Thanks to the CSI television series, most people have become familiar with the term “forensics” and know that it involves legal situations. In the financial world, CPA’s may earn the CFF designation from the American Institute of Certified Public Accountants, the ultimate governing body of accountancy in the United States. Forensic accounting is a specialization that requires broad knowledge of complex financial issues involving:
- Bankruptcy, insolvency and reorganization
- Computer forensic analysis
- Economic damages calculations
- Family law
- Fraud prevention, detection and response
- Financial statement misrepresentation
- Stakeholder disputes
- Probate/Estate law
- Civil and criminal matters
Forensic accounting services involve the application of special skills in accounting; auditing; finance; quantitative methods; certain areas of the law and research; and investigative skills to collect, analyze and evaluate evidential matter and to interpret and communicate findings.
A CFF’s expert training and experience should assist in providing enhanced high-quality advice to clients through extensive knowledge of complex financial issues.
CPA/CFF’s bring the following to forensic accounting:
- Due professional care
- Commitment to quality service
The advantages of a CPA who has earned the Certified In Financial Forensics (CFF) credential are that this professional has:
- Completed a rigorous certification process developed by the AICPA
- Demonstrated competence in the complexities of forensic accounting
- Obtained advanced CPA training and broad knowledge of accounting and general business principles
- Acquired a fundamental forensic knowledge around laws, courts and dispute resolution; planning and preparation; information gathering and preserving; discovery; and reporting, experts and testimony.
The CFF credential is the mark of excellence in forensic accounting. It identifies those forensic accounting professionals who have the ability to provide sound and reliable forensic accounting services.
Notes: Quoted from the AICPA’s “Why Hire A CFF?” brochure.