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ACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Sample Questions:

Question 1

Red works in the Accounting Department and prepares account reconciliations for his company. While following his normal procedures, Red misunderstands a note from a colleague, resulting in incorrect information being included on an account reconciliation that ultimately makes the account appear artificially inflated. Which of the following internal control failures has MOST LIKELY occurred?

A. Collusion.
B. Breakdown.
C. Error.
D. Noncompliance.

Question 2

Christopher is conducting an external audit of a company in a jurisdiction that is subject to International Standards on Auditing ISAs. While conducting his audit procedures, he discovers evidence of a fraud involving Jeffrey, the company's chief executive officer. Which of the following is Christopher's BEST response to these findings?

A. Christopher should not disclose his findings to any other parties due to legal liability.
B. Christopher should confront Jeffrey with his audit findings and try to get a confession.
C. Christopher should immediately report his findings to the relevant government authority.
D. Christopher should report his findings to those charged with governance of the organization.

Question 3

Which of the following is TRUE regarding the G20/OECD Principles of Corporate Governance?

A. They are required to be implemented by all corporations in the jurisdictions that have officially adopted them.
B. They state that a corporate governance framework should promote transparent and fair markets and the efficient allocation of resources.
C. They are intended to be applicable in emerging markets but not in developed economies.
D. They assert that a corporate governance framework should ensure that the treatment of shareholders differs based on the class of stock they own.

Question 4

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) defines internal control as:

A. A process implemented to review how well the organization's risk management capabilities have increased value over time and how they will continue to drive value for the organization
B. A process involving personnel at all levels of the organization that aims to eliminate all uncertainty and risk while also ensuring the achievement of organizational goals
C. A process aimed at proactively identifying, evaluating, and addressing an organization ' s vulnerabilities to fraud by both internal and external sources
D. A process, effected by an entity's board of directors, management, and other personnel,designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance

Question 5

Which of the following would MOST LIKELY be a violation of the ACFE Code of Professional Ethics?

A. All of the above are violations
B. Stephanie, a CFE, accepted a fraud examination assignment and then instructed a lower-level employee to assess the company ' s cash records for signs of fraud. She took his word when he said there was no evidence of wrongdoing and ended up failing to uncover a very costly fraud scheme.
C. Susan, a CFE, was hired by a client to conduct a fraud examination but found nothing amiss A year later, she received a legal order from the local prosecutor ' s office to provide the client ' s file. Susan complied with the court order, even though she did not have the client ' s authorization to do so.
D. Green a CFE, uncovered several material internal control deficiencies unrelated to the financial statement fraud he was investigating. In his final report to management. Green included information about the deficiencies even though they were unrelated to the situation he was hired to investigate.

Solutions: