AICPA contracts NACVA to develop course for CPA forensic credential exam

The American Institute of Certified Public Accountants has engaged the National Association of Certified Valuation Analysts to develop a course to help CPAs prepare for the qualifying exam for the Certified in Financial Forensics (CFF) credential.

“Approximately 4,300 CPAs have qualified for the CFF credential since the AICPA began offering it in 2008,” said James Metzler, AICPA vice president, small firm interests. “As more CPAs seek the CFF credential and forensic accounting continues to grow as a practice discipline, the AICPA is committed to ensuring that its members are the most prepared and well-trained professionals in the forensic accounting field. The new exam is a key element of our commitment.”
 
NACVA will deliver a five-day course covering the eight areas of the CFF credential’s body of knowledge: computer forensic analysis; family law; valuation; calculation of economic damages; financial statement misrepresentation; bankruptcy; insolvency and reorganization; and fraud prevention, detection, and response. NACVA intends to launch the course in late 2010 following the first CFF exam. It will be offered on site at locations yet to be selected.
 
“The forensic accounting discipline relies significantly on the expertise and skills of the CPA,” said Parnell Black, CEO of NACVA. “We are honored to have been selected by the AICPA to offer training to its members who are preparing to sit for the exam as a step toward acquiring the CFF credential.”
 
The course will be designed to prepare CPA practitioners in financial forensics for the four-hour computerized CFF exam, which will be mandatory to obtain the credential beginning September 1, 2010. The 2010 exam is scheduled for September 29-October 29, 2010. Information may be found at www.aicpa.org/cffexam.
 
The AICPA launched the CFF credential in 2008 after research among users of forensic accounting services. The institute surveyed 150 law firms, which are the primary clients of forensic accountants. Three quarters of the respondents said they expected a forensic accounting expert to have a specialized credential. More than half said they preferred a CPA and would value the blend of a CPA license and an AICPA credential.
 
The AICPA’s research found that CPAs represented 94 percent of forensic experts hired over the previous two years.
 
According to Metzler, the institute always intended to offer an exam. The AICPA’s original plan was to begin administering the exam after reaching the initial target of 3,500 credential holders, which was projected to take three years. Because it met the target in less than two years, the AICPA accelerated the launch date.
 
The AICPA estimates that 20,000 to 30,000 CPAs currently provide forensic accounting services. “Our objective is to provide this increasingly important segment of the accounting profession with a comprehensive path to acquire the CFF credential,” Metzler said.
 
Related articles:

You may like these other stories...

IRS audits less than 1 percent of big partnershipsAccording to an April 17 report from the Government Accountability Office (GAO), the IRS audits fewer than 1 percent of large business partnerships, Stephen Ohlemacher of the...
Is it time to consider a value added tax?Forbes contributor Joseph Thorndike wrote yesterday that he believes the tax reform proposal by House Ways and Means Committee Chairman Dave Camp (R-MI) was dead on arrival. But he...
Read more from Larry Perry here and in the Today's World of Audits archive.The planning phase of an audit engagement of an entity using US GAAP or a special purpose framework will, with minor differences, include similar...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.