CFE-Fraud-Prevention-and-Deterrence Exam Dumps - Certified Fraud Examiner - Fraud Prevention and Deterrence Exam

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Question # 9

According to the Committee of Sponsoring Organizations of the Treadway Commission ' s (COSO) Internal Control-integrated Framework (the Framework), there are five interrelated components of a company ' s internal control. Which of the following is NOT among these five components?

Monitoring

Control environment

Independent oversight

Information and communication

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Question # 10

According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), internal control is defined as:

A process aimed at proactively identifying, assessing, and managing an organization ' s vulnerabilities to fraud by both internal and external sources.

The system enacted to ensure effective oversight of the board of directors, management, and all other parties responsible for an organization ' s direction, operations, and performance.

The system that is designed and implemented to eliminate all uncertainty and risk while also ensuring the achievement of organizational goals.

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.

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Question # 11

Which of the following is TRUE regarding International Standard on Auditing (ISA) 240?

ISA 240 requires auditors to effectively raise awareness about the risk of fraud within the audited organization.

ISA 240 establishes standards regarding the auditor ' s responsibility to consider fraud in an audit of financial statements.

ISA 240 establishes auditors as being primarily responsible for the prevention and detection of fraud within an organization.

ISA 240 creates requirements for management regarding the establishment of a holistic fraud risk management program.

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Question # 12

Glenda. an internal auditor, and Brldgette. an accounts receivable clerk, have had several heated disagreements over accounting procedures and policies. Glenda has just been told that she will be the lead on the company ' s fraud risk assessment. During the fraud risk assessment. Glenda should:

Confront Bridgette about the disagreements and discuss how they increase the department ' s risk of fraud.

Include her disagreements with Bridgette as a factor when assessing the risk of fraud in the accounts receivable department.

Automatically designate the accounts receivable department as a high-risk area.

Have someone else perform the fraud risk assessment work related to the accounts receivable department ' s activities.

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Question # 13

Timothy, a new Certified Fraud Examiner (CFE), has been tasked with his first fraud examination engagement. To exercise appropriate professional skepticism as he conducts the engagement, Timothy should:

Begin the engagement with the belief that no fraud has occurred.

Maintain a skeptical attitude throughout the entire engagement even if the evidence shows no signs of fraudulent activity.

Maintain professional skepticism that can only be dispelled by evidence.

Form the engagement hypothesis without consideration for the nature of the assignment.

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Question # 14

Which of the following is a TRUE statement regarding fraud risks?

Inherent risks are risks that remain after efforts are made to mitigate fraud risk.

The objective of anti-fraud controls is to completely eliminate the inherent fraud risk.

The objective of anti-fraud controls is to reduce the residual fraud risk to a level that is significantly lower than the inherent fraud risk.

Residual risks are risks that are present before the effect of internal controls.

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Question # 15

Willow, Inc. has a complex organizational structure with many specialized departments. The structure of Willow, Inc. increases the likelihood that fraud will go undetected within the organization.

True

False

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Question # 16

Which of the following is NOT a factor that directors and management should consider when developing a corporate governance framework for an organization?

The legal and regulatory environment in which the organization operates

The ability of the framework to remain static during changes in the corporate landscape

The organization ' s ethical environment

The organization ' s cultural environment

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