Free Access ACFE.CFE-Fraud-Prevention-and-Deterrence.v2022-02-24.q34 Practice Test (Page 5)

Question 16

Which of the following is FALSE regarding fraud examiners responsibilities under the ACFE Code of Professional Ethics?

A.In determining what information to include in a fraud examination report, fraud examiners should try to decide what users will consider important and material

B.Confidential information provided to fraud examiners by their clients is considered privileged and therefore legally exempt from disclosure in all circumstances

C.Fraud examiners must obtain and document evidence in a manner that ensures that the chain of custody is preserved

D.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

Question 17

Which of the following is NOT explicitly prohibited by the ACFE Code of Professional Ethics?

A.Acting in a way that could be deemed unethical by the industry

B.Participating in an activity where there is an undisclosed conflict of interest

C.Drawing conclusions based upon evidence

D.Engaging in behavior that is against the law

Question 18

In response to a risk identified during a fraud risk assessment, management decides to purchase fidelity insurance to help protect the company against the associated risk of loss This response is known as:

A.Assuming the risk

B.Transferring the risk

C.Avoiding the risk

D.Mitigating the risk

Question 19

According to International Auditing Standard (ISA) 240. the two types of intentional financial statement misstatements that are relevant to the auditor are

A.Misstatements resulting from revenue manipulation and misstatements resulting from expense manipulation

B.Immaterial misstatements and material misstatements

C.Misstatements resulting from fraudulent financial reporting and misstatements resulting from misappropriation of assets

D.Misstatements affecting the income statement and misstatements affecting the balance sheet

Question 20

The generation and use of relevant, quality information to support the functioning of internal control is a principle related to which component of the Committee of Sponsoring Organizations of the Treadway Commissions (COSO) Internal Control-Integrated Framework (the Framework)?

A.Risk assessment

B.Control environment

C.Information and communication

D.Monitoring

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Question 16

Question 17

Question 18

Question 19

Question 20

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