The American Institute of Certified Public Accountants (“AICPA”) recently announced the creation of a new CPA specialty credential in forensic accounting.
The credential, Certified in Financial Forensics (CFF), combines specialized forensic accounting expertise with the core skills and experience that make CPAs among the most trusted business advisors, according to Glenn Newman, who heads up Parente Randolph’s Forensic and Litigation Services Group.
“We anticipate the Certified in Financial Forensics, or CFF credential will further strengthen the CPA’s role in a rapidly growing service area,” Newman said.
The CFF encompasses specialized forensic accounting skills that certain CPA practitioners apply in a variety of service areas, such as:
- bankruptcy and insolvency
- computer forensics / electronic discovery
- economic damages
- fraud and special investigations
- litigation support
- matrimonial disputes
- stakeholder disputes
- valuations
- combinations of the above
According to the AICPA’s governing council (who approved the new CFF credential), the CFF will launch in early this fall. In order to qualify, a CPA must be an AICPA member in good standing, have at 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.
“The CFF has been in the planning stages for sometime. The AICPA surveyed users of forensic accounting services to determine its desirability and the Institute responded,” said James O’Brien, Principal of Parente Randolph. “The survey results showed the market would welcome this credential especially for the CPAs who practice in this niche.”
The CFF will be the fourth of the Institute’s specialty credentials. The others are Accredited in Business Valuation (CPA/ABV), Certified Information Technology Professional (CPA/CITP), and Personal Financial Specialist (CPA/PFS).
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