Anti-fraud and fraud examination professionals around the world earn their Certified Fraud Examiner (CFE) credential by taking and passing the CFE exam.
Certified Fraud Examiners have a unique set of skills that are not found in any other career field or discipline; they combine a knowledge of complex financial transactions with an understanding of methods, law, and how to resolve allegations of fraud. Fraud examiners are also trained to understand not only how fraud occurs, but why. For more details and background to the CFE credential please visit the global ACFE website. Before earning the CFE Credential you are required to pass the CFE Exam. The CFE Exam tests your knowledge of the four major areas that comprise the fraud examination body of knowledge:
Fraud Prevention & Deterrence Tests your understanding of why people commit fraud and ways to prevent it. Topics covered in this section include crime causation, white-collar crime, occupational fraud, fraud prevention and the ACFE Code of Professional Ethics.
Establishing a governance framework
Management and auditors responsibilities
Fraud risk assessment and fraud risk management
Fraud prevention programmes
Law This section ensures your familiarity with the many legal ramifications of conducting fraud examinations, including criminal and civil law, rules of evidence, rights of the accused and accuser, and expert witness matters.
It covers an overview of the criminal justice systems looking further and highlighting differences between criminal and civil justice systems and includes:
The basic principles of evidence including admissibility, privileges, and protections
Individual rights during a fraud examination
The principle laws relating to fraud
The types of testimony and testifying
Securities fraud and money laundering
Financial Transactions and Fraud Schemes This section tests your comprehension of the types of fraudulent financial transactions incurred in accounting records. To pass Financial Transactions & Fraud Schemes, you will be required to demonstrate knowledge of the following concepts: basic accounting and auditing theory, fraud schemes, internal controls to deter fraud and other auditing and accounting matters.
This section also includes an examination of the many different types of occupational fraud including:
Bribery and corruption
Cash, fraudulent disbursements and inventory frauds
Financial statement frauds
Investigation This section details all aspects of an investigation into fraud.
It covers but is not limited to:
Planning an investigation
Interviewing witnesses and taking statements
Interviewing suspects, planning the interview the use and reasons for using different types of interview question, conducting an admission seeking interview and identifying the verbal and non-verbal indicators of deception
Seizing and handling physical and digital evidence, the chain of custody
Data analysis and Tracing illicit transactions and funds. Performing a net-worth analysis to identify unlawful income
Sources of information available to the investigator