Key Vocab

Question 1

Auditing

Answer 1

Verifying a companies financial records (examines past)

Question 2

CFE - Certified Fraud Examiner

Answer 2

Focus Areas: CFEs are experts in identifying fraudulent activities, assessing financial discrepancies, collecting and analyzing evidence, and interviewing witnesses. They work in areas such as forensic accounting, fraud prevention, and financial investigations.

Core Competencies: The certification covers four main areas: Financial Transactions and Fraud Schemes, Law, Investigation, and Fraud Prevention and Deterrence.

Question 3

CMA - Certified Management Accountant

Answer 3

Focus Areas: The CMA designation emphasizes critical skills in fields such as financial planning, analysis, control, decision support, and professional ethics. It’s designed for accountants and financial professionals working within companies, rather than in public accounting.

Core Competencies: The CMA exam covers topics on financial reporting, planning, performance, and control, as well as financial decision making.

Question 4

CPA - Certified Public Accountant

Answer 4

Focus Areas: CPAs possess in-depth knowledge of accounting principles, regulations, and practices. They provide various services, including auditing financial statements, tax preparation, and consulting.

Core Competencies: The CPA license covers areas such as auditing and attestation, financial accounting and reporting, regulation, and business environment and concepts.

Question 5

CFA -Chartered Financial Analyst

Answer 5

Focus Areas: The CFA designation focuses on investment management, financial analysis, and portfolio management. Candidates gain deep knowledge in areas such as equity analysis, fixed income, derivatives, and quantitative analysis.

Core Competencies: The CFA program covers three levels of exams that include: