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ACFE CFE Exam - Topic 4 Question 38 Discussion

Actual exam question for ACFE's CFE exam
Question #: 38
Topic #: 4
[All CFE Questions]

The principle behind full disclosure is:

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Suggested Answer: A

by Lashon at Jul 28, 2023, 04:07 AM

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Tawna
3 months ago
I thought it was about SAS, not GAAP.
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Blair
4 months ago
Full disclosure is key, so A is spot on!
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Gary
4 months ago
Wait, what’s SAS? I’m confused.
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Sarina
4 months ago
I think C makes more sense, though.
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Jules
4 months ago
A is definitely the right choice!
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Sharen
5 months ago
I feel like I’ve seen this before, and I think it’s important to clarify any deviations, but I can’t recall the exact wording. Maybe it’s A?
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Penney
5 months ago
I’m a bit confused. I thought SAS was related to auditing standards, so I’m not sure why it would apply here.
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Samira
5 months ago
I remember practicing a question similar to this, and I think it was definitely about material deviations from GAAP. So, I lean towards A.
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Alba
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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Tamesha
5 months ago
I've seen this type of scenario before, and I think the best approach is to support the decision to focus on spikes. This will help improve the release planning and backlog grooming, which is crucial for the long-term success of the project.
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Billi
5 months ago
Okay, let me break this down. The question is asking who examines the cost of claims to determine if they are reasonable or necessary based on the diagnosis. That sounds like the job of a health insurance specialist, so I'm going to go with that.
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Na
10 months ago
Option C is a bit confusing. Shouldn't the deviations be explained to the readers, not the writer? I think A is the way to go.
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Alease
9 months ago
Definitely, it helps to provide a clear picture of the financial health of the company.
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Carma
9 months ago
Yes, it's important for transparency and to ensure that the readers have all the necessary information.
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Jesse
9 months ago
I agree, the principle behind full disclosure is that any material deviation from GAAP must be explained to the reader of the financial information.
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Gail
10 months ago
Haha, option D is tempting, but I don't think 'none of the above' is the right answer here. Gotta love when they try to trick us with that one!
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Reita
9 months ago
I agree, option D is always tempting but it's usually not the right answer!
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Juan
9 months ago
C) Any material deviation from GAAP must be explained to writer of the financial information.
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Adelina
10 months ago
A) Any material deviation from GAAP must be explained to the reader of the financial information.
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Delisa
11 months ago
I'm not sure about this one. Option B doesn't make much sense to me - why would deviations from SAS need to be explained to the writer?
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Buck
8 months ago
D) None of above
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Julianna
8 months ago
I agree, option B doesn't seem relevant in this context.
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Ulysses
8 months ago
C) Any material deviation from GAAP must be explained to writer of the financial information.
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Keshia
8 months ago
A) Any material deviation from GAAP must be explained to the reader of the financial information.
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Tomas
9 months ago
D) None of above
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Jesusita
9 months ago
I agree, option B doesn't seem relevant in this context.
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Malcom
9 months ago
C) Any material deviation from GAAP must be explained to writer of the financial information.
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Filiberto
9 months ago
A) Any material deviation from GAAP must be explained to the reader of the financial information.
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Lang
11 months ago
Option A seems to be the correct answer. Full disclosure requires explaining any material deviations from GAAP to the readers of the financial information.
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Ettie
10 months ago
Yes, full disclosure ensures that any significant deviations from GAAP are clearly communicated to the readers of the financial information.
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Dion
10 months ago
I agree, option A is the correct answer. Full disclosure is important for transparency.
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Eva
11 months ago
I'm not sure, but I think option C could also be correct, as it mentions explaining to the writer of the financial information.
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Doyle
11 months ago
I agree with Dallas, because any deviation from GAAP should be explained to the reader.
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Dallas
11 months ago
I think the principle behind full disclosure is option A.
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