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ACFE CFE Exam - Topic 4 Question 38 Discussion

The principle behind full disclosure is:
A) Any material deviation from GAAP must be explained to the reader of the financial information.
B) Any material deviation from SAS must be explained to the writer oh the financial information.
C) Any material deviation from GAAP must be explained to writer of the financial information.
D) None of above

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
8 months ago
I thought it was about SAS, not GAAP.
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Blair
8 months ago
Full disclosure is key, so A is spot on!
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Gary
8 months ago
Wait, what’s SAS? I’m confused.
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Sarina
9 months ago
I think C makes more sense, though.
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Jules
9 months ago
A is definitely the right choice!
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Sharen
9 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
9 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
9 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
10 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
10 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
10 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
1 year 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
1 year ago
Definitely, it helps to provide a clear picture of the financial health of the company.
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Carma
1 year ago
Yes, it's important for transparency and to ensure that the readers have all the necessary information.
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Jesse
1 year 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
1 year 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
1 year ago
I agree, option D is always tempting but it's usually not the right answer!
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Juan
1 year ago
C) Any material deviation from GAAP must be explained to writer of the financial information.
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Adelina
1 year ago
A) Any material deviation from GAAP must be explained to the reader of the financial information.
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Delisa
1 year 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
1 year ago
D) None of above
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Julianna
1 year ago
I agree, option B doesn't seem relevant in this context.
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Ulysses
1 year ago
C) Any material deviation from GAAP must be explained to writer of the financial information.
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Keshia
1 year ago
A) Any material deviation from GAAP must be explained to the reader of the financial information.
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Tomas
1 year ago
D) None of above
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Jesusita
1 year ago
I agree, option B doesn't seem relevant in this context.
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Malcom
1 year ago
C) Any material deviation from GAAP must be explained to writer of the financial information.
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Filiberto
1 year ago
A) Any material deviation from GAAP must be explained to the reader of the financial information.
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Lang
1 year 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
1 year 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
1 year ago
I agree, option A is the correct answer. Full disclosure is important for transparency.
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Eva
1 year 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
1 year ago
I agree with Dallas, because any deviation from GAAP should be explained to the reader.
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Dallas
1 year ago
I think the principle behind full disclosure is option A.
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