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Certified Fraud Examiner

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Running head: Certified Fraud Examiner

Written Assignment: Certified Fraud Examiner

Christina Berrios
Advanced Auditing Concepts and Standards
Tiffany Krogman
2/8/15
Certified Fraud Examiner The Association of Certified Fraud Examiners is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education. It is their mission “to reduce the incidence of fraud and white-collar crime and to assist the Membership in fraud detection and deterrence” (AFCE). Membership and certification are no easy task as both require an individual to meet certain qualifications as well as pass the CFE exam. It is these qualifications and standards, however that make a CFE an invaluable asset both on an internal and external level. The prerequisites for CFE membership include having AFCE membership in good standing, fulfillment of minimum academic and professional requirements, high moral character and agreement to abide by the Bylaws and Code of Professional Ethics of the Association of Certified Fraud Examiners (AFCE). After meeting the prerequisites, qualifying individuals must then pass the CFE exam and gain final approval from the certification committee to complete the membership and certification process. The AFCE also uses a point system as means of determining whether an individual is eligible for certification. Points are distributed based on education, professional affiliations and experience. The CFE exam tests applicants’ knowledge and expertise in four areas: Financial Transactions & Fraud Schemes, Law, Investigation, and Fraud Prevention & Deterrence. CFEs must maintain their certification by obtaining a minimum of 20 hours of Continuing Professional Education every 12 month period and pay annual membership dues. Failure to comply in any area can result in a suspension of the CFE’s license (AFCE).

Certified Fraud Examiner As you can see, a CFE is an invaluable asset to the company they work for and/or audit team he/she is on. A CFE is an expert in the area of fraud and can prevent companies from suffering both minor and major financial losses due to fraud. The professional characteristics and skill sets of a CFE can serve as a tremendous benefit to the company. Not only are CFEs knowledgeable in the area of fraud based on the CFE exams, but they must continue to remain knowledgeable in current news and education regarding fraud as well. With this type of knowledge, CFEs will be able to distinguish themselves from their peers and impact their company’s bottom line (AFCE). With the vast amount of fraud and white-collar crime taking place every day, it is no wonder that companies are placing more value on fraud detection and on those individuals who are the most knowledgeable in that field. Companies who hire or employ CFEs can rest assured that they have an individual on their team who as A.E. Feldman, a leading executive search firm says is a “gold standard in the area of fraud” (AFCE).

Certified Fraud Examiner
Reference
Association of Certified Fraud Examiners. (2015). Retrieved from www.acfe.com

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