Certified in Financial Forensics Credential Takes Off

 

If there is one fact that has become apparent to CPAs and other financial professionals during the last few turbulent years, it is that there is no suit of armor impenetrable enough to protect an organization from the risks and challenges of business today. Health insurance providers, banks and government entities, organizations of all types and sizes, and even individuals, are increasingly turning to CPAs’ proven expertise and experience in forensic accounting.

 

Growing Demand and Support for Forensic Accounting Services

 

The need for forensic accounting services stems from, unfortunately, corporate fraud. The FBI reports that, of the 592 corporate fraud cases it pursued in 2009, 153 resulted in indictments and 156 resulted in convictions of corporate criminals. The number of corporate fraud cases that are pending has increased significantly over the last four years, jumping 40 percent since FY 2005. During this time, the FBI has been investigating financial crimes that vary in nature from mortgage, health care and insurance fraud, to high yield investment, hedge fund and market manipulation fraud.

 

Financial statement fraud is just one of the many arenas for which forensic accountants find their services are sought. Litigation, family law cases and bankruptcies and insolvencies also present opportunities for forensic accountants to investigate the inner-workings of challenging financial situations.

 

The increased demand, heightened profile and overall appeal of forensic accounting services have also been recognized by two of the industry’s most valued groups—accounting students and recent graduates. Industry surveys and media reports both confirm that the specialty now ranks as the number-one career choice for the profession’s newest and future members. 

 

Rise of a Financial Forensics Credential

 

Recognizing this escalating service need and the long-term opportunities it presents to CPAs, the AICPA Governing Council and Board of Directors approved the Certified in Financial Forensics (CFF) credential in May 2008. Since its introduction, the CFF credential has been awarded to over 4,000 qualified CPAs.

 

“The demand for CPAs with financial forensics knowledge and skills is growing and this growth is expected to remain steady,” said Robert Harris, CPA/CFF and AICPA Chairman of the Board of Directors. “The Certified in Financial Forensics credential gives CPAs an opportunity to build on their knowledge base and skills, and distinguish themselves as the ideal resource to help organizations solve their business and accounting challenges.”

 

The AICPA has established strict requirements for a candidate seeking the CFF credential. He or she must:

 

Be an AICPA member in good standing

Hold a valid/unrevoked CPA license or certificate

Have a minimum of five years experience practicing accounting

Have a minimum of 1,000 hours of relevant forensic accounting experience in the 10-year period preceding the credential application

Take at least 75 hours of forensic accounting continuing education in the 5-year period preceding the credential application

 

Additionally, beginning September 1, 2010, all CFF candidates must take and pass the AICPA CFF qualifying examination. The 2010 examination cycle is scheduled for September 29 through October 29. Registration for the exam will begin September 1 and last through October 1.

 

New Credential, New Opportunities

 

The CFF credential capitalizes on the qualities that make CPAs among the most trusted business advisors. It combines the core set of CPA skills and knowledge with fundamental and specialized forensic expertise. In the day-to-day world, credential holders collect financial information, analyze and evaluate the situation, then communicate their findings in a courtroom, boardroom or other venue, demonstrating these skills plus their technological know-how. CFF credential holders participate in various financial investigations, including:

  

Fraud prevention, detection and response

Bankruptcy, insolvency and reorganization

Computer forensics analysis

Economic damages calculations

Family law

Financial statement misrepresentation

“Before obtaining my CFF credential in 2008, I had previously served as a Special Agent with the FBI and performed criminal investigations where money was often the motive for the crime,” said Dan Ray, CPA, CFF, Hemming, Morse, Inc., San Francisco. “Now as a CPA and CFF credential holder, I am able to further build on my experience by performing forensic accounting assignments, consulting with attorneys, and providing expert testimony in all phases of the litigation process. I derive tremendous satisfaction from my work, and having CFF alongside my name and CPA designation places a stamp of approval that validates my forensics background and skills.”

 

The CFF credential conveys a degree of expertise that meets the increasing needs of clients, employers, judges, attorneys, the government and members of the general public, thereby opening new doors of exciting professional opportunities. CPAs who hold the CFF are increasingly differentiating themselves from the competition, attracting and retaining more clients, and improving their careers and business in the process.

 

In addition to its business-building abilities, the CFF credential provides CPAs with direct and immediate access to the hundreds of invaluable resources offered by the AICPA’s Forensic and Valuation Services (FVS) Section. Resources range from practice aids and webinars to case studies and whitepapers. Credential holders can also benefit from discounts on FVS conferences and CPE courses.

 

If you are interested in learning more about how you can benefit from the CFF credential, visit: http://www.aicpa.org/cff, call the AICPA Member Service Center at  888.777.7077  888.777.7077, or email CFFinfo@aicpa.org.

 

Source: AICPA