Behind closed doors: the new Certified in Financial Forensics credential.

• Author: Regan, Greg
• Position: Forensicaccounting

In May 2008, the AICPA approved its fourth specialty credential, Certified in Financial Forensics (CFF), to enhance the credibility of CPAs practicing in the area of forensic accounting. So, what do these "CSI: Accountants" do?

CPAs who qualify for the CFF serve in many capacities. For example, a CFF might perform procedures to trace the flow of cash that was embezzled from a corporation, serve as a GAAP or GAAS expert in an alleged accounting fraud matter or compute economic damages in a litigated dispute.

In performing these and other types of work, CFFs may work for plaintiff or defense attorneys; government agencies, such as the SEC, IRS, U.S. Department of Justice or a state attorney general's offices; or even directly for a company or its board of directors.

The AICPA anticipates that CPAs holding the CFF will derive a competitive advantage in obtaining new work and establishing expertise in courts of law. Its survey data of law firms found that three quarters expected a forensic accounting expert to have a specialized credential.

To become a CFF, CPAs must first have five years of experience practicing accounting and be an AICPA member. It's noteworthy that the experience requirement is not necessarily in public accounting. Beyond those requirements, CPAs must accumulate at least 100 points and meet minimum thresholds in three categories:

1) Forensic experience within the most recent five years (up to 60 points);

2) Relevant continuing education (up to 60 points); and

3) Other associated credentials such as the CVA (Certified Valuation), CFE Analyst) or ABV (Accredited in Business Valuation), CFF (Certified Fraud Examiners), or other possibilities such as juris doctor degrees (up to 35 points).

An AICPA standards committee will oversee the criteria for the CFF credential as well as review submitted applications.

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Who Should Apply for the CFF?

This credential serves a broad group of CPA constituents. While it targets CPAs who perform fraud investigations, it has much broader appeal. It's valuable for CPAs who serve in litigation support capacities and conduct computer forensics, as well as those who perform valuations and review bankruptcy matters. Additionally, both internal and external auditors will benefit.

As for us, we are applying because the credential signals that we are CPAs devoting a substantial amount of our professional time, experience and continuing education to forensic accounting.

Based upon our...