ACFE CFE-Financial-Transactions-and-Fraud-Schemes Exam - Topic 9 Question 61 Discussion

Actual exam question for ACFE's CFE-Financial-Transactions-and-Fraud-Schemes exam

Question #: 61
Topic #: 9

[All CFE-Financial-Transactions-and-Fraud-Schemes Questions]

The principle behind full disclosure is:

AAny material deviation from GAAP must be explained to the reader of the financial information.

BAny material deviation from SAS must be explained to the writer oh the financial information.

CAny material deviation from GAAP must be explained to writer of the financial information.

DNone of above

Show Suggested Answer

Suggested Answer: A

by Amie at Nov 15, 2022, 10:01 AM

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Veronique

4 months ago

I’m not so sure about A, seems a bit too simplistic.

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Marvel

4 months ago

Totally agree with A, full disclosure is key!

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Dalene

4 months ago

Wait, is it really just GAAP we’re talking about?

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Linette

5 months ago

I think D makes more sense, none of those options are clear.

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Chandra

5 months ago

A is definitely the right choice!

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Lashawna

5 months ago

I feel like I’ve seen this concept before, and it seems like the answer should be A since it mentions the reader, which makes sense for financial statements.

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Ashlyn

5 months ago

I’m a bit confused because I thought SAS was also important, but I can't recall how it relates to full disclosure.

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France

5 months ago

I remember practicing a question similar to this, and I think it was definitely about GAAP. So, I’m leaning towards A.

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Luz

5 months ago

I think the full disclosure principle is about explaining deviations from GAAP, but I'm not sure if it's option A or C.

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Felicidad

5 months ago

Okay, let me think this through step-by-step. OutGuess is a tool used to hide data within other data, so it must be for a steganography attack. I'll go with A.

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Hollis

5 months ago

Okay, I think I've got a good handle on this. I'll focus on discussing with the Product Owner to shift work to another iteration.

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Clement

5 months ago

This seems like a tricky question. I'll need to think carefully about the different indicators of a ransomware attack in an IBM Spectrum Protect environment.

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Eleonora

5 months ago

Based on my understanding, the main goal of a PIA is to assess the risk associated with personal data usage. I'm pretty confident that's the correct answer.

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