The American Institute of CPAs has contracted with 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 credential.
NACVA will deliver a five-day course covering the eight areas of the CFF credentials 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.
Approximately 4,300 CPAs have qualified for the CFF credential since the AICPA began offering it in 2008, said AICPA vice president of small firm interests James Metzler in a statement. 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.
According to Metzler, the institute always intended to offer an exam. The AICPAs 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 the AICPA met the target in less than two years, it accelerated the launch date for the exam.
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.
After Sept.1, the four-hour computerized exam will be mandatory to obtain the credential. The 2010 exam is scheduled for Sept. 29 Oct. 29.
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