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March 24, 2014

Institutes to improve forensic accounting to combat fraud

The UK Chartered Institute of Public Finance and Accountancy (CIPFA) and the American Institute of Certified Public Accountants (AICPA) have both announced separate projects looking to combat fraud and improve forensic accounting.

As the counter fraud function of the UK Government’s Audit Commission is to be transferred to CIPFA, the public professional body is to launch a national Counter Fraud Centre (CFC) to take over the role.

Although the UK Audit Commission closes in March 2015 due to government cuts, the CFC will launch in the near future, as CIPFA aims to ramp up the centre before the commission closes.

The CFC will combine CIPFA’s existing tools and guidance on fraud with the counter fraud functions from the Audit Commission, such as the annual ‘Protecting the Public Purse’ report.

It will be open to all counter fraud professionals, and will be staffed by counter fraud specialists.

CIPFA chief executive officer Rob Whiteman said it was "fantastic news that the Audit Commission will be able to transfer their current work on fighting fraud to CIPFA’s new counter fraud centre."

Mentoring programme

The AICPA has launched a forensic accounting mentorship program for members who are interested in developing their skills and business practises in forensic accounting.

The launch comes after the institute predicted an increase in demand for forensic accounting due to an anticipated uptick in litigation and regulatory enforcement.

Accountants who apply for the mentoring programme will be paired with mentors who hold ACIPA’s certified in financial forensics (CFF) credential. The mentor and mentee will then meet for a minimum of once a quarter.

According to AICPA’s CFF credential committee Robert Harris, "the AICPA developed the CFF mentor program to provide guidance for CPAs who are just entering the field of forensic accounting and more experienced CPAs looking to take the next step in their forensic practice."

Related Links

American Institute of CPAs

The Chartered Institute of Public Finance and Accountancy

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