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ACFE CFE-Fraud-Prevention-and-Deterrence Exam - Topic 1 Question 75 Discussion

Actual exam question for ACFE's CFE-Fraud-Prevention-and-Deterrence exam
Question #: 75
Topic #: 1
[All CFE-Fraud-Prevention-and-Deterrence Questions]

International Standard on Auditing (ISA) 240 establishes auditors as being primarily responsible for the establishment of anti-fraud internal controls within an organization.

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Suggested Answer: B

by Layla at Dec 23, 2023, 04:36 PM

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Cassi
3 months ago
Sounds off to me, are you sure about that?
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Diane
3 months ago
Yup, management sets the tone for anti-fraud measures.
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Freeman
4 months ago
Wait, really? I thought auditors had more responsibility.
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Brent
4 months ago
Totally agree, auditors just assess them.
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Merri
4 months ago
That's actually false, management is responsible for those controls.
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Fanny
4 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.
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Lavera
5 months 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.
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Omer
5 months ago
I remember a practice question that mentioned auditors should evaluate controls but not necessarily establish them. So, I’m leaning towards False.
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Izetta
5 months 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.
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Willard
5 months 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.
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Rickie
5 months 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.
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Melissa
5 months 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.
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Timmy
5 months 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.
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Joseph
5 months 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.
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Rima
5 months 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.
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Lura
5 months 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.
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Jesse
5 months 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.
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Tyra
5 months 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...
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Zita
5 months 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.
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Anna
5 months ago
This question seems straightforward, but I want to make sure I understand the key benefits of binary reuse before selecting my answers.
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