Introduction

The Certified Fraud Examiner (CFE) certification is one of the most prestigious credentials for professionals in the field of fraud detection, prevention, and investigation. This 5-day intensive training course is designed to provide participants with a comprehensive understanding of fraud schemes, investigation techniques, and the regulatory environment. The course focuses on equipping professionals with the tools necessary to detect, prevent, and investigate fraud in various organizational settings. With the growing need to combat fraud in today’s business environment, this course ensures participants are well-prepared for the CFE exam and can contribute to their organizations’ fraud prevention efforts effectively.

Course Objectives

By the end of this training, participants will:

1. Gain a comprehensive understanding of fraud prevention, detection, and investigation techniques.
2. Learn to identify and analyze various types of fraud, including financial, asset misappropriation, and corruption.
3. Understand the legal and ethical considerations involved in fraud investigations.
4. Develop skills in interviewing witnesses and suspects, gathering evidence, and documenting findings.
5. Learn about the key elements of fraud risk management and building an effective anti-fraud program.
6. Be fully prepared for the CFE certification exam and advance their careers as certified fraud examiners.

Who Should Attend?

This course is ideal for:

• Internal auditors, compliance officers, and risk management professionals responsible for preventing and detecting fraud.
• Fraud investigators, forensic accountants, and financial professionals who handle fraud-related cases.
• Legal professionals, law enforcement, and corporate security professionals involved in fraud examinations.
• Individuals seeking to pursue the CFE certification to advance their careers in fraud examination and financial crime prevention.

Day 1: Introduction to Fraud and Fraud Prevention

• Session 1: Overview of CFE Certification

  • CFE exam structure and eligibility requirements
  • Key competencies in fraud examination: Fraud detection, investigation, legal knowledge, and ethical considerations
  • The role of a Certified Fraud Examiner in combating fraud

• Session 2: Understanding Fraud

  • Defining fraud: Types of fraud (financial fraud, asset misappropriation, corruption)
  • Fraud triangle: Opportunity, pressure, and rationalization in fraud schemes
  • The cost of fraud: Economic, organizational, and reputational impacts
  • Key fraud risk factors and how to identify them in organizations

• Session 3: Fraud Prevention and Internal Controls

  • Preventing fraud through internal controls: Segregation of duties, access control, approval processes
  • Building an effective fraud prevention program: Policies, employee awareness, and whistleblower programs
  • Monitoring for fraud: Continuous auditing, data analytics, and red flags
  • The role of management and leadership in fraud prevention

Day 2: Fraud Detection Techniques

• Session 4: Financial Statement Fraud

  • Understanding financial statement fraud schemes: Falsified financial records, asset inflation, earnings manipulation
  • Common methods of detecting financial fraud: Ratio analysis, trend analysis, and forensic accounting techniques
  • Red flags for financial statement fraud: Unusual transactions, inconsistencies, and misstatements
  • Case studies of notable financial statement fraud schemes

• Session 5: Detecting Asset Misappropriation

  • Types of asset misappropriation: Embezzlement, theft, kickbacks, and expense report fraud
  • Detecting employee theft and misused resources: Inventory controls, cash handling, and vendor management
  • Investigating asset misappropriation cases: Evidence collection, analysis, and recovery efforts
  • Red flags and warning signs of asset misappropriation

• Session 6: Detecting Corruption

  • Types of corruption: Bribery, kickbacks, conflicts of interest, and procurement fraud
  • Identifying the signs of corruption in organizations
  • Investigating bribery and corruption: Interviews, document analysis, and surveillance techniques
  • Legal and ethical considerations when dealing with corruption

Day 3: Fraud Investigation Techniques

• Session 7: Investigative Process and Techniques

  • Overview of the fraud investigation process: Planning, execution, and reporting
  • Interviewing techniques: How to interview witnesses, suspects, and experts
  • Gathering and preserving evidence: Chain of custody, documentation, and forensic analysis
  • Analyzing financial records and transaction data during investigations

• Session 8: Conducting Interviews and Interrogations

  • The art of interviewing: Building rapport, questioning techniques, and detecting deception
  • Best practices in witness and suspect interviews
  • Legal considerations in interviews: Rights, documentation, and avoiding pitfalls
  • Case study: Successful fraud investigations based on effective interview techniques

• Session 9: Surveillance and Information Gathering

  • Techniques for physical and electronic surveillance in fraud investigations
  • Gathering evidence from digital sources: Email records, computer files, and social media
  • Using forensic tools and technologies to trace fraud activities
  • Legal issues surrounding surveillance and evidence gathering

Day 4: Legal Aspects of Fraud Investigation and Fraud Risk Management

• Session 10: Legal Elements of Fraud Investigations

  • Understanding fraud-related laws: Fraud statutes, criminal law, and civil law remedies
  • The role of law enforcement and regulatory agencies in fraud investigations
  • Legal considerations in fraud cases: Privacy laws, due process, and evidence handling
  • Preparing cases for litigation or prosecution: Testimony, expert witnesses, and legal documentation

• Session 11: Fraud Risk Management

  • Understanding fraud risk management: Risk identification, assessment, and mitigation strategies
  • Building a fraud risk management framework: Enterprise risk management (ERM) and fraud risk assessments
  • Role of auditors and compliance officers in managing fraud risk
  • Case studies of successful fraud risk management programs

• Session 12: Fraud Detection Tools and Techniques

  • Overview of fraud detection software and technologies
  • Data analytics in fraud detection: Predictive models, anomaly detection, and statistical techniques
  • Leveraging technology for continuous fraud monitoring
  • Building a fraud detection system in an organization

Day 5: CFE Exam Review and Case Studies

• Session 13: Comprehensive CFE Exam Review

  • Review of core topics covered in the CFE exam: Fraud prevention, detection, investigation, and legal aspects
  • Focus on critical areas: Financial fraud, asset misappropriation, corruption, fraud risk management
  • Practice exam questions and discussion of answers
  • Exam strategies: Time management, understanding question formats, and prioritizing focus areas

• Session 14: Fraud Case Studies and Real-World Applications

  • Analysis of major fraud cases and lessons learned
  • Discussing successful fraud investigations and the role of the CFE in each case
  • Application of fraud examination principles in real-world scenarios

• Session 15: Final Q&A and Exam Preparation

  • Final Q&A session to clarify any doubts and reinforce learning
  • Personalized exam preparation tips and guidance
  • Final review of exam strategies and key concepts for success