Part A
When it comes to CFEs, the organization that sponsors the certification is Association of Certified Fraud Examiners (ACFE). Joseph T. Wells founded the organization in 1988 while he presently serves as the organizations chairman. The major reason for establishing the organization started when Wells was working with the FBI when he started investigating the involvement of Attorney General John N. Mitchel in the Watergate Scandal. The organization started realizing increasing growth with lonely accountants and auditors venturing into the area (Association of Certified Fraud Examiners, 2018) . Presently, a large number of CFEs specialize in investigating fraud once they pursue the Anti-Fraud Education Partnership, which the ACFE affords via ACFE training, mentorship from other CFEs, as well as higher-education courses.
For the CFEs, they are supposed to establish and enforce certain major regulations or standards. For instance, they are required to make sure that they exercise highest ethical levels, act with integrity, as well as work professionally. Additionally, they should ensure they exercise responsibility to public interest, their clients, and each other. Each responsibility in this case needs subordinating self-interests to the parties they serve (Association of Certified Fraud Examiners, 2018) . These standards offer the members the key principles of acting ethically to ensure that they fulfill their obligations and duties.
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The ACFE produces numerous publications. These offer significant information that individuals can leverage on, such as the bi-monthly magazine, fraud statistics, informative newsletters, as well as a powerful “Compensation Guide (Association of Certified Fraud Examiners, 2018) .” These serve as tools that individuals aligned with the organization can utilize as a knowledge foundation while in the fraud occupation and beyond.
Concerning continuing education requirement, CFEs need to have two or more years’ professional experience in a field that is related to deterrence or detection of fraud directly or indirectly. The major areas that the ACFE recognizes as qualified expert experience comprise of auditing and accounting, sociology and criminology, loss prevention, fraud investigation, and law associated with fraud (Association of Certified Fraud Examiners, 2018) . Other experiences might qualify although they should be reviewed to determine whether they qualify.
Regarding the certification process and requirements, the individuals need to ensure they meet certain major requirements. They should serve as ACFE’s Associate Members in good standing, meet the required professional and academic requirements, such as an undergraduate degree plus a master’s degree. They also need professional experience and professional designation (Association of Certified Fraud Examiners, 2018) . Also, they need good moral character and abide by the ACFE’s Code of Professional Ethics and Bylaws.
Part B
The CFE certification is beneficial to managerial accountants in certain ways. For instance, managerial accounting targets measuring, identifying, assessing, communicating, and interpreting financial information to managers to facilitate in pursuing the goals of an organization. As such, the CFEs can assist by assisting in identifying cases of fraud in these transactions. They have sufficient knowledge of financial transactions as well as deep understanding of laws, strategies, and means of addressing cases of fraud (Top Accounting Degrees, 2018) . In this case, they can assist managerial accountants to identify fraud and its source, hence devise effective measures of dealing with such cases.
When it comes to accountants who have the CFE certification, they can also assist their organizations in numerous ways. For example, they can facilitate in revealing cases of fraud, undertake interviews with different parties, write reports, as well as assess the diverse risks that fraud poses to organizations. Additionally, the accountants would be able identify as well as collect evidence related to fraud from cases, such as financial relationships, trends in billing, together with financial data (Top Accounting Degrees, 2018) . With this expertise, the accountants can assist in streamlining these issues, which would then allow their organization to perform optimally and in a transparent manner.
References
Association of Certified Fraud Examiners. (2018). About the ACFE. Retrieved from http://www.acfe.com/about-the-acfe.aspx
Top Accounting Degrees. (2018). What is a Certified Fraud Examiner? Retrieved from https://www.topaccountingdegrees.org/faq/what-is-a-certified-fraud-examiner/
