What does a Certified Fraud Examiner do?

A Certified Fraud Examiner (CFE) is a certified expert who conducts financial records investigations to uncover fraudulent activities or other sorts of financial crimes. Individuals can become certified by ACFE by completing its required educational criteria, registering for the ACFE membership, attending a certified fraud examiner course, and successfully passing a test. A bachelor’s degree or higher in accounting, pre-law, business administration, or another finance-related subject is normally required to qualify for membership. In addition, two or more years of expertise in auditing or loss prevention are usually required. A new certified fraud examiner can find work in a variety of situations after meeting the qualifications and passing the exam.

The majority of certified fraud examiners work for commercial banks or enterprises, however, many others work for private auditing firms, consulting firms, or government organisations. Furthermore, competent fraud examiners may go into business for themselves, providing contract investigation services to a wide range of clientele. The examiner’s roles and goals are generally the same in all work environments.

What does a certified fraud examiner do? 

A certified fraud examiner in India works to prevent, identify, and/or deter fraud in the workplace. A CFE may be hired to determine if there are sufficient grounds to assume that fraud has happened or is likely to occur in a business. A CFE can also be hired as a result of pending litigation or in advance of expected litigation. A certified fraud examiner may analyse financial statements, audit internal controls, interview witnesses and take statements, gather and evaluate evidence, draught reports, testify in court, and much more as part of their job. 

Organisations hire certified fraud examiner to offer their businesses access to a unique set of professional experiences with responsibilities that include- 

• Fraud risk reduction. CFEs know what to look for in financial statements or internal controls to detect red flags and prevent fraud before it occurs, which can save your company thousands of dollars. 
• Improved internal controls. CFEs can contribute essential knowledge in developing and maintaining effective internal controls to protect your employees and your company. 
• Resolution time is reduced. If fraud is perpetrated, a CFE can assist your organisation in navigating the next steps, which may include involvement from law enforcement, litigation, and resolution. 
• Employee education. CFEs can help train your personnel on how to avoid and detect fraud using their certification and specialised knowledge.

Certified fraud examiners also conduct research and establish training courses and staff policies to aid in the prevention of fraud. They may recommend installing new surveillance devices or computer monitoring and tracking software to assist in preventing fraudulent acts. Many examiners conduct seminars for loss prevention professionals, accountants, and business leaders to teach them the necessity of regular auditing and recognising warning signs.