ACFE CFE-Fraud-Prevention-and-Deterrence Exam Practice Test Instant Access

Question 1

[Fraud Risk Management]

Which of the following Is TRUE regarding an organization's ethics program?

ATo be most effective, access to the organization's ethics policy should be restricted to employees and other Internal parties only

BIn designing the ethics program, management should consider whether the organization currently has any ethical leadership Issues

CAn effective written ethics policy alone is sufficient to communicate management's ethical philosophy and serve as a comprehensive ethics program

DAll of the above

Answer : B

Question 2

[Fraud Risk Management]

Fraud risks related to regulatory and legal misconduct include all of the following EXCEPT:

AFraudulent customer payments

BAnti-competitive practices

CInsider trading

DConflicts of interest

Answer : A

Question 3

[Fraud Risk Management]

Effectively documenting and communicating organizational hierarchies, including the proper flow of information, can be a helpful tool in preventing fraud.

ATrue

BFalse

Answer : A

Question 4

[Fraud Risk Management]

Helene has been working at WPX Corp. for nine years. She takes some of the company's products from the warehouse and sells them online. Helene tells herself that the company owes it to her for her "years of underpaid service." This situation BEST illustrates which component of the Fraud Triangle?

AIntegrity lapse

BRationalization

CPerceived non-shareable financial need

DPerceived opportunity

Answer : B

Question 5

[Ethical Responsibilities of the Fraud Examiner]

Rhys, a Certified Fraud Examiner (CFE), was hired to conduct a fraud examination at Marvel Company. His examination did not reveal any conclusive evidence that fraud had occurred or was occurring. Consequently, Marvel's management asked Rhys to state in his 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. Which of the following is TRUE regarding the ACFE Code of Professional Ethics in this situation?

AThe ACFE Code of Professional Ethics allows Rhys to comply with management's request without limitations.

BThe ACFE Code of Professional Ethics allows Rhys to comply with management's request only if he can find another CFE to co-sign his report.

CThe ACFE Code of Professional Ethics allows Rhys to comply with management's request only if the company has liability insurance to cover an incorrect assertion.

DThe ACFE Code of Professional Ethics absolutely prohibits Rhys from complying with management's request.

Answer : D

Question 6

[Fraud Risk Management]

Management at Alpha Company is developing a corporate compliance program. To ensure that the program will be effective, management should both incentivize employees for their compliance and discipline them for any violations.

ATrue

BFalse

Answer : A

Question 7

[Fraud Risk Management]

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?

AMary should inform employees that the names of all individuals who report misconduct will be shared with the organization's governing body and law enforcement.

BMary should inform employees that they are required to report any information about potential fraud directly and only to their immediate supervisor.

CMary should inform employees of the precise methods for reporting potential fraud, such as completing an online form.

DMary should inform employees that they will be held accountable for reporting tips that cannot be verified.

Answer : C

ACFE CFE-Fraud-Prevention-and-Deterrence Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Practice Test