The fraud examiners are responsible for preventing and detecting fraud.
The Fraud Examiners must be able to do the following task in their job function:
- The fraud examiners form and maintain internal controls for cash flow, inventory management, and accounts payable and receivable.
- They segregate duties, which are necessary to ensure security of incoming cash, outgoing payments, and the inventory and equipment assets.
- They investigate the claim by interviewing all parties involved.
- They gather evidence and analyze it.
- They calculate the losses if fraud is discovered and prepare a written and oral report to inform the company board of the occurrence.
- They report the fraud to the appropriate authorities as per the Sarbanes-Oxley Act.
- 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.