Certified in Financial Forensics
Certified in Financial Forensics (CFF) is a specialty credential in financial forensics issued by the American Institute of Certified Public Accountants (AICPA).
History
The CFF credential was established in 2008 to designate expertise in forensic accounting.[1]
Objectives of credentialing
The program objectives include: (i) enhancing the quality of forensic services and (ii) increasing public awareness of the CFF designation.
Fundamental forensic knowledge
A. Laws, Courts and Dispute Resolution
- Basic Civil and Criminal Laws and Dispute Resolution
- Basic Federal and State Rules of Evidence
- Basic Federal and State Rules of Procedure
- Federal Courts
- State Courts
- Other laws, regulations and guidance
- Other agencies
B. Planning and Preparation
- Accepting the Engagement
- Understanding with Client
- Initial meeting with Client’s Attorney
- Determine required personnel and resources
C. Information Gathering and Preserving
- Document and Evidence Gathering
- Document and Evidence Preservation and Retention
- Interviewing
D. Discovery
- Requesting and examining other parties’ information
- Assist in making client’s information available
- Make forensic accountant’s own information available
E. Reporting, Experts and Testimony
- Testifying forensic accountant needs to supervise and control
- Preparation of report and exhibits
- Fact finding
- Reports
- Experts
- Non‐expert testimony
Specialized forensic knowledge
A. Bankruptcy, insolvency and reorganization
- Roles and responsibilities
- Reporting Requirements
- Bankruptcy valuation issues
- Understanding of insolvency
- Basic reorganization concepts
B. Valuation
- Interests in Business Entities, Pensions, Intangible property, Intellectual property, Interests in Estates and trusts, and others
- Purpose
- Engagement Considerations: Standards of Value, Premises of Value, Approaches, Methods
C. Economic damage calculations
- Economic damages ‐ businesses: Lost profits, Lost value, Extra costs, Lost cash flow, Mitigation, Restitution, Interest/time value of money, Out of pocket, Rescission, Unjust enrichment, Determination of Present Value date of damages, Methods of determining
- Economic damages ‐ individuals: Lost earnings, Medical expenses, Burial costs, Lost household services, Cost of repairing or replacing property, Cost of loss of use of property, Interest/time value of money
- Intellectual property: Patents, Copyrights, Trademarks/Trade names, Trade Secrets
- Punitive Damages
D. Family Law
- Asset valuation
- Asset tracing
- Income determination
- Collaborative law
- Child Support
- Alimony
- Tax planning re distribution of assets
E. Financial Statement Misrepresentations
- Fraud
- Financial Statement Misstatements
- Asset Misappropriation
- Foreign Corrupt Practices Act Investigations
F. Fraud prevention, detection and response
- Fraud Risk Governance
- Fraud Risk Assessment
- Fraud Prevention
- Fraud Detection
- Fraud Investigation
- Reporting
- Remediation
G. Computer forensic analysis
- Data integrity: Data imaging, Data recovery
- Cyber crime
Eligibility
To obtain the CFF credential, the applicant must:
- Have a minimum of five years of experience as a Certified Public Accountant (CPA);
- Pass the CFF examination;
- Demonstrate in excess of 1,000 hours of experience doing forensic accounting work;
- Complete 75 hours of continuing professional education (CPE) related to forensic accounting.
After obtaining the CFF credential, the CPA must continue to earn at least 60 hours of financial forensics-related CPE in each subsequent three year period to maintain the CFF credential.