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Free CFE - Fraud Prevention Exam Braindumps
Certified Fraudiner - Fraud Prevention Questions 107–129 (page: 9)

Updated On: 1-Feb-2026
Page 9 of 30
PDF with 314 Questions

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?

  1. Monitoring
  2. Control environment
  3. Independent oversight
  4. Information and communication

Answer(s): C



Risk management is focused on balancing the organization's___________with Its____________.

  1. Internal controls; financial reporting model
  2. Regulatory requirements, risk appetite
  3. Objectives; resources
  4. Risk appetite, ability to meet its objectives

Answer(s): D



During an external audit of an organization's financial statements. Elena, the external auditor, uncovers significant internal control deficiencies at the audit client's organization. She believes these deficiencies could result in a material misstatement of the financial statements.
Which of the following should Elena do with regard to these findings?

  1. Elena should suspend the audit and begin a new audit focused on the internal controls
  2. Elena should report the findings in writing to the appropriate law enforcement agencies.
  3. Elena should provide a written communication about the findings to senior management.
  4. Elena should work independently to correct the underlying internal control deficiency.

Answer(s): C



Susannah Is conducting an external audit of a company In a jurisdiction that is subject to International Standards on Auditing (ISAs).
While undertaking her audit procedures, she discovers evidence that senior management has been fraudulently manipulating the financial statements.
Which of the following is Susannah's BEST response to these findings?

  1. Susannah should confront management with her audit findings and try to get a confession.
  2. Susannah should Immediately report her findings to the secunties regulators
  3. Susannah should report her findings to the audit committee of the board of directors.
  4. Susannah should not disclose her findings to any other parties due to client confidentiality.

Answer(s): C



Which of the following Is FALSE regarding proactive fraud auditing procedures?

  1. Fraud audit procedures should be designed to incorporate an element of surprise
  2. Analytical review of the financial statements is best used to uncover small frauds that might be missed by other detection methods
  3. Fraud assessment questioning techniques are most appropriately used as part of the normal audit process
  4. Implementing proactive fraud audit procedures demonstrates management's intention to aggressively look for possible fraudulent conduct

Answer(s): B



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