Cer­ti­fied Forensic Accountant

CrFA Certification

 

The Certified Forensic Accountant (CrFA®) credential recognizes your knowledge and expertise as an anti-fraud professional and broadcasts the value you bring to your current position and future employment opportunities. By earning the CrFA®, you demonstrate professional competency and commitment, distinguish yourself from your noncertified colleagues, and gain professional visibility and credibility with your employer. Employers around the world know the value of the CrFA® credential and they seek out the expertise that comes with it. Becoming a CrFA® provides you with a strong foundation for a variety of career choices by equipping you with the tools you need to excel in the right against fraud.

What is Forensic Accounting?

Corporate fraud is on the rise. Fraud is deception, deliberately practiced in order to secure unfair or unlawful gain. Companies today do not just face risks from internal fraud but also from external criminals who are technologically savvy. The important role forensic accounting plays in minimizing financial losses through fraud is fast gaining ground. Forensic accounting is the use of accounting, auditing, and investigative skills to assist in legal matters. It encompasses litigation support, investigation and dispute resolution.

Forensic accountants are professionals who use a unique blend of education and experience to apply accounting, auditing, and investigative skills to uncover truth, form legal opinions, and assist in investigations. Forensic accountants may be involved in both litigation support (providing assistance on a given case, primarily related to the calculation or estimation of economic damages and related issues) and investigative accounting (looking into illegal activities). Almost every scientific and technical field has a forensic application. A forensic examination refers to that part of a professional’s practice that is carried out to provide an expert opinion. So what does it take to become a forensic accountant? Apart from a need for the same basic accounting skills that it takes to become a good auditor

 

Certification Process

The Certified Forensic Accountant (CrFA) program is designed for fraud examiners, forensic accountants, and other corporate professionals with appropriate experience. The Association of Certified Forensic Practitioners (ACFP) reserves the right to ensure an appropriate mix of participants and to refuse any applications that do not meet course entry requirements.

 To become a CrFA®:

 

  1. Pay attention to the smallest detail
  2. Analyze data thoroughly;
  3. Think creatively;
  4. Possess common business sense;
  5. Be proficient with a computer and; have excellent communication skills;
  6. A “sixth sense” that can be used to reconstruct details of past accounting transactions is also beneficial;
  7. A photographic memory helps when trying to visualise and reconstruct these past events.
  8. As forensic accountants you may be working in areas such as:
  9. Investigations, both criminal and civil;
  10. Preparation and review of evidence;
  11. Preparation of expert reports; affidavits and proof of evidence;
  12. Giving oral evidence in court;
  13. Expert determination, arbitration, mediation or alternative;
  14. Dispute resolution;

The Key Areas Of Work For Forensic Accountants Are:

 

Quantification of Damages and Loss of Profits– assessing the effect on profitability, cash flow, income or value, that a
party claims to have incurred, or may incur, as a result of either a breach in a contract, personal injury, product
liability, breaches of the Trade Practices Act or Fair Trading, etc. The Forensic Accountant may also need to consider
the impact of other circumstances on the claimed loss, and the degree to which the loss was mitigated or could
have been mitigated in order to determine the actual loss incurred.

Valuations –determining the value of shares, businesses, partnerships, intangibles, etc in dispute, lost or destroyed.
The Forensic Accountant must review information as both a financial analyst and as an investigating accountant,
making appropriate adjustments, where necessary, and applying a generally accepted, or arguable,
methodology to determine the value. Professional Negligence –reviewing transactions and the actions, or inaction,
of various professionals to determine whether the parties were negligent and, if so, to what extent. When a review
involves an accounting professional, a keen knowledge of the applicable accounting standards and the prevailing
law is required. Therefore, the Forensic Accountant must have the ability to identify the impact and timing of
changes in law and procedures. Fraud – investigating frauds, and establishing procedures to prevent or detect
fraud.

Forensic Accountants are frequently called upon to investigate frauds, identify the appropriate documentary
evidence, quantify the loss and to assist in the prosecution of those involved. Family Law Matters –assessing the
existence, value and ownership of the financial resources available to parties in matrimonial dispute. This type of
work requires excellent communication skills when dealing with related party small family businesses where the
personal emotions of the parties involved as frequently the financial information being considered frequently
contains a mixture of business and personal transactions with tax driven results.
Forensic Accountants need to have an interest in and the aptitude to develop accounting, auditing, financial and
investigative skills to recognize, document and analyze information frequently from hostile or opposing parties-that is
required to form and support an opinion.

The Forensic Accountant must have the confidence and ability to respond immediately to questions raised in court.
Further, and potentially even more important than knowing the answers, the Forensic Accountant must be able to
communicate often extremely technical and complex financial information in a manner that will understood by the
court.

Become a CrFA

Become a CrFA

The Certified Forensic Accountant (CrFA) credential recognizes your knowledge and expertise as an anti-fraud professional and broadcasts the value you bring to your current position and future employment opportunities. By earning the CrFA, you demonstrate professional competency and commitment, distinguish yourself from your non-certified colleagues, and gain professional visibility and credibility with your employer.

Employers around the world know the value of the CrFA credential and they seek out the expertise that comes with it. Becoming a CrFA provides you with a strong foundation for a variety of career choices by equipping you with the tools you need to excel in the fight against fraud.

Below is a list of business and corporate professionals who can become CrFA:

  • Audit Committee Members
  • Forensic Auditors & Accountants
  • Fraud Investigators/ Auditors
  • Security Managers
  • Anti-money Laundering Officers
  • Compliance Officers
  • Risk Managers or Risk Officers
  • Loss Control Managers/ Officers
  • HR Managers & HR Specialists,
  • AML Officers Financial Controllers,
  • Security Managers/ Officers
  • Investigative Journalists,
  • Ethicists,
  • Fraud Control and Corruption Prevention Practitioners,
  • Internal Auditors and Independent Auditors,
  • Lawyers,
  • Accountants and other Professionals
  • Certified Fraud Examiners and other Anti-Fraud Specialists,
  • Law Enforcement Personnel,
  • Special Investigation Unit Personnel and Professionals who want to help deter fraud within their entities, ZRP, CID

CrFA Application Fee:

Workshop fees for 5 days is $625, certification and exam fee is $425, and Membership fee is 200. That is $1250 in total

CrFA Programme

CrFA Program Syllabus

Module 1: Forensic Accounting in Practice

 

Topic 1: Core Foundation Related to Forensic Accounting

Topic 2: Skillset of a Forensic Accountant

Topic 3: Careers in Forensic Accounting

 

Module 2: Forensic Accounting Criminology , Forensic Accounting Ethics and
the Forensic Accounting Legal , Regulatory and Forensic Accounting
Professional Environments

 

Topic 1: Who Committees Fraud & Why :Criminology and Ethics

Topic 2: Complex Fraud & Financial Crimes

Topic 3: Cyber Crime : Computer & Internet Fraud

Topic 4: Legal ,Regulatory & Professional Environment

 

Module 3: Fraud Schemes

 

Topic 1: Cash Receipt Schemes and other Asset Misappropriations

Topic 2: Cash Disbursement Schemes

Topic 3: Corruption and the Human Factor

Topic 4: Financial Statement Fraud

 

Module 4: Understanding Legal Environment

 

Topic 1: Cash Receipt Schemes and other Asset Misappropriations

Topic 2: Cash Disbursement Schemes

Topic 3: Corruption and the Human Factor

Financial Statement Fraud

 

Continuing Education

Continuing Professional Development (CPD) applies to all members, except those who are fully retired. You are required to undertake CPD on an ongoing basis and declare compliance annually to the Institute.

 

Exemption from CPD

 

If you are fully retired, i.e. do not undertake any work, paid or unpaid, you may claim exemption annually. Your exemption status will remain in force for that year or until such time as your circumstances change.

 

CPD Requirements

 

You must ensure you have the knowledge and expertise to fulfill your role and responsibilities. You are required to provide an annual declaration. The declaration will ask you to affirm that you have reflected on your responsibilities, undertaken appropriate learning and development activities and considered the impact of those activities on an ongoing basis. If selected as part of a sample, you will be asked to send in your CPD evidence for review. This is an opportunity to gain feedback.

 

Annual CPD Declaration

 

You are required to make an annual CPD declaration to the Institute. We will remind you to do this when you receive your annual subscription. Your declaration will affirm that you have reflected on your responsibilities, undertaken appropriate learning and development activities and considered the impact of those activities on an ongoing basis. You can make your declaration in hard copy. If you require any assistance at this point, or if you feel that you cannot declare compliance for any reason, please contact the CPD team for guidance. It is essential that all members comply with the CPD requirements. Members who intentionally and persistently seek to avoid their CPD obligations will make themselves liable to disciplinary proceedings.

 

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