What are the qualifications needed to become a CFE in South Africa?

A CFE in South Africa or certified fraud examiner is a professional trained to identify, investigate and deter fraud in private businesses and public institutions.

Here are qualifications required to become a certified fraud examiner in South Africa-

Education: A person aspiring to become CFE in South Africa need to have bachelor degree in criminal justice, accounting, law or related field. This basic education provides required knowledge base in the areas related to fraud examination like understanding financial transactions principles, legal norms and investigative methods.

Professional experience: It is important for an expert CFE in South Africa to have a practical and professional experience of at least two years. This experience should be in areas of fraud detection, prevention and investigation. It can be roles in forensic accounting, law enforcement, and auditing and risk management. The in-depth experience helps in understanding the theoretical and critical analytical skills required for examining fraud.

Membership: The aspirants must become the associate members of Association of Certified Fraud Examiners – ACFE. The membership not only showcases a commitment of the candidates to the field of fraud examination but also ensures access to resources and networks that are important for their professional growth.

Passing the CFE exam: The important step of becoming a CFE in South Africa is to clear the rigorous CFE exam. The exam has four major areas that include fraud prevention and deterrence, financial transaction and fraud schemes, investigations and legal tests.

Adhere to code of professional ethics: After clearing the CFE exam, the candidates must agree to abide by ACFE’s code of professional ethics. This ensures they operate under the highest ethical standards which is a significant aspect given the sensitive nature of fraud examination.

Continuing professional education- CPE: After the certification, the CFEs in South Africa are required to complete at least 20 hours of CPE annually to stay current with the development in the field and maintain their certification. This emphasizes the need for continuous learning and adaptation in the ever changing landscape of fraud examination.

For those aspiring to excel in fraud examination, achieving CFE certification resonate expertise and commitment to integrity. CFEs play a significant role in corporate sectors, public institutions or private consultancy in South Africa, safeguarding the economic landscape of the country against fraud.

Also read Exploring the role of a Certified Fraud Examiner (CFE)