New CFF forensic accounting credential to be launched by AICPA in Fall

The governing Council of the American Institute of Certified Public Accountants has authorized the creation of a new CPA specialty credential in forensic accounting.

The credential, Certified in Financial Forensics (CFF), will combine specialized forensic accounting expertise with the core knowledge and skills that make CPAs among the most trusted business advisors, according to Robert Harris, chair of the National Accreditation Commission.

"We anticipate the Certified in Financial Forensics credential will further strengthen the CPA's role in a rapidly growing service area," Harris said.

The CFF will encompass fundamental and specialized forensic accounting skills that CPA practitioners apply in a variety of service areas, including:
 

  • bankruptcy and insolvency
     
  • computer forensics
     
  • economic damages
     
  • family law
     
  • fraud investigations
     
  • litigation support
     
  • stakeholder disputes
     
  • valuations

    The credential will launch in early Fall, 2008. In order to qualify, a CPA must be an AICPA member in good standing, have least five years' experience in practicing accounting, and meet minimum requirements in relevant business experience and continuing professional education.

    The CFF evolves out of the CPA's role as the premier provider of forensic accounting services. According to AICPA research, CPAs represented 94 percent of forensic experts hired over the past two years.

    We surveyed users of forensic accounting services to determine the desirability of a credential tied specifically to the CPA," Harris said. "The results showed the market would welcome this credential."

    During November and December 2007, the Institute polled 150 law firms, one of the primary purchasers of forensic accounting services. Three quarters of respondents said they expect a forensic accounting expert to have a specialized credential. Over half, 59 percent, prefer a CPA and said they would value the combination of the CPA license and the AICPA's credential over other combinations.

    In addition, the Institute surveyed 2,627 AICPA members in August 2007. Sixty percent said the new credential would make CPAs more competitive in the forensic accounting service arena.

    The CFF will be the fourth of the Institute's specialty credentials. The others are Personal Financial Specialist (CPA/PFS), Accredited in Business Valuation (CPA/ABV) and Certified Information Technology Professional (CPA.CITP).
     

     

You may like these other stories...

Legislation coming out of Washington just might reduce homeowners' burden for disaster insurance. It's a topic very much on everyone's minds since the mudslide in Oso, Washington. The loss of human life was...
Divorce is hard, and the IRS isn't going to make it any easier. The IRS generally says "no" to tax deductions that might ease the pain of divorce. In certain circumstances, however, you might be able to salvage...
IRS chief: New rule on the way for tax-exempt groupsIRS Commissioner John Koskinen told the USA Today on Monday that the agency will likely rewrite a proposed rule regulating the political activities of nonprofit groups to...

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.