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The Certified Fraud Examiner Designation

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One of the most often obtained professional designations in forensic accounting is the Certified Fraud Examiner (CFE) designation. The CFE designation is granted by the Association of Certified Fraud Examiners (Their website is http://www.acfe.com). The CFE designation demonstrates that the holder has experience and knowledge in fraud prevention, deterrence, and detection.

The requirements to obtain the CFE designation include; holding a bachelor's degree from an accredited institution of higher learning, having at least two years of professional experience in a field either directly or indirectly related to the detection or deterrence of fraud, and passing a comprehensive examination.

The CFE exam consists of four parts: Criminology and Ethics, Fraudulent Financial Transactions, Fraud Investigation, and Legal Elements of Fraud.

To maintain the CFE designation a holder must complete 20 hours of continuing professional education each year and at least 10 of those hours must be directly related to the detection and deterrence fraud.

Learn and discuss more about this professional designation.

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- Increasing demand for this positions shows an upward trend in fraud occurring in America

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This solution discusses the certified fraud examiner designation.

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I agree that "discovering fraud is difficult for auditors." There are people out there under the elusion that auditors look at every single transaction and test everything, therefore they should catch every error or fraud. That is just not the case. As you mentioned, frauds are rarely that simple. However, is there anything an auditor can do to put themselves in a better position to catch fraud? For example, some auditors that want to focus more on the fraud aspect in audits obtain the Certified Fraud Examiner designation. At the bank I worked at, almost every member of the Corporate Security department (responsible for internally investigating fraud issues) had obtained this designation. Do you think such a designation would be a worth-while pursuit for an auditor.

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