CFE EXAM Coach Newsletter

Congratulations to all members who became Certified Fraud Examiners in the last 60 days.
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As an ACFE member, you receive valuable benefits that help to promote your professional and career development.
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Get answers to the most frequently asked questions about the CFE Exam Prep Course, including tips on installing the program, exporting files and more.

Discover what your local Chapter can do for you! Click here for a list of ACFE Chapters around the world.

    February 2013

Dear (FLD1),

 

The Office of the Comptroller of Puerto Rico and the Cape Coral, Florida Police Department recently both recognized the CFE credential for hiring and promotional purposes. They have plans to work toward having all current agents achieve this valuable credential. These two recognitions are part of the Association of Certified Fraud Examiner’s (ACFE) Law Enforcement Partnership program. These agencies join the ranks of government agencies such as the FBI, the U.S. Postal Inspection Service, the Government Accountability Office, the Department of Defense, and the Criminal Investigations Division of the Internal Revenue Service.

 

Employers around the world know the value of the CFE credential, and they seek out the expertise that comes with it. Becoming a CFE provides you with a strong foundation for a variety of career choices by equipping you with the tools you need to excel in the fight against fraud. Become a CFE!

 

Join the ranks of your colleagues who have already earned the CFE credential. The ACFE is here to help you along the way. Please feel free to contact me at any time.

 

CFE EXAM Coach Newsletter

Good luck,
CFE EXAM Coach NewsletterAngela R. Archie, CFE

CFE Exam Coach

 

Study Tips

 

TIP #1 - How do I study with a time budget in mind? Studying well in advance pays off at the end. Study every day, or as frequently as your schedule allows. Study each section of the CFE Exam Prep Course with a time budget in mind.

 

Below are some tips on how to budget your time.

1. A week or more before the CFE Exam, do an initial overview (a 2-4 hour quick review of the material); this will motivate you and help you determine the structure of the course, what the material includes, and the volume to be covered.

2. Develop and follow a plan for getting yourself through the volume of material, starting (if possible) with the section you are most familiar with.

3. At the beginning of each study period, do a 10-minute review of the previous period's material.

 

TIP #2 - How can I identify my challenging areas? Checking your progress after each study session allows you to identify topics to review in more detail. If you have completed studying for the day, simply end that session of the Prep Course software. The session summary screen will automatically appear (if you have answered at least one question), giving your results for the current session. The screen will display the number of questions you attempted and the number you answered correctly, as well as a percentage.

 

TIP #3 - Do I have to purchase any reference books? You are encouraged to review the Fraud Examiners Manual if you want more information than is provided in the CFE Exam Prep Course. The relevant information from each reference is included in the Prep Course question/answer feedback. Additionally, a small percentage of questions on the CFE Exam come from the Corporate Fraud Handbook, which is an excellent reference.


 

John D. Gill, J.D., CFE, Vice President – Education, offers advice on whether you should read the Fraud Examiners Manual before you begin the CFE Exam Prep Course

 

Highlights

Congratulations to all members who became Certified Fraud Examiners in the last 60 days. More

Upcoming Courses

Washington, DC
March 25 - 28, 2013

Atlanta, GA
May 20 - 23, 2013

Los Angeles, CA
July 22 - 25, 2013

Chicago, IL
August 26 - 29, 2013

Washington, DC
September 9 - 12, 2013

New York, NY
October 7 - 10, 2013

Austin, TX
November 4 - 7, 2013

 

CFE Highlight

This month we highlight CFE Exam Review Course participant Benjamin Ward. Mr. Ward shares his experience on how he prepared for the CFE Exam.

CFE EXAM Coach Newsletter
Prep Forum

Visit the CFE Exam/Prep Discussion Group to exchange ideas about studying for the CFE Exam. Log in to reply or post your own question. Take a look at recent posts:

Topic:  Exam affidavit

Post #1 - Hello, I have just completed the 4 exam parts and submitted my exam for grading. How long do I have to submit the exam affidavit?. Thanks

Response #1 - Dear Emad Eldin Ahmed, thank you for your question. There is not a specific amount of time you need to submit it in; however, you will not be able to become certified until we have received it.

If you have any further questions, please contact us at memberservices@ACFE.com.

Best regards,
Justin Dillon, CFE
Lead Member Services Representative

Did You Know

 

ACFE Members can receive a 10% discount and receive $75 off any ACFE training event by enrolling in the Auto Dues Service. With this service you will be able to save time and set up your membership dues to be paid automatically. Call Member Services for more information: (800) 245-3321 or +1 (512) 478-9000.
Sign up today and save!

 

Submitting Your CFE Application

  1. Fill out the certification application. You may also apply online by using the following link: Apply Online
  2. Include proof of your education.
  3. Include three CFE Candidate Recommendation Forms.
  4. Submit application and documents to Membership Admissions at ACFE Headquarters.
  5. Attach a passport-size photo of yourself to the application form.

Click here for more information about the application process.

CFE EXAM Coach Newsletter
Fraud IQ Test

IQ #1 - Blue sold $1000 worth of merchandise and collected payment from his customer in currency. Blue only recorded the sale of $800 worth of merchandise. Blue turned $800 over to his employer and pocketed the remaining $200. According to Corporate the Fraud Handbook, Blue's scheme is:

A. A false billing scheme
B. An unrecorded sales (skimming) scheme
C. An understated sales (skimming) scheme
D. A cash larceny scheme

Understated sales work differently than unrecorded sales schemes. The transaction is posted to the books, but for a lower amount than the perpetrator collected from the customer. For instance, a company might be owed $1,000, but the sale is recorded as $800. When the customer makes payment, the fraudster can skim $200 and post the $800.

Correct answer: (C)

IQ #2 - Under the Sarbanes-Oxley Act, which of the following is responsible for establishing procedures for receiving and dealing with complaints and anonymous employee tips regarding irregularities in the company’s accounting methods, internal controls, or auditing matters?

A. Internal auditor
B. Chief executive officer
C. Audit committee
D. Board of directors

Under the Sarbanes-Oxley Act, the audit committee is required to establish procedures (such as a hotline) for receiving and dealing with complaints and anonymous employee tips regarding irregularities in the company’s accounting methods, internal controls, or auditing matters. Correct answer: (C)

Bookstore Feature

Criminal Financial Investigations: The Use of Forensic Accounting Techniques and Indirect Methods of Proof, Second Edition

Member Price: U.S. $89
Non-Member Price: U.S. $999

NEW Online Courses

Now available in a convenient online format. Expand your anti-fraud knowledge with our comprehensive self-study CPE courses written by the ACFE Research Team and other anti-fraud experts.

These self-paced courses allow you the flexibility to study at anytime from anywhere you have Internet access.

Visit us online: ACFE.com/Shop

IQ #3 - You are an accountant. One of your clients files bankruptcy. Several months later, the bankruptcy trustee calls and says that she wants to review your work papers and client documents. Which of the following is true?

A. The trustee has the right to review all of your documents regarding the client.

B. The trustee has no authority over the documents.

C. You cannot allow the trustee to review the documents without a court order.

D. You are prohibited from providing the document without your client’s written permission.

The trustee’s powers enable him to gather financial information from various sources, including the debtor’s attorneys and accountants. A trustee steps into the shoes of the debtor, which allows him the opportunity to break the attorney-client privilege. Attorneys might attempt to raise the attorney-client privilege as a defense to providing information, but they are usually unsuccessful in this regard. Since the trustee is now the client, he must be able to understand what legal actions need to be taken. Therefore, it is imperative that the debtor’s attorney cooperate with the trustee. The trustee also should have access to the accountant’s work papers, tax returns, and client documents, which might provide the trustee and creditors with the opportunity to locate and recover hidden assets. Another useful tool in the trustee’s arsenal is the power to have access to debtor’s records that are in the possession of the criminal authorities. Since the trustee steps into the shoes of the debtor, he has the right to inspect and use these records to conduct the business affairs of the debtor. Correct answer: (A)

Member Resources

Contact the Coach
Ask questions or make suggestions. As your dedicated CFE Coach, I am available to answer all of your questions about the CFE Exam. You may send me an email or call me at (800) 245-3321 / +1 (512) 478-9000.

Study Tip Archives
Click Here to view videos of study tips from previous editions of the CFE Exam Coach Newsletter.

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CFE EXAM Coach Newsletter

The Association of Certified Fraud Examiners is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 65,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession.
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