ABOUT THE INSTITUTE OF
FORENSIC ACCOUNTING (IFA), NIGERIA
The Institute of Forensic Accountants (IFA), was established under Decree
No 1 of 1990 as a Professional Institution for the
Provision of bonafide Qualifications for Forensic
Accountants through the administration of
Professional Examinations. IFA was established to
provide qualified Forensic Accountants to inspire
Public confidence in litigation matters relating to
detection of fraud and abuse including white-collar
crimes, Economic losses, etc. IFA is also to
contribute to the advancement of the anti-fraud
professionals who are interested in obtaining high
quality continuing Professional education on
Forensic Accounting. Because of the unique role of
the Forensic Accounting, it has necessitated IFA to
give specialized training and skills that are not
typically part of an Accountant’ formal education.
IFA Educational Programmes allow its members to earn
credential that can help assure the Legal Community,
Employers, Individuals and other Stakeholders that
the designee possesses Exceptional degree of
Experience and Knowledge to provide Competent
Professional Forensic Accounting services.
IFA expect the public to know what is the difference between Fraud
Examination and Forensic Accounting? Fraud
examination and forensic accounting are distinct but
somewhat related. Forensic accounting work is done
by accountants in anticipation of litigation, which
can include fraud, bankruptcy, valuation, and other
professional accounting services. On the other hand,
fraud examinations can be conducted by either
accountants or non- accountants, and refer only to
anti-fraud matters. The word ‘FORENSIC’ means
suitable for use in court of law.
IFA members are trained to look beyond the numbers and deal with the
financial reality of the situation. They investigate
beyond the obvious, applying intuition, critical
analysis and a good perceptive understanding of
human behavior to obtain a true picture of key
events and transactions. A Forensic Accountant must
have the ability to clearly and concisely
communicate results of an investigation in a
courtroom.
Organizations/individuals confronted with financial issues often require
forensic expertise to better uncover evidentiary
matters, find assets, develop claims, and value
businesses. Forensic Accountants are typically used
in civil or criminal actions such as:
1. Fraud
2. Bankruptcy
3. Accounting malpractice
4. Determination of compliance
5. Insurance casualty claims
6. Loss measurement
7. Economic harm analysis/Economic loss Analysis
8. Claims analysis
9. Abuses of trust relationships
10. General commercial litigation
11. Royalty audits
12. Expert witness testimony
13. Discovery assistance
14. Matrimonial disputes
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