Who is a certified fraud examiner- CFE?
A professional CFE in South Africa is a trained professional who identifies the warning signs and red flags that indicate evidence of fraud and fraud risks.
They are trained professionals investigating financial records to find fraudulent activities or other financial crimes. They work in various positions, industries, and businesses.
What do certified fraud examiners do?
A certified fraud examiner is like the 'Sherlock Holmes' of the accounting world. They are trained specialists investigating financial records to find fraudulent activities or other financial crimes.
The work profile of a professional CFE in South Africa includes the following-
1. Analyzing financial documents to track the sign of fraud
2. Help in criminal and civil investigations
3. Testify as an expert witness at a trail
4. Prepare reports
5. Analyze financial transactions
6. Conduct forensic audits
What are the career options for certified fraud examiners?
A certified fraud examiner will have different career paths to choose from. They can have a variety of job titles across industries. They can work in the role of
1. Financial Analyst
2. Financial planning and analysis analysts
3. Pricing analysts
4. Accounting analysts
5. Financial and investment analysts
The job titles also vary based on the sector and the kind of business or agency. CFEs work at all levels within the public sector, federal, state, and local agencies in positions from city police detectives to special investigators with the concerned departments.
In the private sector, certified fraud examiners can work for large and small banking institutions, firms specializing in auditing or investigating fraud, or large corporations. Some CFEs choose to start their business venture.
Steps to become a certified fraud examiner
1. Earn a bachelor's degree or gain experience: Most CFEs hold a bachelor's or equivalent degree from an accredited institution of higher learning. For those applicants who do not have a bachelor's degree, two years of professional experience may be substituted for one year of academic study.
2. Join AFCE: Applicants must join ACFE.
3. Eligibility: You must be eligible to take the CFE exam. There are four eligibility requirements to become CFE.
· Join ACFE as an associate member
· Meet the educational and professional requirements based on the point system of ACFE.
· Person of high moral character
· Agreeing to adhere to and uphold the bylaws of ACFE and the code of professional ethics
4. Apply for the exam and start the preparation.
5. The CFE exam covers the four areas of fraud examination: fraud schemes, law, investigation, fraud prevention, and deterrence.
6. Within one year, CFEs must complete at least 20 hours of continuing professional education and pay the annual ACFE membership dues.
Wrap up
Becoming a certified fraud examiner is an intelligent step for those wishing to advance their career, add value to their workplace, and earn more. CFE is a respectful job with huge responsibilities; hence it is important that a dedicated CFE should be sincere in their work front.
