the cfe more than just a credential sixth biennial national fraud awareness conference...
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The CFEMore than just a Credential
Sixth Biennial National Fraud Awareness Conference
Transportation Infrastructure ProgramsJuly 28, 2010
Association of Certified Fraud Examiners
Association of Certified Fraud Examiners formed, in part, by Joseph T. Wells, CFE, CPA in 1988
Wells’ Vision: Like-minded professionals who collaborate and work toward a common goal
ACFE Goal: Reduce WCC & instances of fraud Worldwide provider of anti-fraud training Multi-disciplinary, globally recognized
professional designation
Certified Fraud Examiner (CFE)CFE’s posses expertise in all aspects of the anti-
fraud profession and have the proven ability to detect, prevent, and investigate a wide range of fraud.
A CFE might perform any of the following functions:Resolve allegations of fraud from inception to dispositionGather evidenceTake StatementsWrite ReportsTestify to findings
CFE’s are Found in Many Fields Jobs
Law Enforcement Accountants Auditors (internal and external) Investigators Loss Prevention Specialists
Where CPA firms Consulting Firms Government Agencies Law Firms
College and University Scholars Others Interested in Anti-Fraud Efforts
Core Technical Knowledge of a CFE
CriminologyFinancial TransactionsFraud Investigation Legal Elements of Fraud
Other Useful Knowledge & Skills
Attention to DetailAnalysis of Large Volumes of DataBusiness FunctionComputer Systems & Applications Interview TechniquesGovernment Structure & Function
Other Useful Personal Traits
Adapts to stressful situations Critical thinkerTakes ownership and accountableHigh integrity, sound judgmentFlexibleCommunication: Oral, WrittenAble to Develop Rapport
CFE’s in the Federal Government:
Examples of What We DoFinancial Statement Analysis Efficiency assessments Regulation compliance Budget development Financial data examination Internal control assessmentsReport preparation
Who Can Become A CFE?
Academic RequirementProfessional RequirementReferences Attest to High Moral
CharacterAbide by ACFE Bylaws and Code of
Professional EthicsAssociate ACFE Member in good
standing
Recommended Path of Study
CFE Exam Prep Course ($815 / $1,268):CD-ROM study guideFraud Examiners ManualPractice Exam
Exam study discussion forumExam preparation e-NewsletterLive Coaching
CFE Exam
Exam is administered on a CD-ROM and
contains 500 questions, consisting of four parts:
Criminology and EthicsFinancial TransactionsFraud InvestigationLegal Elements of Fraud
CFE Exam
Each section has 125 questions which must be completed in the 2.5 hours allotted
Each question has a maximum time limit of 75 seconds
Test is multiple choice and true/falsePassing score is 75 percent on each
section
You’ve passed!! Now what? Having a CFE credential does not make you a CFE,
it enables you to become a CFE Increase your vigilance The bar is raised Apply what you learn – formally and informally Give back to your profession Mentoring new CFE’s
“Great power & great responsibility” Continuing education Adherence to Code of Ethics & Professional
Standards “Do a Great Job and Make a Difference”
Maintaining your CFE CredentialRequired annual Continuing
Education:The minimum required is 20 credits
per yearAt least 10 credits directly related to
detection and deterrenceKeep records of your CE for at least
three yearsAdherence with Code of EthicsObserve Professional Standards
What Does It Mean To Be a CFE ?Professional Growth /
DevelopmentNetworking & Knowledge SharingRecognized leader in detection,
deterrence and investigation of fraud
Salary Enhancement
Getting Involved
National level membershipLocal level membership: Metro-DC
ChapterMutually exclusive; several member
categories:Certified Fraud ExaminerAssociate memberEducator Associate memberStudent Associate member
Participation at the Local Level
Quality, affordable trainingNetworking opportunitiesLeadership skills developmentMentoring potentialCommunity InvolvementCFE exam study support
Active Involvement at the Local Level
Serve on a committee or support a committeePrograms & Training Community & Membership OutreachSpeakers’ Bureau
Regular attendance at eventsSpeak on behalf of the chapterPromote the Chapter in the CommunityJoin the Board of Directors
Example ACFE Certification Q&A’s
Blue, a fraud offender, had no known history of criminality. One theory of crime causation suggests that people are not inherently bad, but rather are taught to commit crime through life's experiences. This is called the:
a. social causation theoryb. trait theoryc. social learning theoryd. none of the above
Example ACFE Certification Q&A’s
According to research, most embezzlers decide to commit their crimes because:
a. they are essentially dishonestb. they are living beyond their meansc. they have drug problemsd. none of the above
Example ACFE Certification Q&A’s
Given all of the following fraud prevention methods within organizations, which one is probably the most effective?
a. reducing rationalizationb. having an open-door policyc. increasing the perception of detectiond. screening employees
Example ACFE Certification Q&A’s
White, an employee of ABC Corporation, intentionally issued two payments for the same invoice. After the disbursements had been mailed, White called the vendor and explained that a double payment had been made by mistake. She asked the vendor to return one of the checks to her attention. When the vendor returned the check, White took it and cashed it. According to Occupational Fraud and Abuse, this is an example of:
a. a shell company schemeb. pass-through scheme c. a receivables skimming schemed. a pay-and-return scheme
Example ACFE Certification Q&A’s
The statute that specifically outlaws the giving or receiving of anything of value for the purpose of improperly obtaining or receiving favorable treatment in connection with U.S. government contracts is
a. the Foreign Corrupt Practices Actb. the Anti-Kickback Act of 1986c. the Civil False Claims Actd. the "Honest Services"
Join Us, Won’t You?Metro-DC Chapter of ACFE –
Events
Provide more than 28 CPE’s per year covering topics from FCPA, AML/Virtual Currency, to Legal Updates
Five 4 CPE Training OpportunitiesOne 8 CPE Training Opportunity
4-5 Networking EventsFind Us on Facebook & Linked InFind Us at www.acfedc.org
Questions?
Metro-DC Chapter of ACFE2121 Eisenhower Avenue, Suite 200
Alexandria, VA 22314
(888) 825-8021 (888) 868-4320 (f)
[email protected]@acfedc.org