FAQ
At SIU, we understand that you may have many concerns and questions about forensic accounting, so we have prepared a Frequently Asked Questions (FAQ) section for your convenience.

How serious is the problem of fraud in the U.S.?

The average organization loses more than $9 a day per employee to fraud and abuse. The average organization loses 6% of its total annual revenue to fraud and abuse committed by its own employees. Fraud and abuse costs U.S. organization more than $400 billion annually.

What is the Association of Certified Fraud Examiners?

The Association of Certified Fraud Examiners is an international, 25,000-member, professional organization dedicated to fighting fraud and white-collar crime. There are offices in North America and Europe, and chapters around the globe. The Association is networked to protect professionals around the world against fraudulent practices of inside and outside parties.

What is a Certified Fraud Examiner?

A Certified Fraud Examiner (CFE) is a specialist in the detection and/or deterrence of a wide variety of fraudulent conduct -- from discovering employees or executives who misappropriate company assets to assisting investors who are defrauded in the course of commercial transactions.

What is the CFE designation?

The CFE designation is a statement of applied competence in the field of fraud examination. Successful completion of the CFE exam is an affirmation of the professional's ability to conduct complete, efficient, thorough, and ethical fraud investigations.

Who belongs to the Association of Certified Fraud Examiners?

Members of the Association represent a wide range of fields, including fraud investigation, criminology, internal and external auditing, loss prevention and security, forensic accounting, law, law enforcement, investigation at the local, state, and federal levels, education, and others, as well as students in these fields.

Who utilizes Certified Fraud Examiners?

Many private sectors, such as law firms and business enterprises, use CFEs for investigative and consulting services. Other uses for CFEs are in the areas of litigation support, fraud investigation, and fraud prevention.

What is Litigation Support?

Forensic accountants present expert testimony before a court of law, where the forensic accountant quantifies any economic damages caused by another party, such as an economic loss from a breach of contract.

What is Investigative Accounting?

In this segment of forensic accounting, forensic accountants investigate suspicious criminal activity, such as employee theft and insurance fraud.

What is Forensic Accounting?

Forensic Accounting is the integration of accounting, auditing, and investigative skills. Forensic accounting entails both litigation support and investigative accounting. It is the duty of a forensic accountant to investigate suspicious criminal activity including fraud. If a forensic accountant does find criminal evidence against a party, it is the responsibility of this forensic accountant to present his or her findings before the court of law.

What does a Forensic Accountant do?

The job of a forensic accountant entails analyzing and investigating financial evidence and presenting this financial evidence in a computer application. Forensic accountants interpret their findings in document form and act as expert witnesses in the litigation process. Forensic accountants can also assist in safeguarding and recovering assets. They collaborate with other experts such as private investigators, forensic document examiners, and consulting engineers to review facts and provide the victimized party possible courses of action.

What types of assignments does a Forensic Accountant perform?

Forensic accountants provide valuable assistance in areas such as shareholders' and partnership disputes, personal injury claims/motor vehicle accidents, business interruption, business/employee fraud investigations, matrimonial disputes, business economic losses, professional negligence, mediation, and arbitration.