Moving From Where You Are to Where You Want to Be

MEMBER PROFILE

Khristi Ferguson, CFE, Director of Internal Audit
Bahamas Government, Ministry of Finance  
Nassau, Bahamas

“Where do I begin?” “What is the first step?” “How do I get from where I am to where I want to be?” These are all questions new CFEs ask themselves when they are choosing a specialized field, applying for anti-fraud positions or looking for the role that fits just right. To Khristi Ferguson, CFE, Director of Internal Audit for the Bahamas Government, the recipe for finding a career that rewards and propels you forward is a combination of skills, experience and perseverance. “The [CFE] credential signifies that one has a high comprehension for the detection and prevention of fraud. And experience is the best way to obtain additional knowledge and build upon different skill sets,” Ferguson says. “You also need to stay eager and hungry for knowledge. Persevere and you will see the fruits of your labor.”

What made you decide to become a Certified Fraud Examiner (CFE)? 

I decided to become a CFE due to the nature of my work as an auditor, and because of the pervasiveness of fraud. After realizing the global recognition of the CFE credential, and the overall increase in fraud, it was only fitting that I become a CFE.

What impact has being a member of the ACFE had on you personally and professionally? 

The ACFE has assisted in my professional development through the acquisition of skill sets that would not have been obtained from other professional organizations. Additionally, my network has increased, which has afforded me the opportunity to liaise with and obtain practical solutions from my ACFE colleagues. Moreover, the ACFE has kept me informed of current global trends and provided me with the tools necessary to perform my duties. From a personal standpoint, I am constantly reminded of the importance of ethics in my everyday life. I usually ask myself, “Tomorrow, would I be proud of my actions displayed today?”

Individuals that are not a part of the ACFE are doing a grave injustice to themselves by missing out on a vast array of opportunities that would propel their career and personal development. My ACFE membership has propelled my professional development and career. It is said, “a good workman is known by his tools.” My tool is my membership.

How important do you find the relationship between auditors and other executives at a company? What are some ways that you interact with your co-workers? 

The relationship between auditors and other executives at a company is extremely important. The executives of the company, typically senior management, are responsible for the direction of the company. To do this, senior management needs to be fully aware of any potential, perceived and actual deficiencies/risks that can harm the growth and development of the entity. The auditors, who are the second line of defense for a company, are in an excellent position to alert senior management to such events.

Read Khristi's full profile on ACFE.com.

The Role of the Internal Auditor, Fraud Expert

MEMBER PROFILE

Alishah Janmohamed, CFE, CA
Senior Internal Auditor 
Murphy Oil Company Ltd.
Calgary, Alberta, Canada

According to Alishah Janmohamed, CFE, CA, Senior Internal Auditor for Murphy Oil Company Ltd., fraud has not always been a part of the internal audit lingo. Five years ago it was considered a specialized area that was outsourced to "experts." Times, however, have changed. In recent years, the internal auditor has taken on more responsibility in the areas of fraud prevention and detection. "Today the role of internal auditor includes charting out not just business risks, but also fraud risks prevalent in our region," Janmohamed said. "Internal auditors who are also CFEs are now seen by management and the company as fraud experts."

What made you decide to become a Certified Fraud Examiner (CFE)?

I was 20 years old when I went to talk to the Faculty of Law advisors at my university, as it was my dream to become a lawyer. I was told that I was very young at this point, and I should finish my bachelor's and master's degrees and then come back to apply as a faculty member. This was very disheartening for me. My accounting professor encouraged me to pick an accounting designation instead of wasting my money on getting a master's degree. I took his advice and became a chartered accountant, but, I still felt incomplete. I came across a retired RCMP who worked in our firm as a fraud examiner and that's when I decided that the CFE was the right path for me. Not only do I get to talk to people within the organization, but I also have the ability to investigate matters that no one else has the privilege to do. It makes me feel like a valuable asset to my organization.

What were some of the more challenging tasks you've faced as a CFE?

Some of the challenging tasks have been asking upper management for backup information on their expenses, getting a buy-in from upper management on training employees on fraud, especially the FCPA and UK Bribery Act, dealing with investigations with a scope restriction by upper management and not getting the full cooperation from a third-party vendor.

What advice would you give to someone hoping to follow a similar career path?

If anyone is interested in fighting fraud or becoming an expert in a specialized area, I would say the CFE credential is the right choice. The world is at a crossroads of good and bad. This is the time for professionals who want to fight for the good to step up and choose the right skill set and help our society become a better place for future generations. It is not about just fighting against the bad people/acts, but more about building a better society for our children and grandchildren.

Read Alishah's full profile in ACFE.com's Career Center.

Be a Revenue Enhancer, not an Overhead Cost

GUEST BLOGGER

Cora Bullock

Assistant Editor, Fraud Magazine

The recession has dramatically changed our lives, and it has undoubtedly affected internal auditing. Danny Goldberg, CPA, CIA, CISA, CGEIT, CCSA, national professional development practice director of Sunera, addressed just how much it has affected IA in his Tuesday breakout session, "Evolution of Auditing: How the Recession Is Changing the Industry." He summarized the IA changes by saying, "Don’t be an overhead cost. Be a revenue-enhancer. My CIO at my old job didn’t see the innate value in internal auditing. Once I saved him money, he did."

Internal auditors are still valuable, but not only do they need to continue to do more with less, they also must become revenue enhancers by working inside the organization to cut costs and help the company become more efficient and effective. The nattily dressed Goldberg gave many tips on how to do so, including enterprise risk management (ERM). He pointed out that ERM was very popular in the mid-2000s because we were prosperous then, and it's becoming increasingly popular so companies can cover their rears, so to speak. "If you're in IA, you need to get into ERM," said Goldberg. "ERM will raise your profile in your company."

The Sarbanes-Oxley Act (SOX) was another hot button. "We need to use our SOX knowledge to leverage into other areas of the company. If you haven’t done that, then we're wasting our SOX knowledge, guys!" he exclaimed.

Goldberg also said that there is still significant segregation between operations and IT, but he believes that audit and IT risk assessment should be combined: "You can't audit a division without knowing their IT systems." And different groups are doing different testing, but we need to learn to integrate our audits.

Read the full article here.

Internal Auditor Defines True Professionalism of a CFE

MEMBER PROFILE

Luise Odenheimer, CFE, CICA, Internal Auditor

Seminole Tribe of Florida

Tampa Bay, Fla.

After her first taste of fraud-fighting satisfaction, Luise Odenheimer, CFE, CICA, decided to beef up her anti-fraud knowledge by earning the CFE credential. Today, she fights fraud in the gaming industry for the Seminole Tribe of Florida — eager to learn new laws and policies, and dedicated to her chosen path as fraud examiner and auditor.

You’ve been to two recent annual ACFE Fraud Conferences. What do you find most useful among the benefits of attending?

As an internal auditor, I have always exposed myself to at least one annual professional seminar or conference in hopes of taking something new back with me. After attending my first ACFE conference, I realized that I was taking a whole bag of ideas back with me. From the speakers’ presentations, hand-outs, networking sessions and speaking to exhibitors, I realized that it wasn’t just me wanting to expand my fraud knowledge, but there was a whole group of people and products devoted to that same exact reason I was.

What are some ways you’ve been able to apply your CFE training to your job?

When I audit, I feel that I see more than what an average internal auditor may see. With my CFE training and strong fraud knowledge, I look at a control weakness as an opportunity for fraud to occur.

Describe your most memorable fraud case and its resolution.

It was a routine operational audit at a Miami movie theater location for the company I was working for. I stumbled across some ticket sale figures that just didn’t align with the theater’s history and the current market’s ticket sales average. Through my investigation, I discovered that a theater manager was selling tickets at a discounted face value, but charging patrons the full amount. The per-ticket misappropriation was only about $2. However, I realized that the manager was defrauding guests for several summer months when movie theater attendance and film grosses are at their highest. The actual fraud amount was estimated in the thousands of dollars.

What advice would you give to someone just starting their career as a CFE?

Have a plan and educate yourself with book knowledge, but also get that good mix of practical business experience in there. It isn’t all about the books. True professionalism of a CFE comes from being able to support your findings with textbook cases and proving that fraud does take place.

To read more member profiles, go here.

To read more about Odenheimer, download the ACFE’s 2011 first quarter Resource Guide.