What is Certified fraud examiner or CFE?

The CFE designation is a credential awarded by the Association of Certified Fraud Examiners or the ACFE. CFEs possess unique expertise in preventing and detecting fraud and are valuable to organizations spanning all industries, sectors, and sizes. By being a CFE, you become part of an elite group of experts fighting fraud worldwide. To become a CFE, however, you must meet its five basic requirements.

First, be their Associate Member in good standing.

Second, meet the minimum academic and professional requirements.

Third, be of high moral character.

Fourth, abide by their Bylaws and Code of Professional Ethics.

And fifth, pass the CFE Examination.

Applicants for the certification must have a minimum of a bachelor’s degree or equivalent from higher education institutions. They require no specific field of study. You can substitute two years of fraud-related professional experience for each year of academic study.

There are four sections in the examination;

First, Fraud Prevention and Deterrence, which tests your knowledge of why people commit fraud and what you can do to prevent it.

Second, Financial Transactions and Fraud Schemes tests your knowledge of the fraudulent financial transactions incurred in accounting records.

The third is the Investigation. Its topics include Analyzing Documents, Covert Examinations, Data Analysis and Reporting Tools, and Digital Forensics, Theory, Application, Interviewing Suspects, and Signed Statements. It also includes Interview Planning and Conducting a Fraud Examination, Report Writing, Sources of Information, and Tracing Illicit Transactions.

And the fourth is the Law section. This section ensures that examinees are familiar with the many legal ramifications of conducting fraud examinations, including criminal and civil law, rules of evidence, the accused and accuser’s rights, and expert witness matters.

You can take each section in the order you wish. Each section comprises 100 questions and has a time limit of two hours. You must complete them all within a 30 days window.

You can take the exam online and anytime. Upon passing it, the ACFE Certification Committee will review your application, and only then will you be a CFE.

To maintain your designation, you must obtain a minimum of 20 hours of Continuing Professional Education every 12 months and pay annual membership dues to stay current in your profession.

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