PDF Version DemoACFE Certified Fraud Examiner - Fraud Prevention and Deterrence Sample Questions:
1. Which of the following is TRUE regarding the G20/OECD Principles of Corporate Governance?
A) They assert that a corporate governance framework should ensure the equitable treatment of all the organization's shareholders.
B) They are required to be implemented by all corporations in the jurisdictions that have officially adopted them.
C) They are intended to be applicable in developed economies but not in emerging markets.
D) They state that a corporate governance framework should require disclosure of all financial information to the organization's investors.
2. As part of its anti-fraud program, Oak Company is outlining the responsibilities of different stakeholders. Who is ultimately responsible for setting the organization's ethical tone?
A) Fraud examiners
B) Human resources
C) General counsel
D) Management
3. An employee who previously received excellent performance evaluations suddenly begins living far beyond known financial means. What should management consider?
A) The behavior may represent a fraud red flag requiring further attention
B) The behavior proves fraud has occurred
C) The behavior is irrelevant to fraud risk
D) The employee should be terminated immediately
4. Which of the following is TRUE regarding the internal audit function's reporting responsibilities pertaining to fraud?
A) The internal audit function is permitted, but not required, to periodically report about the organization's fraud risks to senior management and the board of directors.
B) The internal audit function should discuss how and when to report fraud-related issues with senior management and the board of directors before such issues arise.
C) The internal audit function should not disclose the results of its fraud audits to senior management or the board of directors in order to maintain independence.
D) The internal audit function is not permitted to communicate with the board of directors about fraud, as that is the responsibility of external auditors.
5. Which red flag is MOST commonly associated with corruption schemes?
A) Employees with unusually close relationships to vendors or customers
B) Frequent bank reconciliation differences
C) Excessive write-offs of inventory
D) Missing fixed assets
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: D | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: A |
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