ACFE CFEX : Certified Fraud Examiner (CFEX) ExamExam Dumps Organized by Malcolm
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Exam Number : CFEX
Exam Name : Certified Fraud Examiner (CFEX)
Vendor Name : ACFE
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Format | CFEX Course Contents | CFEX Course Outline | CFEX test
Syllabus | CFEX test
Objectives
A Certified Fraud Examiner (CFE) is a leader in the anti-fraud community, noted as a specialist in the prevention, detection and deterrence of fraud. CFEs represent the highest standards held by the ACFE
Before earning the CFE Credential, you are required to pass the CFE Exam. The CFE test
tests your knowledge of the four major areas that comprise the fraud examination body of knowledge:
Financial Transactions and Fraud Schemes — 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.
Law — 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.
Investigation — includes questions about interviewing, taking statements, obtaining information from public records, tracing illicit transactions, evaluating deception and report writing.
Fraud Prevention and 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, fraud risk assessment, and the ACFE Code of Professional Ethics.
Explanation of Certification Process
• Requirements
• Explanation of test
Process
• Investigation Techniques
• Planning the Investigation
• Interview Theory and Application
• Analysing Documents
• Data Analysis and Reporting Tools
• Computer Forensics
• Covert Examinations
• Sources of Information
• Tracing Illicit Transactions
• Reporting Standards
• Examination on Investigation Techniques
• Overview of the Legal System
• Criminal Prosecutions for Fraud
• Basic Principles of Evidence
• Individual Rights During Examinations
• Civil Justice System
• Law Related to Fraud
• Testifying as an Expert Witness
• Securities Fraud
• Money Laundering
• Bankruptcy Fraud
• Examination on Law Related to Fraud Accounting Concepts
• Financial Statement Fraud
• Consumer Fraud
• Healthcare Fraud
• Financial Institution Fraud
• Check and Credit Card Fraud
• Insurance Fraud
• Fraudulent Disbursements
• Inventory and Other Assets
• Cash Receipts
• Bribery and Corruption
• Theft of Intellectual Property
• Computer and Internet Fraud
• Public Sector Fraud
• Contract and Procurement
• Fraud Examination on Financial Transactions and Fraud Schemes
• Understanding Behaviour
• White-Collar Crime
• ACFE Code of Professional Ethics
• Managements Responsibilities
• Auditors Responsibilities
• Corporate Governance
• Fraud Prevention Programs
• Fraud Risk Assessment
• Fraud Risk Management
• Examination on Fraud Prevention and Deterrence
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if your enterprise is extra involved about fraud than in the pre-pandemic world, you’re no longer on my own. Seventy-9 p.c of the organizations lately surveyed by using the association of certified Fraud Examiners stated a rise in fraud due to the fact that the onset of the coronavirus, with 38% acknowledging a big experience. Ninety p.c of the agencies expected fraud would raise within the subsequent 365 days.
fortunately, corporations and nonprofits can do a whole lot to batten down the hatches, although their teams are still working remotely. For perception, Crain’s content material Studio spoke with James O’Brien, an authorized public accountant and a partner in forensics, litigation and valuation features at Grassi Advisors & Accountants. O’Brien concentrates his follow on providing expert-witness services, litigation consulting and forensic investigations.
Crain’s: What are the pink flags a company should still look for to establish fraudulent activities?
O’BRIEN: Most cases of business fraud are perpetrated via personnel—the same people you're counting on to video display the accuracy and integrity of your financials and operations.
Warning signs that fraud has already occurred consist of the underperformance of revenues and earnings, the absence of assisting accounting or fiscal documentation, and surprising alterations in fiscal or operational recreation. employees who're abruptly dwelling beyond their ability or getting in particular close to carriers are additionally purple flags.
it is critical to have effective inside controls in area to establish indications of fraud earlier than it occurs or as quickly as it occurs. a transparent whistleblower policy and a private hotline for employees to record suspicious habits are other highest quality practices.
Crain’s: Are there any selected industries or forms of groups in the big apple city area which are extra vulnerable to fraud? Did Covid-19 change the mixture of groups which are most prone?
O’BRIEN: while no company is proof against fraud, we are inclined to see bigger vulnerabilities in certain industries and enterprise types. building contractors, nonprofits and small household-owned businesses are a few examples, commonly due partially to inadequate funding in expertise and interior control strategies that make fraudulent undertaking extra elaborate to commit or maintain.
The Covid-19 disaster extended this chance to a much better variety of organizations. complete faraway workforces have been all at once operating outdoor the typical inside control environment. Many groups discovered they didn't have adequate controls and policies in area to reduce the risks linked to far off-community entry, unsupervised employees and, in some instances, expanded stages of justification and motivation to commit fraud as a result of the pandemic’s economic affect on employees and their households.
Crain’s: How does a forensic investigation support business owners mitigate the possibility of fraud?
O’BRIEN: A forensic investigation would consistently turn up after fraud is already suspected. The immediate priorities of the forensic accountant are to ascertain if fraudulent undertaking has took place, identify the perpetrator and verify how he or she turned into capable of carry it out.
as soon as the basis cause of the fraud is recognized and stopped, a herbal byproduct of the investigation is the possibility to mitigate the recurrence of fraud through reevaluating and strengthening the inside controls that allowed it in the first vicinity.
Strengthening internal controls is the single most useful method to lower exposure to inappropriate exercise and get the most price out of the forensic investigation.
Crain’s: What role does technology play in uncovering inappropriate or unauthorized undertaking?
O’BRIEN: facts analytics plays a essential role in the forensic investigation. know-how and application not best aid us find the place the fraud initiated, however they are also used to quantify the whole amount of damage led to by way of the inappropriate pastime.
This facts might be simple for substantiating assurance claims, litigation, remediation plans and different decisions and methods so that it will comply with within the wake of inappropriate recreation.
“Strengthening inside controls is the single optimum solution to lower publicity to inappropriate undertaking and get essentially the most value out of the forensic investigation.”
Crain’s: When fraud is suspected, what should still a enterprise do first?
O’BRIEN: When warning indications are uncovered or accusations of fraud are made, the 1st step is to collect and at ease all accounting and financial documentation right away. These files might be important evidence to prove or disprove fraudulent undertaking, recuperate your losses and plan preventative measures to keep away from a recurrence.
This step should still be automatically adopted by contacting a forensic accountant to behavior an unbiased investigation. Your legal professional may wish to be contacted as well, reckoning on the severity of the incident and subsequent actions to be taken. management should talk to the business’s insurance policy to keep in mind the coverage it really is in location in the experience of fraud or theft.
Crain’s: How do you suggest a company manage public disclosure when it has skilled fraud?
O’BRIEN: Nonpublic companies are not obligated to reveal incidents of fraud to the public. When fraud is detected, investigated and resolved at no hurt to the consumer, public disclosure is customarily now not quintessential.
Disclosure of inappropriate endeavor is a corporate decision that may also be used as a deterrent to stay away from future publicity if personnel take into account the chance of prosecution. nevertheless, the poor press from disclosure of the inappropriate undertaking is one intent corporations come to a decision now not to reveal.
A public enterprise would possible expose an adjustment to its financials for fraudulent activity all through its typical reporting process if the adventure is cloth. In these situations, the forensic accountant can work at once with the general public business’s auditor on the disclosure to be sure compliance with all regulatory requirements.
To view the PDF, click right here.
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