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Certification
:

Certification

Certification

 


THE ACFE

EXAMINATION INFORMATION

 


A Publication of the ACFE-ISLAMABAD CHAPTER

 

 

 ACFE ISLAMABAD CHAPTER -163

CHAPTER DETAILS AT ACFE INC. WEBSITE


 

LIST OF CONTENTS


 

INTRODUCTION.. 1

FOREWORD.. 2

BECOMING A MEMBER.. 3

APPLYING FOR THE EXAM.. 5

CFE CERTIFICATION EXAM.. 6

MEETING THE REQUIREMENTS. 7

ACADEMIC REQUIREMENTS. 7

PROFESSIONAL REQUIREMENTS. 7

PREPARING FOR THE EXAM.. 8

SAMPLE EXAM QUESTION.. 9

THE CFE EXAM APPLICATION.. 9

APPLICATION     (See Appendix B). 9

CFE CANDIDATE RECOMMENDATION FORM   (See Appendix C). 10

PROOF of EDUCATION.. 10

EXAM FEE. 10

TAKING THE EXAM.. 11

To install, you will need a computer with these capabilities: 11

When can I take the CFE Exam?. 11

How much time will I need to take the CFE Exam?. 11

SUBMITTING THE EXAM.. 12

SUBMITTING THE CFE EXAM: 12

HOW TO KNOW YOU PASSED THE CFE EXAM?. 12

APPENDIX –A          SAMPLE ASSOCIATE MEMBER APPLICATION.. 13

APPENDIX –B          SAMPLE CFE EXAM APPLICATION.. 14

APPENDIX– C         SAMPLE RECOMMENDATION FORM.. 16

APPENDIX– D         ISLAMABAD CHAPTER MEMEBERSHIP FORM.. 17

 


Version 1.2(24/8/12)

 

 


INTRODUCTION


About the ACFE

The Association of Certified Fraud Examiners (ACFE) is the world's largest anti-fraud organization and the premier provider of anti-fraud training and education. Together with more than 55,000 members, the ACFE is reducing the incidence of fraud and white-collar crime worldwide and inspiring public confidence in the integrity and objectivity within the profession.

 

Founded in 1988 by Joseph T. Wells, CFE, CPA; the ACFE has become the largest anti-fraud organization in the world. ACFE members in 150 countries have investigated more than two million cases of suspected criminal and civil fraud.

 

Members of the ACFE include CPAs, auditors, lawyers, investigators, law enforcement officers, security professionals, executives, managers and anyone whose job involves preventing, detecting or deterring fraud. The ACFE supports members and the antifraud profession by providing conferences, seminars and other training events year round, while also offering self-study and online learning opportunities, manuals, software and other resources for fighting fraud.

 

Certified Fraud Examiners (CFEs)

The ACFE established and administers the Certified Fraud Examiner (CFE) credential. Globally preferred by employers, the CFE credential denotes proven expertise in fraud prevention, detection, deterrence and investigation. Members with the CFE credential gain a professional advantage and quickly position themselves as leaders in the global anti-fraud community.

 

Importance of Fraud Examination in the context of Pakistan

Pakistani economy has been hit hard by financial crimes during the last two decades. There have been several financial scandals involving top-notch politicians, government servants, bankers, and common people. In the private sector, reporting of fraudulent practices is a rare phenomenon, and even the reported instances represent only the “tip of an iceberg”.

 

It is the need of the hour that regulatory and gatekeeper institutions strive to include fraud examination and forensic accounting as one of the necessary skillsets for their professional staff.  Professional accounting bodies also encourage their members to strengthen their examination and oversight skills through this growing discipline. Business organizations and NPOs need to take robust internal control and fraud prevention measures in true letter and spirit, and inculcate a culture of integrity amongst their ranks that promote ethical business practices to resonate “tone at the top” at the management level.

 

Fraud examination is amongst the major occupational skills that are being sought after by the employers around the globe.  Recognizing the growing incidence of fraud, corruption and abuse in our society, and the deteriorating standards of business ethics and public accountability, it is strongly felt to encourage fraud examination skills to arrest this trend.

FOREWORD


Welcome to the Islamabad Chapter of ACFE, the local arm of the world’s largest anti-fraud organization. The mission of the ACFE is to, “reduce the incidence of fraud and white-collar crimes and to assist the Membership in fraud detection and deterrence.” To accomplish this mission, the ACFE among other goals, provides the robust qualification, the Certified Fraud Examiner (CFE) credential through administration of the CFE Examination.

Dear present and potential members, it is an established fact that the Certified Fraud Examiner (CFE) credential denotes proven expertise in fraud prevention, detection and deterrence. The CFE designation is in demand more than ever, CFE is the preferred certification by organizations seeking HR for anti-fraud activities and functions. Also, organizations are proactively encouraging their relevant staff to attain this qualification, while some may even provide funding or reimbursement on successful attainment of the certification (check with your employer or respective L&D for relevant financing and reimbursement policy).

To familiarize and assist ACFEs members who are considering taking the CFE exam, we at the ACFE- Islamabad Chapter felt the need to encourage and disseminate a CFE Exam information pack; containing all the info and resources including all requirements, fees, forms, letters, minimum relevant experience required for certification, and exam preparation resource.

Although the target information is expansively available on the ACFE USA website at Details of the CFE Exam , our objective is to provide the most relevant info and steps to guide potential candidates and provide them what they need in applying for the exam and meeting all requirements for qualifying the CFE designation.

Finally, we encourage those existing associate members and non-CFE members to take the CFE exam and wish them best of luck in pursuit of success in their careers.

 

 

Disclaimer: The information contained in this document is for information purposes only. In case the ACFE Inc. makes any changes e.g. to the CFE exam structure including its format, content and fee, or membership criterion or any other requirement or change , with or without notice; the chapter and its members including the author bears no responsibility or guarantee to the validity or currency of the actual ACFE Inc practice.

 

 

BECOMING A MEMBER


To promote the anti-fraud profession, the ACFE has devised different membership categories. For your convenience the following table lists all the (non-certified/Associate) membership categories along with the relevant application forms containing fee and other information. Pick the one that you think suits you and apply!

Membership Categories (non-certified)

Electronic & Standard

Differentiation

Annual Fee USD

Application Forms

Associate Membership (non-certified)[1]

Standard

Annual membership dues include $20 for a one-year subscription to FRAUD MAGAZINE® that is mailed to your address.

$ 75

http://www.acfe.com/documents/MemberAp6.pdf

See Appendix “A  
for Sample Form  

Electronic

Provides the same wide range of benefits as the standard membership except that Fraud Magazine is delivered via email and ACFE website.

$ 35

Student Associate Membership (non-certified)

Standard

Annual membership dues include $20 for a one-year subscription to FRAUD MAGAZINE® that is mailed to your address.

$ 50

http://www.acfe.com/documents/StudentMemAp6.pdf

Electronic

Provides the same wide range of benefits as the standard membership except that Fraud Magazine is delivered via email and ACFE website.

$ 30

Educator Associate Membership (non-certified)

Standard

Annual membership dues include $20 for a one-year subscription to FRAUD MAGAZINE® that is mailed to your address.

$ 50

http://www.acfe.com/documents/EducatorApp6.pdf

Electronic

 Fraud Magazine is delivered via email and ACFE website

$ 30

Associate Membership is open to all individuals of high moral character with the requisite professional interest in fraud examination. Associates should have a professional interest in the field of fraud examination. Associate Membership dues under Standard Mode are US$ 75 required to be paid on an annual basis, and US$ 35 if Associate Membership under Electronic Mode is sought.

Following benefits are offered for Associate Members under Electronic Mode:

  • Fraud Magazine: Bimonthly magazine sent electronically—fully downloadable as soon as the magazine is posted on Fraud-Magazine.com. No more waiting for international mail to deliver this highly valued publication.
  • Discounts on all anti-fraud education including: seminars, conferences, webinars, self-studies and ACFE Bookstore products
  • Exclusive access to informative resources, the ACFE Career Center and discussion forums through ACFE.com
  • Members-only email newsletters: The Fraud Examiner and Fraud-Magazine Newsletter

Under Standard Mode, you would also receive printed e-copy of the Fraud Magazine.

To initiate the application process, follow the link How To Become An Associate Member.

There are two options to proceed with the application process:

  1. To apply online, you will be required to provide credit card payment (VISA, MasterCard, Diners Club, AMEX) via secure server of ACFE.

 

  1. To apply by email, mail or fax, you would need to download the application form available at the same link (image shown as Appendix “A”), and provide the requisite information.

 

 

 

 


APPLYING FOR THE EXAM


CFE Exam online application instructions

STEP ONE – Complete the online application form and submit payment.

The CFE Exam online application consists of four sections: Qualifications, Experience and Character, Signature Statement, and payment. The online application will take approximately 10 minutes and payment is required to complete the process.

The exam application fee is non-refundable. The ACFE will keep your application on file for two years. If, after two years you have not completed the CFE Program, your application will be canceled and a new application, fee and supporting documentation must be submitted.

STEP TWO – Submit supporting documentation to finalize your application.

To complete your CFE Exam application, provide to the Certification Department at ACFE Headquarters:

  • A current passport-size photograph with your name and ACFE member number printed on the back.
  • Three CFE Candidate Recommendation Forms; the forms should be completed by individuals who have worked with you professionally and can comment on your character, integrity, and professional skills.
  • Documentation of your education and experience items claimed on the qualifying points tally. This includes official transcripts or photocopies of degree certificates/diplomas for documents and translations if they are not originally in English. Online, computer-generated copies of transcripts are not accepted.

Supporting documentation may be submitted by fax to +1 (512) 276-8180, by scan and email to This email address is being protected from spambots. You need JavaScript enabled to view it. or by mail to: Certification Department, 716 West Avenue, Austin, TX 78701, USA.

You will eligible to take the CFE Exam upon receipt and processing of your documentation and review of your completed application. This process may take 3-5 business days.

 

CFE CERTIFICATION EXAM


The CFE Exam covers the following four areas:

FRAUD PREVENTION AND DETERRENCE - Tests your knowledge of why people commit fraud and what can be done 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.

FINANCIAL TRANSACTIONS - This section tests your knowledge of the types of fraudulent financial transactions incurred in accounting records. To pass this section, you will be required to demonstrate knowledge of these concepts: basic accounting and auditing theory, fraud schemes, internal controls to deter fraud and other auditing and accounting matters.

FRAUD INVESTIGATION - This section includes questions in the following areas: interviewing, taking statements, obtaining information from public records, tracing illicit transactions, evaluating deception and report writing.

LEGAL ELEMENTS OF FRAUD - This section ensures that you are familiar 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.

WHEN CAN THE CFE EXAM BE TAKEN?

You may take the CFE Exam any time during the year. When you have submitted your complete CFE Exam application and are prepared to take the CFE Exam you may request the exam. Your request for the CFE Exam will be fulfilled within 3-5 business days.

  • If you studied with the Fraud Examiners Manual, simply request the exam via email at This email address is being protected from spambots. You need JavaScript enabled to view it. .
  • If you have studied with the CFE Exam Prep Course, you already have the exam that corresponds to your Prep Course installed on your computer. When you have completed your Prep Course, select Request Exam Activation Key within the Prep Course. The Exam Activation Key will be emailed to you.

HOW MUCH TIME IS NEEDED TO TAKE THE EXAM?

 

It will take approximately 10 hours to complete the CFE Exam. Each section is allocated a maximum of 2.6 hours to complete. Each of the four exam sections has 125 questions and you will have a maximum of 75 seconds to answer each question on the average.

NOTE- You have 30 days to complete all four sections of the CFE Exam and submit it to the ACFE for grading. You must complete each section in one sitting, but you do not have to complete all four sections at once. The CFE Exam is a Windows-based, available in CD-ROM or electronic download format. The exam has a number of sophisticated controls to ensure integrity and each exam is generated from a master database. No two exams are alike. Internet: Internet connectivity is required to activate the CFE Exam Prep Course and when submitting Prep Progress and CFE Exam result


MEETING THE REQUIREMENTS


Before you may apply for the CFE Exam, you must meet the following requirements:

  1. 1.         Be an Associate Member of the ACFE in good standing
  2. 2.               Meet minimum Academic and Professional requirements
  3. 3.               Be of high moral character
  4. 4.               Agree to abide by the Bylaws and Code of Professional Ethics of the Association of Certified Fraud Examiners

Following are the requirements to become an Associate Member:

ACADEMIC REQUIREMENTS

Generally, applicants for CFE certification have a minimum of a Bachelor's degree (or equivalent) from an institution of higher learning. No specific field of study is required. If you do not have a Bachelor's degree, you may substitute two years of fraud-related professional experience for each year of academic study. For example, if you successfully attended college full-time for only two years, you would need an additional four years of professional experience to qualify for the education requirements? When you apply, you will be awarded qualifying points for the specific level of education you claim.

PROFESSIONAL REQUIREMENTS

At the time you are certified, you must have at least two years of professional experience in a field either directly or indirectly related to the detection or deterrence of fraud.

The Board of Regents has established the following categories as acceptable fraud-related experience:

Accounting and Auditing: You may qualify if you have experience as an accountant or auditor (e.g., internal or external auditor), and have certain responsibilities for the detection and deterrence of fraud by evaluating accounting systems for weaknesses, designing internal controls, determining the degree of organizational fraud risk, interpreting financial data for unusual trends, and following up on fraud indicators.

Criminology and Sociology: Only those professionals with education or research in the fraud and white-collar crime dimensions of sociology or criminology may claim experience under this category. An experienced background in general sociological field is insufficient.

Fraud Investigation: Experience in the investigation of civil or criminal fraud, or of white-collar crime for law enforcement agencies or in the private sector, qualifies. Examples include federal, state, or local law enforcement (e.g., IRS, inspectors general, and district attorney investigators). Insurance fraud investigators and fraud examiners working for corporations, businesses, or associations qualify as well.

Loss Prevention: Security directors for corporations and associations who deal with issues of loss prevention may claim this experience as credit. Security consultants dealing with fraud-related issues also are eligible. Experience as a security guard or equivalent is not acceptable.

Law: Candidates with experience in the legal field might qualify, provided the experience deals with some consideration of fraud. Examples include prosecuting lawyers, fraud litigators, and others with an anti-fraud specialization.

If your experience does not fall into one of the above categories, but your responsibilities include the detection, investigation, or deterrence of fraud, you may submit your application and fee along with a detailed description of your background.

THE POINTS EVALUATOR

 

Your eligibility to be certified is based upon a point system, which awards credit for education and experience. Click on link and check to see your Point Score on the Qualification Calculator.

 

PREPARING FOR THE EXAM


It is important that you take the time to prepare for the CFE Examination. There are many different ways you can prepare, but two options are the most common that are available to the candidates in Pakistan:

 

Study on your own using the Fraud Examiners Manual and other additional reference materials. Approximately 90% of the CFE Exam's questions are derived from material contained in the Fraud Examiners Manual while the remainder is compiled from other study references.

 

 

Study with the 2012 CFE Exam Prep Course, available in US, Canadian, International, Japanese and UK editions. The CFE Exam Prep Course provides the most effective preparation tool for the CFE Exam, allowing you to study on your own time, at your own pace from your home or work computer. Featuring study questions and practice exams that simulate the actual CFE Exam experience, the CFE Exam Prep Course has been designed to prepare you to pass the rigorous CFE Exam. The Prep Course is available in CD-Rom or electronic download format. An intro video of the 2011 Exam prep course is presented here for information purposes. The price of the latest course is USD 745 for ACFE members and 945 for non-members.


SAMPLE EXAM QUESTION

Following is a screen shot of the 2012 CFE Exam Prep Course, you will be find the details of the kind of questions to come across in CFE prep course and CFE exam, at following link http://www.acfe.com/products.aspx?id=4294970661.

 

 

 

THE CFE EXAM APPLICATION


Before you take the Exam, your CFE Exam Application and supporting documentation need to be processed. This includes the following;

  1. CFE Exam Application
  2. CFE Candidate Recommendation Form   
  3. Proof of Education                                     
  4. A Recent Photo
  5. Exam Fee

APPLICATION           (See Appendix B)

Before filling out and submitting the application do read the “CFE Program Steps & required documentation” instructions located on the bottom of page 2/2 of the application. While filling out the questions, do answer all. You are required to attach all supporting documentation (as numbered above) with your signed application along with fee payment information. You may suitably scan all the documents and email to membership admissions at This email address is being protected from spambots. You need JavaScript enabled to view it. .

CFE CANDIDATE RECOMMENDATION FORM      (See Appendix C)

ACFE requires you to submit three CFE Candidate Recommendation Forms along with your application. All CFE Candidate Recommendation Forms must be written in English or translated to English. The forms must be filled out by someone who has worked with you in a professional capacity.

PROOF of EDUCATION

A photocopy of transcripts or certificates for any degrees earned and professional certifications acquired must be sent in along with your application (Professional Certifications are approved for 10 points each on the CFE Exam application under the Education and Experience section). Translations will be required for any documentation not originally provided in English.

EXAM FEE

The cost to take the CFE Exam is U.S. $300. If you have purchased the CFE Exam Prep Course, you will receive a U.S. $100 credit on the cost of the CFE Exam fee, the CFE Exam fee will be U.S. $200. Payment can be made using a credit card.

 

 

TAKING THE EXAM


The CFE Exam is a Windows-based application in available in CD-ROM or electronic download format. The exam has a number of sophisticated controls to ensure integrity and each exam is generated from a master database. No two exams are alike.

To install, you will need a computer with these capabilities:

  • Processor: 2 GHz
  • Operating System: Windows XP Service Pack 3 or later, Windows Vista or Windows 7
  • Disk Space: 150MB of available disk space
  • Internet: Internet connectivity is required to activate the CFE Exam Prep Course and when submitting prep progress and CFE Exam results

When can I take the CFE Exam?

You may take the CFE Exam any time during the year. When you have submitted your complete CFE Exam application and are prepared to take the CFE Exam you may request the exam. Your request for the CFE Exam will be fulfilled within 3-5 business days.

If you studied with the Fraud Examiners Manual, simply request the exam via email at This email address is being protected from spambots. You need JavaScript enabled to view it. .

If you have studied with the CFE Exam Prep Course, you already have the exam that corresponds to your Prep Course installed on your computer. When you have completed your CFE Exam Prep Course, select Request Exam Activation Key within the course. We will send you the Exam Activation Key by email.

How much time will I need to take the CFE Exam?

It will take approximately 10 hours to complete the CFE Exam. Each section is allocated a maximum of 2.6 hours to complete. Each of the four exam sections has 125 questions and you will have a maximum of 75 seconds to answer each question.

You have 30 days to complete all four sections of the Exam & submit it to the ACFE for grading. You must complete each section in one sitting, but you do not have to complete all four sections at once

 

 

SUBMITTING THE EXAM


Once you have completed all sections of the CFE Exam, you will need to submit your completed exam to the ACFE for review. You will receive your results by e-mail, please allow 3-5 business days for review.

SUBMITTING THE CFE EXAM:

2012 CFE Exam Prep Course: Select the Submit CFE Exam button that is available once you have completed all exam sections.

2011 or earlier CFE Exam Prep Course: Select Export results from the Utilities menu and save the file as your FirstNameLastName.pgs. E-mail the exported file to This email address is being protected from spambots. You need JavaScript enabled to view it. .

Please remember to scan and e-mail, fax, or mail your exam affidavit verifying your completion of the exam; you will receive a link to the examinee affidavit from the ACFE with your CFE Exam access code and CFE Exam results e-mail.  To avoid certification delays, ensure your CFE Exam application is complete, including your CFE Exam application, three CFE Candidate Recommendation Forms, proof of education and professional certifications, and a recent photo.

HOW TO KNOW YOU PASSED THE CFE EXAM?

You will receive notification of pass or fail via e-mail within 3-5 business days. In order to pass the exam, you must score at least 75% correct on each section of the CFE Exam. CFE Exam scores are only released when you have not achieved the 75% pass rate. This procedure ensures the integrity of the testing process. The ACFE Board of Regents oversees the exam process.

If you have studied using the CFE Exam Prep Course and do not pass, you might qualify for the ACFE’s Money-Back Pass Guarantee. If you do not qualify for the Money-Back Pass Guarantee or have studied on your own and do not pass, you may retake the CFE exam for U.S. $25 per section. Failed exam sections may be paid for and retaken as many times as necessary, with one limitation: members must pass all four sections in three consecutive attempts.

Once you pass the CFE Exam, your complete CFE Exam application will be reviewed by the ACFE Certification Committee. You should receive e-mail notification of your CFE certification status within 5-7 business days of passing your exam and completing the CFE Exam application process. Your CFE certificate will be mailed to you within 4 to 6 weeks of your approved CFE certification notification.

 


APPENDIX –A            SAMPLE ASSOCIATE MEMBER APPLICATION

You would be able to download the attached form after filling-in some basic information at the following web link http://www.acfe.com/documents/MemberAp6.pdf.

 


APPENDIX –B            SAMPLE CFE EXAM APPLICATION

This pdf form is downloadable at http://www.acfe.com/uploadedFiles/ACFE_Website/Content/documents/CFEAppExam.pdf , fill out the form, print it, scan and email it to This email address is being protected from spambots. You need JavaScript enabled to view it.

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APPENDIX–­ C           SAMPLE RECOMMENDATION FORM

 

 


APPENDIX–­ D          ISLAMABAD CHAPTER MEMEBERSHIP FORM

 



[1] A membership type for those who may not have cleared all the requisites in becoming a Certified Fraud Examiner CFE.