Certified Fraud Examiner (CFE)

The CFE classification is issued by the Association of Certified Fraud Examiners (ACFE). This is the world’s largest anti-fraud organization, based in Austin, Texas. So, A Certified Fraud Examiner (CFE) is a licensed certification accessible to fraud examiners. CFEs are subjected to periodic ongoing professional education qualifications (CPE) in the same manner as CPAs. The ACFE recognizes the following areas as qualified professional experience:

Accounting and auditing
Criminology and sociology (sociology is acceptable only if it relates to fraud.)
Fraud investigation
Loss prevention (experience as a security guard or equivalent is not acceptable)
Law relating to fraud
Other experiences can qualify but must be reviewed for applicability.

Who should take the exam?

Candidates for Certified Fraud Examiner CFE Exam must have a minimum of a bachelor’s degree or equivalent from an institution of higher education. They should have two years of professional experience related to fraud that can be substituted for each year of college.
They must have at least two years of professional experience in a field either directly or indirectly related to the detection or deterrence of fraud at the time of certification.

Code of Ethics for CFE

The code of ethics declares that a Certified Fraud Examiner (CFE) must –

Display commitment to professionalism and diligence in his/her duties.
Not interest in any illegal or unethical behavior, or any action which constitutes a conflict of interest.
Exhibiting the greatest level of honesty in the accomplishment of all professional assignments and will receive only assignments for which there is a reasonable expectation that the assignment will be finished with professional competence.
Complying with lawful management of the courts and claim to matters truthfully and without preference or prejudice.
Obtaining evidence or additional documentation to stabilize a reasonable basis for any opinion rendered.
Not disclose any private information without proper authorization.
Revealing all pertinent material elements identified during the course of an examination.
Constantly strive to increase the proficiency and effectiveness of professional services delivered under their direction.

CFE Exam Schedule

Candidates who wish to apply for the Certified Fraud Examiner (CFE) Exam must submit all of their documentation one month before they plan to take the CFE Exam. Candidates can schedule the exam at CFE official site.

CFE Exam Format

The Certified Fraud Examiner (CFE) exam can be easily taken online. And, the exam contains four sections. The CFE exam is a closed-book and closed-notes exam that consists of 500 multiple-choice questions. Further, the candidate can take the CFE Exam at any time convenient to them. The exam has a number of controls to guarantee honesty. This implies that no two exams are precisely the same. To pass, the candidate must score 75% marks. The CFE exam fees is $400 USD.

Exam Details for Certified Fraud Examiner

Check out the Certified Fraud Examiner Interview Questions to prepare for your interview.

Certified Fraud Examiner CFE Interview Questions

Exam Detailed Course Outline

The CFE syllabus for the exam covers the following domains:

Financial Transactions and Fraud Schemes

It tests the candidate’s comprehension of the varieties of fraudulent financial activities acquired in accounting records.
To claim Financial Transactions & Fraud Schemes, the candidate will be asked 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. (Documentation: Financial Transactions & Fraud Schemes)

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. (Documentation: Legal, Law Enforcement and Government Alliance)

Investigation

Fraud investigation involves-

Questions about taking statements
Interviewing
Collecting information from public records
Investigating illicit transactions
Assessing deception and report writing (Documentation: Investigation & Examination)

Fraud Prevention and Deterrence

It tests the candidate’s perception of why people engage in fraud and approaches to prevent it.
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. (Documentation: Prevention & Deterrence)

Exam Policies

CFE is one of the globe’s most comprehensive anti-fraud system and premier provider of anti-fraud training programs and education. Being a global leader, CFE ensures that the potential candidates establish familiarity with the technical issues and the requirements of the exam. For this reason, CFE provides exam policies that can help the candidates gain familiarity with the exam-related requirements required during the exam.

For More Queries Visit : Certified Fraud Examiner (CFE) FAQs

CFE Exam Preparation Guide

We will be providing the learning resources to get the most from your efforts in the CFE exam preparation.

Preparatory Guide for Certified Fraud Examiner

Exam Objectives

Here, we are suggesting reviewing the objectives of the CFA exam once again. The objectives are the most necessary part for any exam like CFA. The CFA syllabus consists of majorly four objectives:

Financial Transactions and Fraud Schemes
Also, Law
Further, Investigation
Moreover, Fraud Prevention and Deterrence

Fraud Examiner Manual

An outstanding reference guide to practice while exercising the CFE Exam Preparation Course is the Fraud Examiners Manual. The Fraud Examiners Manual, marked as the reference criterion for the anti-fraud education, is a complete guide fully describing the latest fraud examination systems, techniques, methods, and procedures. Also, the candidate can download from the official page of the ACFE.

Discussion Forums

Joining discussion forums can be a great investment to prepare for the CFE exam. They help the aspirants to foster their preparation process. ACFE affiliates can visit the CFE Exam discussion conference to post problems online and receive feedback from other members and ACFE staff. However, the discussion forums remain in the Members Only section of ACFE.com.

Practice Tests

Practice tests are the most important as well as helping tools to prepare for the exam. CFE exam sample questions will help you find out your core strengths and iron out your weaknesses. Therefore, after preparation, our suggestion would be to try a hands-on practice test. There are many providers who render free practice tests nowadays. The candidate can opt as many they want and boost their confidence.