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ACFE CFE-Fraud-Prevention-and-Deterrence Exam - Topic 4 Question 74 Discussion

The internal auditor's fraud-related responsibilities include which of the following?
A) Evaluating whether management is actively retaining responsibility for oversight of the fraud risk management program
B) Reporting to regulators regarding the entity's vulnerability to fraud
C) Overseeing management's actions to manage fraud risks
D) Attesting that the organization's financial statements are free of material misstatements caused by fraud

ACFE CFE-Fraud-Prevention-and-Deterrence Exam - Topic 4 Question 74 Discussion

Actual exam question for ACFE's CFE-Fraud-Prevention-and-Deterrence exam
Question #: 74
Topic #: 4
[All CFE-Fraud-Prevention-and-Deterrence Questions]

The internal auditor's fraud-related responsibilities include which of the following?

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Suggested Answer: A

by Corinne at Dec 12, 2023, 07:26 AM

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Annett
8 months ago
Wait, can auditors really attest to no fraud in statements? Sounds risky!
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Mitzie
8 months ago
Totally agree with A and C!
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Isreal
8 months ago
Not sure about D, seems like a tall order for auditors.
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Howard
9 months ago
I think C is also crucial for effective oversight.
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Margo
9 months ago
A is definitely part of the auditor's role.
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James
9 months ago
I have a vague recollection that option D is more about external auditors, but I'm not completely confident about that.
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Lyndia
9 months ago
I remember practicing a question similar to this, and I think option C might be correct since auditors often oversee management's actions.
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Leonora
9 months ago
I'm not entirely sure about option B; I feel like internal auditors typically don't report directly to regulators.
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Toi
9 months ago
I think option A sounds familiar because we discussed the importance of management's role in fraud risk management during our last study session.
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Noah
9 months ago
I'm a little confused by this question. The internal auditor's role in fraud seems to involve oversight and evaluation, but I'm not sure if any of these options fully capture that. I'll have to think it through more before selecting an answer.
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Gracia
10 months ago
Okay, I've got this. The internal auditor's job is to evaluate the company's fraud risk management program, not to report directly to regulators or attest to the financial statements being free of fraud. I'm confident option A is the correct answer.
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Hyun
10 months ago
Hmm, I'm a bit unsure about this one. The internal auditor's fraud responsibilities could cover a lot of ground. I'll need to think through each option carefully to determine the best answer.
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Herman
10 months ago
This seems like a straightforward question about the internal auditor's responsibilities related to fraud. I'll carefully read through the options and think about which one best describes their role.
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Felicia
10 months ago
Okay, I've got this. The question is specifically asking about the waste that was eliminated, which was the waste of motion. By rearranging the parts to be within easy reach, the repair person doesn't have to waste time and energy moving around to get the parts they need. The answer is definitely A, Motion.
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Eleonore
10 months ago
I'm a bit confused on this one. The High Availability Utility and Merge Utility don't seem directly relevant to the issue described in the question. I'll have to review the details of each option to make sure I'm choosing the right one.
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Major
10 months ago
I think Proof of Work is definitely better for scenarios where trustlessness is key, but I'm not sure about the others.
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Jacqueline
10 months ago
I think it might be the central station, but I'm not entirely sure. It sounds familiar from what we studied.
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Tien
10 months ago
Hmm, I'm a bit unsure about this one. I know measurement gaging is more precise, but I'm not sure if that makes it "more scientific" or if it requires greater skills. I'll have to review my notes to see if I can figure out the best answer.
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