The Certified Fraud Analyst credential is run by the International Association of Special Investigation Units (IASIU), which calls it CIFA on its own pages. This page is for candidates preparing for the written test. It offers free practice sets on fraud detection, financial statement fraud, AML, interviewing and more, plus worked explanations, a study plan and answers to common questions. Practice with the free CFA - Certified Fraud Analyst practice test on PracticeTestGeeks (9 questions with answer explanations).
Interactive CFA - Certified Fraud Analyst resources on PracticeTestGeeks, free to start:
The CFA has 3 questions and costs $200[1] (International Association of Special Investigation Units, verified Oct 26, 2026).
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Number of questions | Timed open-book multiple-choice written test + 3 mentored practical exercises[1] | International Association of Special Investigation Units · Oct 26, 2026 |
| Exam fee | $200 (IASIU members only)[1] | International Association of Special Investigation Units · Oct 26, 2026 |
| Validity | 3 years[2] | International Association of Special Investigation Units · Oct 26, 2026 |
| Renewal | 60 CEUs per 3 years + $100 (members) / $200 (non-members)[2] | International Association of Special Investigation Units · Oct 26, 2026 |
| Testing window | Applications accepted year-round[1] | International Association of Special Investigation Units · Oct 26, 2026 |
According to International Association of Special Investigation Units, “Written Test: This is a timed, multiple-choice test. Although the test is open book, you will be required to complete within a specific time limit.”[1]
The Certified Fraud Analyst credential is offered by the International Association of Special Investigation Units (IASIU), which uses the abbreviation CIFA on its own pages. As the name suggests, it is aimed at people who investigate or analyse suspected fraud. It is an application-based certification, not a walk-in test.
Delivery combines a timed, open-book multiple-choice written test with 3 mentored practical exercises. Open book does not mean untimed. The time limit is firm, so you still need to know the material well enough to find answers quickly. Our practice sets cover the knowledge side only.
On cost and access, the exam fee is $200 and it is available only to IASIU members at this time. Membership dues must be paid in full before you take the exam. Applications are accepted year-round, so there is no fixed test window to plan around.
Once earned, the certification is valid for 3 years. Recertification requires 60 CEUs per 3 years plus a fee of $100 for members or $200 for non-members.
We have not verified the passing score, the number of questions, the time limit or the retake rules. Check the IASIU CIFA page before you apply. Our questions are written by us with AI tools and are not real exam questions.
Prepare for the CFA - Certified Fraud Analyst exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.
Question: Why is documentation important in financial investigations?
Answer: B. To maintain evidence integrity
Explanation:
The correct answer is that documentation maintains evidence integrity. Every bank statement, interview note and working paper needs to be recorded, cataloged and preserved so that it can be shown to be authentic and unaltered. That is what supports a chain of custody and keeps evidence usable later.
Making reports colorful is about appearance, not reliability. Confusing investigators is the opposite of what records are for, since good files let anyone retrace your steps. Promoting advertisements has nothing to do with an investigation.
Rule to remember: if an action makes the record more traceable, complete and tamper-resistant, it serves the investigation. If it only changes presentation or adds noise, it does not.
Question: Which technique is useful for uncovering fraudulent financial transactions?
Answer: B. Trend and ratio analysis
Explanation:
Trend and ratio analysis is correct. Comparing figures across periods, or against industry norms, shows sudden changes and illogical relationships that can point to fraudulent transactions and tell you where to dig further.
Ignoring irregularities is the reverse of detection, because anomalies are the starting point. Assuming reports are correct without verification skips the professional skepticism an analyst is expected to apply. Relying only on verbal communication leaves you with unsupported statements and no data to test them against.
Rule to remember: detection techniques test the numbers and the records. Anything that depends on trust, silence or conversation alone is not a detection technique.
Question: Which ratio is most useful for detecting potential revenue overstatement in a company's financial statements?
Answer: C. Days Sales Outstanding (DSO)
Explanation:
Days Sales Outstanding (DSO) is correct. If reported revenue rises but cash is not collected, receivables grow and DSO climbs. That pattern is a classic sign of premature or fictitious revenue recognition.
Debt-to-equity describes how a company is financed, so it says little about whether sales are real. The current ratio measures short-term liquidity and can look healthy even when revenue is overstated. Return on Assets (ROA) summarizes overall profitability and can be inflated by the overstatement without pointing to its source.
Rule to remember: for revenue manipulation, look at ratios that link sales to cash or receivables. Leverage, liquidity and general profitability ratios are less direct.
Start with the IASIU CIFA page and read exactly what the written test and the mentored practical exercises require. Then take a short mixed practice test to see which topics are weak, without worrying about the score.
Work through the topic sets one at a time. Begin with fraud detection and prevention, financial statement fraud and red flag detection, then move on to internal controls, audit trails and financial investigations. For every wrong answer, read the explanation and write one line stating the rule behind it. Rereading your own rule lines is more useful than rereading the questions.
Give interviewing, case file and legal topics their own sessions, because they reward careful reading of what each option actually says. Add AML, KYC and Bank Secrecy Act material if your work touches financial institutions.
Because the written test is timed even though it is open book, practise answering at pace and build your own index of reference material so you are not searching from scratch. In the last days, retake mixed sets, review your rule lines and confirm your IASIU membership dues are paid.
The exam fee is $200, and it is available only to IASIU members at this time. Membership dues must be paid in full before you take the exam. Recertification has a separate fee: $100 for members and $200 for non-members. Confirm current amounts on the IASIU CIFA page before applying.
Yes, the written test is open book, but it is also a timed multiple-choice test. You must finish within a specific time limit, so you need to know where things are and understand the concepts. The certification also includes 3 mentored practical exercises alongside the written test.
The certification is valid for 3 years. To recertify you need 60 CEUs per 3 years and must pay the recertification fee, which is $100 for IASIU members and $200 for non-members. The IASIU recertification page has the current requirements.
IASIU accepts applications throughout the year, so you can apply whenever you are ready. There is no fixed test window. You do need to be an IASIU member with dues paid in full before taking the exam, so sort out membership before you book.
No. The questions on this site are written by us with AI tools to practise the same kinds of topics, and they are not taken from the real exam. Use them to find weak areas and test your understanding, and rely on IASIU for the official requirements.
How we verify: editorial & fact-checking policy. Report an error: contact us.