Association of Certified Fraud Examiners - Explained
What is the Association of Certified Fraud Examiners?
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Table of ContentsWhat is the Association Of Certified Fraud Examiners?What is the History of the Association Of Certified Fraud Examiners?What does ACFE Do?About the Founder of the Association of Certified Fraud ExaminersThe Organizations Mission StatementAcademics Research on Association Of Certified Fraud Examiners
What is the Association Of Certified Fraud Examiners?
The Association of Certified Fraud Examiners, also known as ACFE, is an association made of professionals, to fight fraud and cheating in business practices. It is also the accrediting body for those individuals holding Certified Fraud Examiner designation. The ACFE association provides various benefits to its members, such as tools, education, and training focused on aiding them to increase their competencies in their work.
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What is the History of the Association Of Certified Fraud Examiners?
The ACFE is the governing body of certified fraud examiners globally. It is the largest anti-fraud organization in the world and also the premier provider of education and training on anti-fraud related issues. The association was founded in 1988 by Josephy T. Wells, and it has more than 85,000 members with chapters across the world. The association has its headquarters located in both North America and Europe. Holders of the Certified Fraud Examiners designations are seen to be expertise with unique skills of dealing with fraud detection and prevention. Individuals with the CFE designation are highly valued by firms across all industries. Also, according to the ACFE website, holders of CFE designation earn 25 percent more than their colleagues without the designation.
What does ACFE Do?
The ACFE organization works with various fraud and law enforcement bodies. It mainly deals with fraud-related issues such as:
- Producing fraud information, training, and tools
- Reducing and preventing business fraud across the globe
- Stirring public confidence in objectivity and integrity in the various professionals such as auditing, finance, and accounting
Note that apart from combating fraud and deception, the association also offers the Certified Fraud Examiner (CFE) designation.
About the Founder of the Association of Certified Fraud Examiners
Joseph T. Wells founded the ACFE organization, and he is the chairperson of the organization. He graduated from Oklahoma University and had the privilege of working with the Federal Bureau of Investigation (FBI) for 10 years. While working with the FBI, Wells conducted an investigation on John N. Mitchell, the former Attorney General, for having been involved in Watergate. Besides his duties as the chairman of the organization, Wells also conducts research, writes, and lectures professional and business groups on issues related to white-collar crime. Wells has written several articles and books on fraud detection and prevention. Most of his writings are published in professional journals.
The Organizations Mission Statement
The ACFEs mission is to ensure that it reduces the incidences related to fraud as well as white-collar crime and to help its members in fraud detection and prevention. To be able to accomplish its mission, the ACFE does the following:
- Offering genuine qualifications for Certified Fraud Examiners via the CFE Examination administration
- Setting high admission standards and demonstrated competence through compulsory continuing professional education
- Requiring strict code of professional ethics and conduct adherence by Certified Fraud Examiners
- Serving as the Certified Fraud Examiners international representative to government, business, and academic institutions
- Providing leadership to stir public confidence in the objectivity, professionalism, and integrity of Certified Fraud Examiners
Certified Fraud Examiner is a professional designation that is recommended for those fraud examiners that track down financial-related crimes and those that conduct forensic audits, including other relevant duties. Holders of CFE designation have unique skills that are rarely found in other career disciplines. These individuals work involves a combination of knowledge and skills to be able to execute their duties effectively. For instance, to deal with a fraud case, they require to combine the financial transaction knowledge with an understanding of law, methods, and ways of resolving fraud allegations.
Academics Research on Association Of Certified Fraud Examiners
- Thefraud examiners, Wells, J. T. (2003). The fraud examiners.Journal of Accountancy,196(4), 76.
- Forensic accounting education: insights from academicians andcertified fraud examinerpractitioners, Rezaee, Z., & Burton, E. J. (1997). Forensic accounting education: insights from academicians and certified fraud examiner practitioners.Managerial Auditing Journal,12(9), 479-489. Current initiatives in accounting education, while focusing on the importance of accounting instruction and teaching students how to learn, emphasize continuous lifelong learning and outcomebased assessment. The public interest in forensic accounting, especially fraud investigation, has encouraged the accounting profession to consider issuing new standards on fraud detection. Presents a study which aims to examine current coverage and future direction and role of forensic accounting education. Describes a survey of both academicians and certified fraud examiner (CFE) practitioners. Concludes that: the demand for forensic accounting education and practice will continue to increase and that forensic accounting education should be integrated into accounting curricula either as a separate course or through modules in accounting and auditing courses.
- The use offraud examinersin the battle against occupationalfraudand abuse, Machen, M. J., & Richards, R. E. (2004). The use of fraud examiners in the battle against occupational fraud and abuse.Journal of Investment Compliance,5(3), 67-71. In 2002, it was estimated that occupational fraud and abuse cost organizations $600 billion, or roughly 6 per cent of their revenues. While there are various ways a company can protect itself from becoming a victim of fraud, one solution toward which many companies are turning is the use of fraud examiners to help monitor and detect fraudulent activities within their organizations.