and preventing fraudulent activities.

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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Sample Questions (Q203-Q208):

NEW QUESTION # 203
Risk management is focused on balancing the organization's___________with Its____________.

A. Internal controls; financial reporting model
B. Objectives; resources
C. Regulatory requirements, risk appetite
D. Risk appetite, ability to meet its objectives

Answer: D

NEW QUESTION # 204
Aaron, a government auditor, is conducting a financial statement audit of a public-sector entity in accordance with the International Standards of Supreme Audit Institutions. Which of the following is TRUE regarding Aaron's consideration of fraud during this engagement?

A. Aaron should remain alert for fraud but does not need to consider the potential for abuse or other misconduct during the audit engagement.
B. Aaron does not need to comply with the requirements found in International Standard on Auditing 240 as they do not apply to the engagement.
C. Aaron likely does not have the ability to withdraw from the engagement even if fraud is identified during the audit.
D. Aaron's audit objectives are likely narrower than those of a private-sector financial statement audit.

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation:
Government auditors typically cannot unilaterally withdraw from an audit engagement, even in cases where fraud is identified. Public-sector audits often follow mandates from higher authorities or statutes that require the auditor to continue and report findings to oversight bodies. Additionally, fraud and abuse (including misconduct and misuse of assets) are relevant to government audits under ISSAIs, contrary to A and B.
Option D is incorrect because public-sector audit objectives are often broader, encompassing compliance, performance, and integrity aspects.

NEW QUESTION # 205
Who is ultimately responsible lor ensuring the effectiveness of the organization's anti-fraud program?

A. Internal auditors
B. The compliance function
C. Management
D. External auditors

Answer: C

Explanation:
* Responsibility for Anti-Fraud Program Effectiveness:
* Management holds ultimate responsibility for designing, implementing, and maintaining an effective anti-fraud program.
* Internal and external auditors, as well as compliance functions, provide oversight and recommendations but are not directly responsible for the program's effectiveness.
* Conclusion:Management is ultimately accountable for ensuring the success of the anti-fraud program.
References:ACFE guidelines on fraud risk governance and management roles.

NEW QUESTION # 206
Which of the following criminological theories states that individuals make a conscious decision to commit a crime and that crime can be deterred by reducing opportunities for criminal activity and increasing an individual's personal risk of being caught and punished?

A. Routine activities theory
B. Social conflict theory
C. Differential association theory
D. Rational choice theory

Answer: D

Explanation:
* Rational Choice Theory Overview:
* This theory posits that individuals consciously weigh the benefits and risks of committing a crime and make calculated decisions to engage in criminal behavior if the perceived benefits outweigh the risks.
* Deterrence Mechanism:
* Crime can be deterred by reducing opportunities (e.g., strong internal controls) and increasing the likelihood of detection and punishment (e.g., effective monitoring systems).
* Why Other Options are Incorrect:
* A. Routine activities theory: Focuses on the convergence of motivated offenders, suitable targets, and lack of guardianship.
* B. Differential association theory: Explains crime as learned behavior through interaction with others.
* D. Social conflict theory: Suggests crime results from societal inequalities and power struggles.
* Why C is Correct:
* Rational choice theory explicitly addresses crime prevention through increased risks and reduced opportunities.
References for All Questions:
* ACFE Fraud Examination Guide.
* Criminological theories as applied to fraud prevention and deterrence.
* Corporate governance frameworks and corruption-related risks.

NEW QUESTION # 207
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 required to comply with G20/OECD Principles of Corporate Governance
B. ABC is subject to the Universal Corporate Governance Act because it is a publicly traded corporation.
C. ABC is not required to comply with any corporate governance requirements because it operates in multiple jurisdictions
D. ABC must comply with specific listing standards for the stock exchange(s) on which it is listed

Answer: D

Explanation:
* Corporate Governance Requirements for Public Corporations:
* Publicly traded companies must adhere to the listing standards of the stock exchanges where their shares are traded (e.g., NYSE or NASDAQ).
* B. G20/OECD Principles: These are guidelines, not binding requirements.
* C. No requirements: Incorrect; corporate governance regulations apply regardless of jurisdiction.
* D. Universal Corporate Governance Act: No such act exists globally.
* Conclusion:Public corporations must comply with stock exchange-specific listing standards.
References:Corporate governance standards and listing requirements.

NEW QUESTION # 208
......

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