A Certified Fraud Examiner (CFE) is a professional who specializes in detecting and preventing fraud. CFEs are train to identify and investigate fraud schemes, analyze financial data, and provide expert testimony in legal proceedings relate to fraud.
The CFE credential is award by the Association of Certified Fraud Examiners (ACFE), which is a global professional organization dedicate to fighting fraud. To become a CFE, an individual must meet certain eligibility requirements, such as having a bachelor’s degree and two years of professional experience related to fraud.
Certified Fraud Examiner (CFE) Glossary
Here are some important terms and definitions related to the field of Certified Fraud Examiner (CFE):
- Fraud: A deception or misrepresentation that is knowingly made for the purpose of gaining something of value.
- Embezzlement: The fraudulent taking of property by someone who has been entrust with it.
- Money laundering: The process of making illegally obtained funds appear legitimate.
- Bribery: The offering or giving of something of value to influence a person in a position of power.
- Internal control: Policies and procedures put in place to safeguard assets and ensure accurate financial reporting.
- Forensic accounting: The use of accounting techniques to investigate financial crimes.
- Evidence: Any information or object that can be use to prove or disprove a fact.
- Whistleblower: A person who reports wrongdoing within an organization.
- Red flags: Indicators that fraud or other wrongdoing may be occurring.
- Due diligence: The process of investigating a person or organization before entering into a business relationship with them.
- Risk assessment: The process of identifying and evaluating potential risks to an organization.
- Chain of custody: The documentation of the movement and handling of evidence.
- Asset forfeiture: The legal process of seizing assets that were acquire through illegal means.
- Expert witness: A person who is called to testify in court base on their specialize knowledge or experience.
- Collusion: A secret agreement between two or more parties to commit fraud or other wrongdoing.
Certified Fraud Examiner (CFE) Study Guide
Here are some useful resources for preparing for the Certified Fraud Examiner (CFE) exam:
- Association of Certified Fraud Examiners (ACFE) Exam Prep Course: This self-study course provides an overview of the CFE exam topics and includes practice questions and exams. Access to the course requires ACFE membership and a fee.
Link: https://www.acfe.com/training-events/self-study/cfe-exam-prep-course/
- ACFE Fraud Examiners Manual: This manual is the primary resource for the CFE exam and covers all aspects of fraud examination. It is available for purchase on the ACFE website.
Link: https://www.acfe.com/fraud-examiners-manual/
- ACFE Exam Handbook: This handbook provides information about the CFE exam, including eligibility requirements, exam format, and exam topics. It is available for download on the ACFE website.
Link: https://www.acfe.com/cfe-exam-overview/cfe-exam-handbook/
- ACFE CFE Exam Prep Toolkit: This toolkit includes study materials, practice exams, flashcards, and other resources to help candidates prepare for the CFE exam. Access to the toolkit requires ACFE membership and a fee.
Link: https://www.acfe.com/training-events/self-study/cfe-exam-prep-toolkit/
- ACFE Online Learning Center: This resource provides on-demand webinars and courses on fraud prevention, detection, and investigation. Some courses may be eligible for Continuing Professional Education (CPE) credits.
Link: https://www.acfe.com/learning-center/on-demand/
- ACFE Local Chapters: ACFE has local chapters around the world that provide networking opportunities, training, and support for fraud examiners. Joining a local chapter can be a great way to connect with other professionals in the field.
Link: https://www.acfe.com/chapters/
Course Outline
Before gaining the CFE Credential, the candidate is expect to pass the CFE Exam. The CFEsections examines the knowledge and skills of the four important areas that include the fraud examination figure of knowledge:
Financial Transactions and Fraud Schemes
- It tests the candidate’s comprehension of the varieties of fraudulent financial activities acquired in accounting records.
- Also, to claim Financial Transactions & Fraud Schemes, the candidate will be aske to illustrate knowledge of the subsequent concepts: fraud schemes, basic accounting and auditing theory, internal controls to prevent fraud and additional accounting and auditing matters.
Law
- It ensures the liberties with the various legal divisions of managing fraud examinations, including rules of evidence, criminal and civil law, rights of the challenged and accuser, and expert witness concerns.
Investigation
Fraud investigation involves;
- Firstly, questions about taking statements
- Secondly, Interviewing
- Then, collecting information from public records
- Also, investigating illicit transactions
- Moreover, assessing deception and report writing
Fraud Prevention and Deterrence
- First of all, it tests the candidate’s perception of why people engage in fraud and approaches to prevent it.
- Also, Topics recounted in this section add white-collar crime, crime causation, occupational fraud, fraud risk assessment, fraud prevention and the ACFE Code of Professional Ethics.
How to Prepare for Certified Fraud Examiner (CFE) Exam?
Preparing for the Certified Fraud Examiner (CFE) is quite a challenge and it takes plenty of hard work. We are here listing the important steps for the exam with covering the CFE syllabus. The candidate can prepare for the CFE exam according to the following steps:
Preparing for the Certified Fraud Examiner (CFE) exam can be a challenging but rewarding process. Here are some steps to help you prepare for the exam:
- Review the CFE Exam Handbook: The CFE Exam Handbook is a comprehensive guide that includes information about exam eligibility requirements, exam format, and exam topics. Read this handbook carefully to understand what will be test on the exam.
- Enroll in the ACFE Exam Review Course: The ACFE Exam Review Course is a self-study course that provides candidates with an overview of the exam topics and practice questions. This course can help you identify areas where you need additional study and practice.
- Use practice questions and exams: Use practice questions and exams to test your knowledge and identify areas where you need to focus your study. The ACFE Exam Review Course includes practice questions and exams, but you can also find additional practice materials online.
- Join a study group: Joining a study group can be a great way to stay motivated and get support from other candidates. You can find study groups online or through local ACFE chapters.
- Manage your time effectively: The CFE exam is a timed exam, so it’s essential to manage your time effectively. Develop a study schedule that includes regular breaks and practice exams to help you improve your time management skills.
Remember, the CFE exam is challenging, but with dedication and hard work, you can succeed. Good luck!
Use the CFE exam Cheat Sheet for getting better preparation!
Final words
The ACFE credentials are acknowledged and recognized worldwide as the acceptance of professional expertise in the anti-fraud profession. Also, CFEs all over the world benefit to protect the global economy by finding fraud and affirming processes to avoid fraud. The ACFE credentials are progressively being maintained as preferred credentials in the hiring methods of businesses, law enforcement agencies, and government entities, etc. As you heard, Practise makes a man perfect, So start practicing and excel in the CFA certification. CLICK HERE FOR MORE PRACTISE TESTS!
A great career is just a certification away. So, practice and validate your skills to become a Certified Fraud Examiner!
