A company's anti-fraud controls are well designed, but management rarely enforces them and routinely ignores policy violations. Which statement is MOST accurate?

• A. Fraud risk increases because control enforcement is weak
• B. Fraud risk remains low because the controls exist
• C. Fraud risk depends only on employee ethics
• D. The controls automatically compensate for management behavior

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Which of the following statements is FALSE regarding an organization's fraud risk management program?

• A. The punishment for intentional noncompliance should be carried out in a consistent and firm manner.
• B. The program must include mechanisms to address breaches in compliance.
• C. Formal sanctions for intentional noncompliance should be determined and enacted privately
• D. A specific individual or team should be designated as responsible for monitoring compliance with the program

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

• A. All of the above are violations.
• B. Eric, a CFE, accepted a fraud examination assignment and then instructed his employee to assess the company's accounts receivable for indications of fraud. He accepted the employee's work that showed no evidence of fraud without conducting his own assessment. However, the employee missed some key information, causing Eric to fail to uncover a costly fraud scheme.
• C. Grace, a CFE, uncovered internal control deficiencies that were material but unrelated to the financial statement fraud she was investigating. In her final report to management, Grace included information about the deficiencies despite their being unrelated to the situation she was hired to investigate.
• D. Mae, a CFE, was hired by a client to conduct a fraud examination but found nothing unusual. A year later, she received a legal order from the local prosecutor's office to provide the client's file.
  Mae complied with the court order despite not having the client's authorization to provide the file.

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Fraud risks related to regulatory and legal misconduct include all of the following EXCEPT:

• A. Anti-competitive practices
• B. Conflicts of interest
• C. Insider trading
• D. Fraudulent customer payments

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Which of the following statements regarding monitoring employees for warning signs of fraud is MOST ACCURATE?

• A. An increase in employee wealth is always a sign of fraud that should be investigated.
• B. Employees who steal do not commonly display lifestyle or behavioral warning signs of their misdeeds.
• C. Employees should be made aware that management is watching for unexplained lifestyle and behavioral changes that might indicate fraudulent conduct.
• D. Managers should be instructed that it is a violation of employee privacy rights to monitor employees for behaviors that are indicative of fraud.

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