CFE-Fraud-Prevention-and-Deterrence Dumps - Certified Fraud Examiner - Fraud Prevention and Deterrence Exam Practice Exam Questions

The ACFE CFE credential stands for Certified Fraud Examiner. It's a globally recognized professional designation that signifies expertise in fraud prevention, detection, deterrence, and investigation. Earning the CFE credential demonstrates a high level of knowledge and skill in the anti-fraud field, leading to increased career opportunities and credibility.

The CFE exam tests knowledge in four core sections:

•     Financial Transactions and Fraud Schemes: Understanding different fraud schemes and how they manipulate financial transactions.
•     Law: Knowledge of relevant laws and regulations related to fraud.
•     Investigations: Skills required to conduct effective fraud investigations.
•     Fraud Prevention and Deterrence: Strategies to prevent fraud from occurring and deterring potential fraudsters.

Yes, the Fraud Prevention and Deterrence section has a specific focus. It delves into understanding why people commit fraud and how to prevent it from happening in the first place. This includes studying areas like:

•     Developing strong corporate governance.
•     Implementing anti-fraud programs.
•     Performing fraud risk assessments.

The Fraud Triangle is a model that identifies three key elements that can contribute to fraud:

•     Opportunity: When someone has the chance to commit fraud due to weak internal controls or unsupervised access.
•     Pressure: Financial pressure, job insecurity, or a desire for extravagant living can motivate someone to commit fraud.
•     Rationalization: People may try to justify their actions through various means, like believing they deserve the money or the company won't miss it.

Red flags are indicators that suggest a higher risk of fraud being present. They can be anomalies in financial statements, unusual employee behavior, or weaknesses in a company's control environment. Identifying and investigating red flags promptly can help prevent fraud or detect it early on.

Common examples of red flags include:

• Unexplained fluctuations in financial accounts.
• An employee living beyond their apparent means.
• Reluctance to take vacations or unexpected changes in leave requests.
• Difficulty in reconciling accounts payable or receivable.

The CFE exam is typically 4 hours long and consists of multiple-choice questions. The exact number of questions can vary slightly from year to year.

Eligibility requirements for the CFE exam include having a bachelor's degree, relevant work experience in fraud or a related field, and meeting character, ethics, and continuing professional education requirements set by the ACFE. You can find the full details on the ACFE website.