Which of the following components of the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Enterprise Risk Management--Integrating with Strategy and Performance refers to an organization's ability to continually assess how well its enterprise risk management (ERM) capabilities and practices have increased value over time and how they will continue to drive value for the organization?

• A.Risk tolerance
• B.Governance and culture
• C.Strategy and objective-setting
• D.Review and revision

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Which of the following is one of the recommendations made by the National Commission on Fraudulent Financial Reporting (the Treadway Commission) to reduce the probability of fraud in financial reports?

• A.A mandatory independent compensation committee
• B.Shareholder oversight of internal controls
• C.A written charter for management
• D.Adequate audit committee resources and authority

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A company discovers that several employees share login credentials to approve transactions.
What is the PRIMARY fraud risk?

• A.Improved operational efficiency
• B.Reduced audit costs
• C.Loss of accountability and inability to determine responsibility
• D.Stronger segregation of duties

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Which of the following is TRUE regarding corporate governance?

• A.Fraud risk management is considered to be the foundation of effective corporate governance
• B.Corporate governance's primary purpose is to ensure the accuracy of the organization's financial reports
• C.Effective corporate governance practices are most necessary in an organization in which the owners are also the individuals responsible for setting the corporate strategy.
• D.An entity's corporate governance structure specifies the distribution of rights and responsibilities among the different participants in the organization

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Green, a Certified Fraud Examiner (CFE). had an ethical dilemma regarding her business contract with her professional partners. Which of the following sources of guidance would be considered the lowest level of reference to help Green in determining the most ethical course of action?

• A.Contract law
• B.Guidance from her family and friends
• C.The ACFE Code of Professional Ethics
• D.Philosophical principles related to ethics

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