MENU
International Standard on Auditing (ISA) 240 establishes auditors as being primarily responsible for the establishment of anti-fraud internal controls within an organization.
Suggested Answer: B
Get Premium CFE-Fraud-Prevention-and-Deterrence Questions
as Interactive Web-Based Practice Test or PDF
Real Exam Format
Detailed Explanations
Instant Access
Get Your Practice Test
20 comments · newest first
CA
Cassi
11 months ago
Sounds off to me, are you sure about that?
DI
Diane
11 months ago
Yup, management sets the tone for anti-fraud measures.
FR
Freeman
11 months ago
Wait, really? I thought auditors had more responsibility.
BR
Brent
12 months ago
Totally agree, auditors just assess them.
ME
Merri
12 months ago
That's actually false, management is responsible for those controls.
FA
Fanny
12 months ago
I think the answer is True because I studied that auditors need to ensure there are effective controls in place, but I could be mixing it up with another standard.
LA
Lavera
1 year ago
I feel like this is tricky. I know auditors have a responsibility to detect fraud, but I can't recall if that means they set up the controls themselves.
OM
Omer
1 year ago
I remember a practice question that mentioned auditors should evaluate controls but not necessarily establish them. So, I’m leaning towards False.
IZ
Izetta
1 year ago
I think ISA 240 emphasizes the auditor's role in assessing fraud risks, but I'm not sure if it states they're primarily responsible for internal controls.
WI
Willard
1 year ago
I'm pretty sure the answer is False. The auditor's responsibility under ISA 240 is to identify and assess the risks of material misstatement due to fraud, and to design and implement appropriate responses. But the primary responsibility for establishing anti-fraud controls lies with management, not the auditor.
RI
Rickie
1 year ago
I'm a bit confused by this question. I thought the auditor's role was to assess the design and implementation of internal controls, including anti-fraud controls, but not to actually establish them. I'll have to review my ISA 240 notes to be sure.
ME
Melissa
1 year ago
Okay, let me break this down. The question is saying the auditor is primarily responsible for anti-fraud controls, but my understanding is that management is responsible for designing and implementing internal controls, including anti-fraud controls. I'm going to go with False on this one.
TI
Timmy
1 year ago
Hmm, I'm a bit unsure about this. I know ISA 240 covers fraud, but I can't recall if it specifically says the auditor is responsible for establishing anti-fraud controls. I'll have to think this through carefully.
JO
Joseph
1 year ago
I'm pretty confident on this one. ISA 240 is all about the auditor's responsibilities for fraud, so I think the answer is False.
RI
Rima
1 year ago
Okay, I've got this! External oracles are definitely the way to go for generating secure, unpredictable randomness in smart contracts. Block hashes can also work, but they're more susceptible to manipulation. I'm confident I can nail this question.
LU
Lura
1 year ago
This looks like a straightforward multiple choice question on the capabilities of the flowchart designer. I'll carefully review each option and select the ones that match the supported activities.
JE
Jesse
1 year ago
Integrating with supply chain partners seems like it could complicate things and extend the timeline. I'll focus on the more direct implementation options.
TY
Tyra
1 year ago
I remember BGP configurations can get tricky. I think it's likely D is right, but I'm debating if A or E would also work...
ZI
Zita
1 year ago
I'm a bit confused between B and C. I feel like it's definitely not A or D as they sound too absolute for a hybrid model.
AN
Anna
1 year ago
This question seems straightforward, but I want to make sure I understand the key benefits of binary reuse before selecting my answers.