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How to Prepare For ACFE CFE Certification Exam

Preparation Guide for ACFE CFE Certification Exam

ACFE CFE Certification: Tips to survive if you don't have time to read all the page

A certified fraud examiner (CFE) is an authority in the professional anti-fraud world. He stands out as a professional in the prevention, deterrence, and investigation of fraudulent practices. CFEs have skills that no other professional in the anti-fraud community can boast of. They combine complex accounting operations with a thorough understanding of legal issues, investigative skills and how to further discourage and prevent fraud. Therefore, these are the main criteria used by ACFE. ACFE provides the training and education necessary for an individual to become a certified fraud examiner.

The aim of these training courses and exams is to provide the CFE with the initial skills to detect signs of fraud, defend the global economy by discovering fraudulent practices and devise methods to avoid fraud. No organization in the world, regardless of its size, is safe from fraudulent practices. These workplace frauds are universal and destructive in nature.

According to a study conducted by the Report to Nations in 2016, small organizations tend to suffer extremely high losses compared to large organizations because they employ fewer anti-fraud professionals, which makes them vulnerable to the risks of fraud. Indeed, it is estimated that around 5% of the revenue lost due to fraud per year is due to fraud and work-related abuse.

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Stand out from your peers

The CFE title is recognized in the hiring and promotion policies of the main organizations. A CFE certification is a source of bragging rights for professionals working in environments that require knowledge of fraud exams. Demonstrate self-awareness, conscious and thoughtful acquisition of relevant skills by a professional.

Advance your career

The CFE certification is a documented proof of competence and experience, which represents a high level of skills, knowledge and professionalism. The Certified Fraud Examination (CFE) is capable in criminology in the same way that CPA is able in commerce. A graduate in criminology, forensic medicine, auditing, accounting or finance will be handicapped from a professional point of view if he has not completed a certified examination course in fraud.

Reference: http://www.acfe.com/details-of-exam.aspx

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ACFE CFE Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Investigation25%- Digital Forensics Basics
- Evidence Collection and Documentation
- Data Analysis and Forensic Accounting
- Interviewing and Interrogation Techniques
- Report Writing
- Tracing Illicit Transactions
Topic 2: Law25%- Rights of the Accused
- Racketeer Influenced and Corrupt Organizations Act (RICO)
- Evidence and Rules of Evidence
- Legal Pitfalls for Fraud Examiners
- Criminal Law
- Civil Law
Topic 3: Fraud Prevention and Deterrence25%- Fraud Awareness Training
- Fraud Prevention Programs
- Fraud Risk Assessment
- Internal Controls
- Corporate Governance
- Whistleblower Programs
Topic 4: Financial Transactions and Fraud Schemes25%- Fraudulent Financial Transactions
- Financial Statement Fraud
- Accounting and Financial Concepts
- Asset Misappropriation
- Fraud Schemes (billing, expense reimbursement, check tampering, etc.)
- Corruption Schemes (bribery, kickbacks, conflicts of interest)

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