Certified Fraud Examiner (CFE) Practice Exam

Certified Fraud Examiner (CFE) Practice Exam

The Certified Fraud Examiner (CFE) credential is a globally recognized symbol of expertise in fraud prevention, detection, and investigation. Earning this certification demonstrates your proficiency in identifying and combating fraud across various organizational settings.

Who Should Take the CFE Exam?

• Auditors
• Forensic Accountants
• Fraud Investigators
• Law Enforcement Officers specializing in Economic Crime
• Internal Control Professionals

Prerequisites for the CFE Exam

The CFE credential has a combination of educational and experience requirements. You must meet all of the following:

• Pass the CFE Exam.
• Hold a bachelor's degree or equivalent.
• Complete relevant work experience in a field related to fraud detection or prevention. This can include experience in accounting, auditing, law enforcement, or other fraud-related disciplines. The specific experience requirement depends on your educational background. 

Roles and Responsibilities

• Fraud Examiner: Investigating allegations of fraud, analyzing financial data, and identifying fraudulent activity.
• Forensic Accountant: Providing expert analysis and testimony in fraud-related legal cases.
• Fraud Risk Management Specialist: Developing and implementing strategies to prevent and detect fraud within organizations.
• Internal Auditor: Performing internal audits to identify control weaknesses and potential fraud risks.

Exam Details

• Exam Format: Four sections, each with 100 multiple-choice questions (total of 400 questions).
• Delivery Method: Typically offered online through proctored testing centers.
• Duration: 2 hours per section (eight hours total testing time).

Course Outline

Financial Transactions and Fraud Schemes

• It tests the candidate’s comprehension of the varieties of fraudulent financial activities acquired in accounting records. 
• To claim Financial Transactions & Fraud Schemes, the candidate will be asked to illustrate knowledge of the subsequent concepts: fraud schemes, basic accounting and auditing theory, internal controls to prevent fraud, and additional accounting and auditing matters

Law

• It ensures the liberties with the various legal divisions of managing fraud examinations, including rules of evidence, criminal and civil law, rights of the challenged and accuser, and expert witness concerns 

Investigation

Fraud investigation involves-

• Questions about taking statements
• Interviewing
• Collecting information from public records
• Investigating illicit transactions
• Assessing deception and report writin

Fraud Prevention and Deterrence 

• It tests the candidate’s perception of why people engage in fraud and approaches to prevent it. 
• Topics recounted in this section add white-collar crime, crime causation, occupational fraud, fraud risk assessment, fraud prevention, and the ACFE Code of Professional Ethics.