The Fraud Examiners who are experts in the detection, investigation, and prevention of fraud in the workplace.
These specialists work on cases that involve such fraudulent acts as bribery, property or monetary theft, trade secrets or intellectual property theft, falsification of financial statements or claims, failure to divulge financial information, use of company property for personal gain, and conflict of interest.
Along with backgrounds in accounting and auditing, Fraud Examiners have training in criminology and investigative techniques. They are also knowledgeable about laws and regulations relating to fraud. Additionally, they are familiar with common fraud schemes and can spot clues that indicate possible fraudulent acts. Furthermore, they are aware of the legal consequences of mishandling of evidence and the importance of maintaining the chain of custody.
Fraud Examiners may be directly employed by organizations or they may offer their services on a consultancy basis. They also help organizations to prevent fraud from occurring and to implement methods to discover fraudulent activities within their ranks.
Duties and Responsibilities
- Study and reconstruct formal accounting records
- Conduct business appraisals
- Analyze financial statements
- Evaluate fraud risks
- Locate hidden assets and trace the path of missing funds
- Clearly and concisely documenting investigations in written report
- Work and assist in developing and implementing fraud cases with police officers, or other law enforcement officers
- Stay up to date with new developments in their field
- Specialized computer software as well as general software such as databases and statistical analysis programs to aid in their fraud investigations
- Can be employed as auditors, accountants, risk managers, compliance officers and claim investigators
- The fraud examiners need a certified designation from the Association of Certified Fraud Examiners and that involves a course of study of the four key elements of fraud investigation and taking and passing a rigorous exam.
- They should obtain a Certified Public Accountant designation in their state; the requirements for the CPA designation depend on the state’s laws.
- They can take Certified Internal Auditor course of study and a rigorous exam on the specifics of auditing techniques and accounting standards.
- They should have interrogation skills and needs to be aware of the legal restrictions of interrogating individuals.
- They need to have excellent written and oral communication skills as the reports required will have to stand up to the scrutiny of being used in a court case.
- They must be familiar with legal and court procedures, including how to testify in court using the principles of fraud examination, is also required.
- They need experience and training in four key areas: fraud prevention and deterrence, financial transactions, fraud investigation, and the legal elements of fraud.