Group 1

Association Certified
Fraud Examiner
 Association Certified Fraud
Examiner

Is the world’s largest anti-fraud organization and premier

provider of anti-fraud training and education. The ACFE is
reducing business fraud worldwide and inspiring public
confidence in the integrity and objectivity within the
profession.
CASE 1
A. What relevant certification(s) is (are)
supported by the organization?
Certified Fraud Examiner
 CFE Credential is recognized and accepted worldwide as the
standard of professional excellence in the anti-fraud profession.
 Becoming a CFE

Join the Prepare for Apply for the Pass the CFE
ACFE the CFE CFE Exam

 Cost to take certification exam

$399 discounted.
CASE 1
B. What requirements does the
organization have for continuing
education requirements?

20 hours of Continuing
Pay annual membership
Professional Education
dues to stay current in
(CPE) every 12-month
their professions.
period
CASE 1 C. How does the organization support
IT auditor?
 Conducted a benchmarking study to help organizations understand
what anti-fraud technologies their peers are using and to assist in
guiding future adoption of anti-fraud technologies. (Anti-Fraud
Technology Benchmarking Report)
 Gain access to timely and practical information including Fraud
Magazine, monthly member newsletters, free quarterly webinars,
videos tools and resources to support anti-fraud efforts.
 Seminars and Trainings:
Fundamentals of Computers and Internet Fraud
Conducting Digital Forensics
CASE 1 D. What publications are provided by the
organization and how does the
applications affect to IT audits?
 Fraud Magazine
-an archived webinar about three fraud cases
detected by internal audit, each of which led
to criminal prosecution.
Other Publications:
• FraudInfo
• The Fraud Examiner
• ACFE Insights
• Anti-Fraud Resource Guide
• Bookstore Catalog
CASE 1
E. What services are provided by the
organization to its member?
 Professional Development: Sharpen your skills and stay competitive with world-class online
and face-to-face training opportunities
 Member Savings: ACFE member save more than $3M on the best anti-fraud training
available.
 CFE Exam Prep Course and ACFE Global Fraud Conference
 Career Support: Advance career using members-only job board and Online career
center
 Upcoming Seminars and Trainings in the Philippines:
 Fraud Risk Assessment (Aug. 1-2, 2019)
 Detecting, Investigating and Preventing Fraud in Financial Institutions (Aug. 20, 2019)
 Ethics in the Workplace (Aug. 23, 2019)
CASE 1 F. Where is the closest chapter?

Philippines Chapter #97:

 Unit 2011, Cityland Herrera Tower 98 VA Rufino Cor. Herrera Streets
Salcedo Village, Makati City 2207
 Website: www.acfe-p.org
 G. Does a student membership program
CASE 1
exist for the organization? If so, what is the
cost for the student member?
Ritchie-Jennings Memorial Scholarship Program
 Award amounts are $10,000, $5,000, $2,500 and $1,000 and include a one-year
ACFE Student Associate membership.
 Standard: USD 110
 Electronic: USD 70

Undergraduate students currently enrolled in at least nine semester hours

(or equivalent) in accredited college or university.

currently enrolled in at least six semester hours (or

Graduate Students equivalent) in accredited college or university.
CASE 2 A. REQUIREMENTS FOR AUDIT
COMMITEES in S-OX
 The role of audit committees continues to evolve as a result of the
passage of the Sarbanes-Oxley Act of 2002. Many audit
committees also have oversight of regulatory compliance and risk
management activities.
 Financial expertise by at least one member of audit committee.
 Members must be outsiders (independence factor).
 Audit committee hires external auditors and sets audit fees.
 Responsible for whistle-blowing system, tips, and complaints
system
CASE 2 B. REQUIREMENTS FOR
INTERNAL CONTROL in S-OX
 The Sarbanes Oxley Act requires all financial reports to include an Internal
Controls Report. This shows that a company's financial data are accurate
(within 5% variance) and adequate controls are in place to safeguard
financial data. Year-end financial disclosure reports are also a
requirement. An independent external SOX auditor is required to review
controls, policies, and procedures during a Section 404 audit.
 Report by management on internal controls annually.
 Disclosure on material weaknesses in internal controls.
CASE 2
C. HOW S-OX AFFECTS
I.T .AUDITORS
 Passage of SOX resulted in an increased focus on IT controls, as these
support financial processing and therefore fall into the scope of
management's assessment of internal control under Section 404 of
SOX.
 IT auditors will probably be involved in evaluating the internal
controls for management’s annual report.
IT auditors may interact more with audit committee on significant
errors, frauds, or other matters.
CASE 2
D. HOW S-OX AFFECTS
INTERNAL AUDITORS
 Internal auditors will most likely be the first choice of management to
provide the annual report. It will probably need to be done well
before the end of the fiscal year in order to allow time for the
organization to respond to any material weaknesses found in the
evaluation, thus giving the organization time to correct the weakness
and NOT have to disclose it.
 Internal auditors will probably interact more with the audit
committee, especially on significant errors, all frauds, tips and
complaints, and whistle-blower reports
CASE 2
E. HOW S-OX AFFECTS
FINANCIAL AUDITORS
 The Sarbanes Oxley Act requires all financial reports to include an Internal Controls
Report. This shows that a company's financial data are accurate (within 5%
variance) and adequate controls are in place to safeguard financial data.
 Financial auditors will be hired by the audit committee in the future.
 Financial auditors will have their audit fees set by the audit committee and not
management.
 Financial auditors will not be able to provide certain services and the
audit/assurance.
 Financial auditors will be expected to interact with the Audit Committee when
disagreements occur between external auditors and management regarding
the application of GAAP. v. In some cases, public accounting firms may be
hired to provide the annual evaluation of internal controls.
 GROUP 1
Jelly Valentine F. Borje
Steve Matthew M. Climacosa
Jeraldyn P. Maranoc