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ACFE CFE-Law Certified Fraud Examiner (CFE) - Law Exam Practice Test

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Total 103 questions
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Certified Fraud Examiner (CFE) - Law Questions and Answers

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Question 1

Which of the following is the MOST ACCURATE statement about the litigation privilege in common law jurisdictions?

Options:

A.

The primary purpose of the litigation privilege is to protect confidential communications between a client and the client's legal representative

B.

The litigation privilege only protects documents and materials prepared by an attorney

C.

The litigation privilege applies only while a trial is underway

D.

The litigation privilege applies only to documents and materials prepared in anticipation of litigation

Question 2

IBC Manufacturing is a private company in a jurisdiction in which the public has the legal right to be free from unreasonable search and seizure by government authorities. An investigator at IBC searches the desk of Denise an IBC employee and finds illegal narcotics. The investigator seizes the narcotics and turns them over to members of law enforcement. The investigator violated Denises rights by failing to obtain a search warrant before conducting the search

Options:

A.

True

B.

False

Question 3

Which of the following would be direct evidence that the criminal defendant a former cashier for a home improvement store committed a cash larceny scheme that resulted n the theft of more than $5 000 from the store?

Options:

A.

A diagram is used to display the location of the store's registers

B.

A witness testifies that they saw the defendant take the money

C.

A witness testifies that the defendant was almost always the last cashier to leave the store

D.

A coworker testifies that the defendant was acting nervously the day the money was taken

Question 4

Which of the following statements regarding the qualifications of expert witnesses in most inquisitorial jurisdictions is CORRECT?

Options:

A.

Certification in a specific field is always enough to qualify an expert

B.

An excerpt is not qualified to testify unless all parties to the litigation approve

C.

Experts are generally prohibited from serving as expert witnesses in multiple cases

D.

The qualification of an expert is generally based on standardized requirements

Question 5

The Financial Action Task Force (FATF) Recommendations slate that a financial institution s customer due diligence (COD) procedures should include continued monitoring of a customer's business relationships and transactions.

Options:

A.

True

B.

False

Question 6

Smith, a Certified Fraud Examiner (CFE). works for the ABC Company, a private entity that operates w\ a jurisdiction with civil laws for defamation, invasion of privacy. and conflict of interest Smith seizes and searches the personal smartphone of Green an employee of ABC even though Green was not suspected of any wrongdong Assuming that Green had a reasonable expectation of privacy in the smartphone and Smith conducted the search without a legitmate interest or authority, under which of the following claims would Green MOST LIKELY be able to recover damages against Smith?

Options:

A.

Slander

B.

Intrusion into Green's private matters

C.

Public disclosure of private facts

D.

Conflict of interest

Question 7

Which of the following statements about the International Organization of Securities Commissions (IOSCO) s TRUE?

Options:

A.

IOSCO is a self-regulatory organization for companies that have securities traded on international securities markets

B.

IOSCO provides a forum for regular cooperation on banking supervisory matters affecting developing nations

C.

IOSCO is an oversight body responsible for issuing and enforcing regulations that govern all international securities markets

D.

IOSCO is recognized as the international standard-setter for securities markets

Question 8

Which of the following, if available, would help an organization recover losses from an instance of internal fraud?

Options:

A.

Privilege insurance

B.

Customer liability policy

C.

Fidelity insurance

D.

Deposition

Question 9

Which of the following statements concerning money services businesses (MSBs) is INCORRECT?

Options:

A.

MSBs tend to have a tower money laundering risk than other financial institutions.

B.

MSBs are generally less strictly regulated than traditional financial institutions.

C.

A check cashing company is classified as an MSB.

D.

A currency exchange is classified as an MSB.

Question 10

Which of the following describes the purpose of an expert witness testimony at trial?

Options:

A.

To offer an opinion as to a party's guilt or innocence

B.

To give a firsthand account of the fads of the case on the record

C.

To give an opinion when the fact finder needs specialized knowledge

D.

None of the above

Question 11

A prosecutor died criminal charges against Rosa calming that she stole Juan's personal information and sold his identity on the dark web Juan wants to file a civil lawsuit against Rosa to recover damages arising from the identity theft Can Juan file the civil action before the criminal action against Rosa is completed?

Options:

A.

Yes, the evil action can be filed if the jurisdiction permits parallel proceedings.

B.

No, the civil action cannot be filed if the jurisdiction prohibits counterclaims.

C.

Yes, the evil action can be filed if the jurisdiction permits analogous cairns.

D.

No, the civil action cannot be filed if the jurisdiction prohibits double jeopardy.

Question 12

Raj is an employee who works in a jurisdiction that prohibits unreasonable workplace searches and surveillance in areas or items where employees have a reasonable expectation of privacy. In which of the following is Raj MOST LIKELY to have a reasonable expectation of privacy?

Options:

A.

A backpack brought from home

B.

A filing cabinet in the office lobby

C.

A waste bin m the employee's office

D.

A company-issued tablet computer

Question 13

Which of the following is the MOST ACCURATE statement about serf-regulatory organizations (SROs) in the securities industry?

Options:

A.

An SRO generally has sole regulatory authority over the securities industry in the jurisdiction in which it operates

B.

In most jurisdictions. SROs are prohibited from participating in the resolution of disputes related to securities transactions

C.

An SRO is a governmental entity that exercises regulatory authority over the securities industry in its jurisdiction

D.

In some jurisdictions SROs establish the standards and rules under which members of the securities industry operate

Question 14

Company A sued Company B lo recover damages for the breach of a contract. In the same proceeding. Company B sought damages for an allegation that Company A fraudulently induced Company B into entering the contract. In this case, what would Company B's claim against Company A be called?

Options:

A.

Counterclaim

B.

Collateral attack

C.

Reversal

D.

Cross-claim

Question 15

Which of the following is a red flag that an entity is operating a security business without the proper license or registration?

Options:

A.

The entity's website contains detailed background information.

B.

There is an unexplained absence of customer complaints against the entity.

C.

There are justified gaps in the work history of promoters at the entity

D.

The agents working at the entity have criminal records.

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