The Diploma In Investigative &Forensic Accounting (DIFA)
DIFA SyllabusThe Diploma in Investigative &Forensic Accounting(DIFA)Examination Syllabus (Applicable From January 2014 Exam)The Diploma in Investigative & Forensic Accounting (DIFA) program is designed to provideintermediate or equivalent, with the skills, knowledge, insights and professional characteristicsnecessary to successfully respond effectively to:(1) the challenges of investigating fraud, other aspects of white-collar crime, and otherfinancial disputes, and (2)(2) the provision of reports, advice and evidence to clients, lawyers and courts for theresolution of situations relating to possible or pending civil or criminal legal proceedings.The demands for and of Forensic Accountants (FAs) have been growing as the field expandsand as business and related schemes become more complex. To meet the challenges involved,The Institute of Forensic Accountants of Pakistan (IFAP) DIFA Program. Consisting of 2 Levels and10 papers/courses, the Diploma will be delivered over a period of slightly more than one year.Mi n i m u m A d m i s s i on R eq u i r em en t sApplicants admitted into the Diploma in Investigative & Forensic Accounting (DIFA) Programhave must have intermediate or equivalent qualification.DIFA Level IPFA 01Principles of Financial AccountingECA 02Essentials of Cost AccountingIFA 03Introduction to Forensic AccountingQME 04Quantitative Methods& Basic EconomicsTCL 05Taxation& Company LawsDIFA Level IIIPT 06Investigation Process & TechniquesCTF 07Concepts & Techniques of Fraud ExaminationBCB 08Business Communication & Behavioral StudiesFAA 09Forensic Auditing & AssuranceITA 10Information TechnologyThe Institute of Forensic Accountants of Pakistan (IFAP)Page 1
DIFA SyllabusDetailed Syllabus/Course Outlines:DIFA Syllabus Level IPaper 1Principles of Financial Accounting (Marks: 100)The objective of this course is to enable candidates to understand fundamentals of accountingtheory; apply theory to basic financial accounting and prepare accounting statements of soleproprietor ships and partnerships. To develop knowledge and understanding of financialstatements and the techniques used to prepare financial statements including necessaryunderlying records.1. a) Introduction to business and accounting theoryi. Definition and scope of business;ii. Economic setup of business;iii. Organization structures;Sole proprietorship;Partnership (its merits and demerits);Limited Companies (their advantages and disadvantages);iv. Types of finances includingLong term finance;Short term finance;iv. Types of finances includingLong term finance;Short term finance;b) Accounting theoryi. Fundamental accounting concepts including:Accrual basisConsistencyTrue and fair viewMaterialityPrudenceCompletenessGoing ConcernSubstance over formii. Financial rs of financial statements;iii. Asset valuation alternatives;Historical cost;Fair value;Net realizable value;Replacement cost;The Institute of Forensic Accountants of Pakistan (IFAP)Page 2
DIFA Syllabus2. Financial accounting practicesa) Accounting Recordsi.ii.iii.iv.v.vi.vii.Petty cash book and imprest system;Cash books (including transactions withdocumentation);Sales journal and the sales ledger;Purchase journal and the purchase ledger;General journal;General ledgerComputerized Accountingbanksandtheirb) Introduction to Double Entryi.ii.iii.iv.v.vi.Double entry System, Accounting Equation and Rules of Debit &CreditConcept of capital and revenue expenditure;Concept of liability and incomeEffect of profit or loss on capital;Balancing of accounts;Trial balance;c) Adjustments before Final Accountsi.ii.iii.iv.v.vi.vii.viii.ix.x.Methods and recording of depreciation on Fixed Assets;Provisions for bad debts/ write off;Provisions for discounts on debtors;Prepayments and accruals;Inventory adjustmentsBank reconciliation and related adjustments;Control accounts reconciliation and adjustmentsErrors in trial balanceSuspense accountsOther adjustments;d) The Final Accounts of Sole Traders &Partnershipi.ii.iii.Statement of financial positionStatement of comprehensive incomeCash flows statements3. Receipt and payment accounts and accounts from incomplete recordsa) Receipt and payment accounts;b) Income and expenditure accounts;c) Preparation of accounts from incomplete records.4. Other specialized areasa)b)c)d)e)Accounting for inventories (IAS-2)i Cost formulas (LIFO/ FIFO/ weighted average cost);ii Cost of inventories (cost of purchase, cost of conversions, other costs);iii Measurement of inventories (lower of cost or Net realizable value);iv Presentation of inventories in financial statements.The Institute of Forensic Accountants of Pakistan (IFAP)Page 3
DIFA Syllabusa) Accounting for property, plant and equipment (IAS-16)b) Initial measurement of property, plant & equipment (components of cost, exchange ofassets);c) Subsequent costs;d) Depreciation Ð Unit of measure, depreciable amount, depreciation period anddepreciation methode) De-recognitionf)Branch accounts (excluding foreign branches);g) Treatment of the following in partnership accounts:h) Admission;i)Retirement / death of partner (excluding life insurance policies, annuities etc);j)Goodwill.Recommended Books1.2.3.4.5.Accounting The Basis of Business Decisions by Meigs William Haka Bettner.Modern Accountancy (Volume 1) by Mukherjee & Hanif.Business Accounting by Frank wood and Alan Sangster.Gripping IFRS Vol I.Framework for the preparation and presentation of financial statements andInternational Accounting Standards(1, 2 and 16) issued by IASB, IFRS BoundVolume 1.The Institute of Forensic Accountants of Pakistan (IFAP)Page 4
DIFA SyllabusDIFA Syllabus Level 1Paper 2Essentials of Cost Accounting (Marks: 100)ObjectivesThe course is designed to equip candidates with fundamentals of accounting for material, laborand manufacturing expenses; an understanding of the importance of the role of costaccounting in planning and controlling the wide range of organizational and manufacturingcost. The students are expected to acquaint themselves with a comprehensive knowledge ofestablished practices of cost accumulation methods and learn the application of thisknowledge to basic planning, control and decision making. The course also covers job order,process costing and standard costing systems.1.Cost Concepts, Uses and Classificationa.b.c.d.The nature and scope of Cost Accounting; Sources of CostdataDefinition of and distinction between financial accounting,cost accounting and management accountingThe concept of Cost for different types of entitiesCost classification2. Elements of Cost Accountinga. Materiali.ii.iii.iv.v.vi.vii.b. Labori.ii.iii.iv.v.Material purchasing, receiving and issuing procedures and its documentationInventory recording system (Perpetual and Periodic)Basis of valuation Ð Cost formulasStock taking, Reconciliation of Bin Card and Stock Card, and adjustments forinventory differencesValuation of inventory at lower of Cost and NRVEconomic Order Quantity and Inventory LevelsSegregation of material for selective control (ABC Plan)System and documentationBasis for Labor Cost ControlLabor turnover, Productivity and Efficiency measurementAccounting entries for payroll and statutory deductionsWage incentive plans (piece work plan, bonus and group bonus plans)c. Overheadsi.Manufacturing expenses Ð actual and appliedii.Over or under applied overheadiii.Concept of production & Service Departmentsiv.Basis of apportionment and allocation of service department overheads toproduction departmentThe Institute of Forensic Accountants of Pakistan (IFAP)Page 5
DIFA Syllabus2. Costing Systemsa.b.c.d.e.f.g.h.Fundamentals of Cost Accounting Information SystemManufacturing Cost Accounting CycleChart of accountsFactory Ledger and accounting entriesReconciliation of Cost and Financial accountsJob order CostingProcess costingTreatment of Joint Products and By-Products3. Cost Behaviora.b.c.d.e.f.Analysis of fixed, variable and semi variable expensesDirect cost and Indirect costCost estimation using high-low points method and linear regression analysisMarginal costing and Absorption costingProduct cost and Period costBreakeven analysis and charts4. Planning and Controla.b.c.d.e.f.Principles of BudgetingCash BudgetsRevenue BudgetsFlexible BudgetsProjected Income statement and Balance SheetStandard Costing concepts5. Decision Makinga.b.c.d.e.f.g.Opportunity CostRelevant CostMake or buy decisionsPricing for special ordersFurther processing decisionsUtilization of spare capacityDecision with limiting factors (excluding linear programming)Recommended Books1. Cost Accounting, Planning and Control by Matz and Uzry.2. Management and Cost Accounting by Colin Drury.3. Cost accounting by T. Lucey.The Institute of Forensic Accountants of Pakistan (IFAP)Page 6
DIFA SyllabusDIFA Syllabus Level 1Paper 3Introduction to Forensic Accounting (Marks: 100)COURSE DESCRIPTIONPrinciples of Forensic Accounting provide a solid foundation for building skills in forensicaccounting techniques, including gathering, interpreting, and documenting evidence. In thiscourse we examine the investigative techniques used by accountants to conduct forensicexaminations as well as the common schemes and techniques used to commit fraud. The skillsacquired will enable you to assist businesses in detecting, investigating, documenting, andpreventing fraud. The course also introduces you to the many professional opportunitiesavailable to Forensic Accountants (FAs).AdvisoryStudents considering enrolling in this graduate course should have a thorough understanding ofthe business transaction cycle and, at a minimum, a background in both financial accountingand auditing, obtained through either prior coursework or professional experience.COURSE OBJECTIVESAfter successfully completing this course, you should be able to:CO1Implement the best practices used by Forensic Accountants (FAs), including investigativetechniques, standards of proof, and report format used to support their conclusionsCO2 Describe the types of research and the wide array of investigations that ForensicAccountants (FAs) are customarily engaged to conductCO3 Discuss the various roles undertaken by Forensic Accountants (FAs), as well as theirrequirements and certificationsCO4 Differentiate roles and responsibilities of the financial statement auditor and the forensicinvestigatorCO5 Summarize the ―red flags‖ used by Forensic Accountants (FAs) to detect fraud.CO6 Assess the objectives of the forensic accountant called in as part of the fraudinvestigation teamCO7 Describe and practice ―professional skepticism‖CO8 Evaluate the fraudulent schemes commonly encountered by the Forensic Accountant(FA).CO9 Plan a forensic investigation by gathering and documenting evidence, including caseswhere there is known or suspected fraud.CO10 Discuss the professional ethical responsibilities of the Forensic Accountant (FA) anddevelop appropriate recommendations or strategies for resolving potential ethicaldilemmas.CO11 Identify internal controls or other methods that can be used to help prevent fraud.COURSE STRUCTURE/OUTLINESPrinciples of Forensic Accounting consist of seven modules. Each module includes an overview,a list of topics, learning objectives, a study assignment, graded assessments (i.e., a combinationof one or more discussion forums, review questions, integrative assignments, case assignments,and research assignments), and additional resources to supplement your assigned studymaterials. The module structure is as follows:Module 1—Accounting and Legal Fundamentals for Forensic AccountingThe Institute of Forensic Accountants of Pakistan (IFAP)Page 7
DIFA SyllabusCourse objectives covered in this module include: CO1, 2, 3, 4, 5, 6, 7, 8, 9, 10Topics addressed include: role of the Forensic Accountant (FA); differences betweenforensic accounting and auditing; legal fundamentals (including financial crimes andcriminal and civil processes); transaction cycles and internal controlsModule 2—The Auditing Environment and the Sarbanes-Oxley Act of 2002Course objectives covered in this module include: CO1, 2, 3, 4, 5, 7, 9, 10, 11Topics addressed include: the audit process (including methods and techniques usedand types of audit reports issued); the auditor's responsibility to detect fraud; SarbanesOxley Act (including overall objectives, major provisions, compliance with the act, andevaluation of effectiveness)Module 3—Forensic Accounting Tools and TechniquesCourse objectives covered in this module include: CO1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11Topics addressed include: key concepts of forensic science applicable to accounting;key concepts of information security management systems; the effect of suspectedfraud on the audit of financial statements or a forensic investigation; common indicatorsof fraud; common analytical procedures; sources of forensic evidence; investigativetechniques used by forensic accountants; interview and interrogation techniquesModule 4—Financial Statement FraudCourse objectives covered in this module include: CO1, 2, 4, 5, 6, 7, 8, 9, 10Topics addressed include: financial statement fraud schemes (including improperrevenue recognition, overstatement of assets, understatement of expenses and liabilities,misappropriation of assets, inappropriate disclosure, and other miscellaneoustechniques); characteristics of financial statement fraud; motives of management tocommit financial statement fraud; financial statement fraud, the stock market, andinsider training; prevention of financial statement fraud; red flags of financial statementfraudModule 5—Employee and Vendor FraudCourse objectives covered in this module include: CO1, 2, 5, 6, 7, 8, 9, 11Topics addressed include: circumstances that lead to employee fraud, types ofemployee and vendor fraud (including transaction cycle fraud and electronicinformation fraud); internal control weakness and fraudModule 6—Tax, Bankruptcy, and Divorce Fraud; Identity Theft; and Money LaunderingCourse objectives covered in this module include: CO1, 2, 5, 6, 7, 8, 9, 10Topics addressed include: overview of tax fraud; the tax practitioner and the IRS;principal tax evasion crimes; civil tax fraud; statute of limitations; methods of proof; taxprotesters; bankruptcy fraud; divorce fraud; identity theft; organized crime; terrorism;money launderingModule 7—Professional Services: Business Valuation, Dispute Resolution, and LitigationCourse objectives covered in this module include: CO1, 2, 3, 5, 7, 8, 9, 10Topics addressed include: overview of business valuation; basic valuation theory; theprocess of valuing a business; valuation methods; forms of alternative dispute resolution;creating an alternative dispute resolution department; expert consulting and testimonyThe Institute of Forensic Accountants of Pakistan (IFAP)Page 8
DIFA SyllabusDetailed Syllabus/Course outlinesINTRODUCTION TO FORENSIC ACCOUNTINGDefinition and Development of Forensic AccountingDefining Forensic AccountingHistorical Roots of AccountingHistory of Financial Reports and Legal ChallengesThreads of Forensic AccountingAccounting Literature Parallels Accounting PracticeThe Phrase "Forensic Accounting" Is BornForensic Accounting and Investigative Accounting Come of AgeThe Forensic Accountant Becomes an InvestigatorFBI and ForensicsFirst Forensic Accounting Books in United StatesAICPA Practice AidAmerican Management Association CourseThe Panel on Audit EffectivenessAICPA Fraud Task Force ReportControversy Surrounding the Accountant’s Role in Fraud DetectionConclusionFORENSIC ACCOUNTING EDUCATION, INSTITUTIONS, AND SPECIALTIESPreparing to Become a Forensic Accountant (FA)College and University ProgramsKeystones of Forensic Accounting CurriculaKSAs and Education of the Forensic AccountantCareer Tracks in Forensic AccountingIncome Expectations for Forensic AccountantsSpecialties within Forensic and Investigative AccountingProfessional Groups and CredentialsThe Institute of Forensic Accountants of Pakistan (IFAP)The Institute of Certified Forensic Accountants (ICFA USA/Canada)Caribbean Institute of Forensic Accountants (CIFA West Indies)The Institute of Forensic Accountants (IFA Nigeria)The Institute of Forensic Accounting and Investigative Audit (IFAIA India)American College of Forensic ExaminersAssociation of Certified Fraud ExaminersAssociation of Certified Fraud SpecialistsForensic Accounting Society of North AmericaNational Association of Certified Valuation AnalystsNational Litigation Support Services AssociationNetwork of Independent Forensic AccountantsInstitute of Business AppraisersOther Organizations Serving Forensic PractitionersConclusionFRAUDULENT FINANCIAL REPORTINGThe Institute of Forensic Accountants of Pakistan (IFAP)Page 9
DIFA SyllabusImportance of Transparent Financial InformationStatement of Financial Accounting ConceptsMeans and Schemes of Financial Reporting FraudThree M’s of Financial Reporting FraudTen Fraud Schemes Bases on SEC ReleasesShenanigans to Boost EarningsSources of Fraudulent Financial ReportingInternal Versus External FraudMotivation and Contributing FactorsContributing Factor ModelRisk Factor AnalysisInternal ControlsIncidence of Crime and Characteristics of PerpetratorsStudies of the Prevalence of Fraud in BusinessCharacteristics of the White-Collar CriminalEarnings Management and GAAP versus IFRSFlexibility of GAAP and IFRSRestatements of EarningsConclusionDETECTING FRAUD IN FINANCIAL REPORTINGResponsibilities and Roles in Financial ReportingIndependent Audit Procedures and the Auditor’s RoleInternal Auditor’s Procedures and RoleAudit Committee’s RoleManagement RoleForensic Accountant’s RoleFinancial Statement Fraud Categories and Red FlagsOverstated RevenuesManagement EstimatesPro Forma Can MisleadEarnings Problems: Masking Reduced Cash FlowEarnings before Interest, Taxes, Depreciation, and Amortization (EBITDA)Excessive DebtInventory ProblemsSales and Expenses ProblemsBig BathBalance Sheet Account ProblemsPension Plan ProblemsThe Institute of Forensic Accountants of Pakistan (IFAP)Page 10
DIFA SyllabusReserve EstimatesPersonal Piggy BankBarter DealsFinancial Fraud Detection ToolsInterviewing the ExecutivesAnalyticsPercentage AnalysisUsing Checklists to Help Detect FraudConclusionEMPLOYEE FRAUD THE MISAPPROPRIATION OF ASSETSFraud Schemes and Their SchemersCompany Susceptibility to FraudEmployee FraudstersTypes of MisappropriationsEmbezzlementCash and Check SchemesAccounts Receivable FraudInventory FraudFictitious DisbursementsWalking the Walk of Fraud Detection ProgramsCompany Fraud Prevention, Detection, and Mitigation MeasuresCompanies on the Front Lines in Preventing Employee FraudNon profit Entities as Special Fraud TargetsReasons for Fraud in Not-for-ProfitsPrevention Programs for Not-for-ProfitsFraud in Federal, State, and Local GovernmentsWhen It’s Time to Call in ProfessionalsForensic Accountant’s TechniquesConclusionINDIRECT METHODS OF RECONSTRUCTING INCOMEForensic Audit Approaches Used by the IRSMinimum Income ProbesLifestyle ProbesIRS’s Financial Status AuditsIndirect MethodsMarket Segment Specialization ProgramThe Institute of Forensic Accountants of Pakistan (IFAP)Page 11
DIFA SyllabusCash TSource and Application of Funds Method (Expenditure ApproachNet Worth MethodBank Deposit MethodConclusionMONEY LAUNDERING AND TRANSNATIONAL FINANCIAL FLOWSMoney Laundering: An IntroductionLegal and Illegal LaunderingCyber cash Creates New Laundering OpportunitiesWho Uses Money Laundering Practices?Financial Institutions’ Role in Money LaunderingCorrespondent BankingTools Banks Use to Identify Money LaunderersDue Diligence Laws for BanksShell BanksOther Businesses’ Role in Money LaunderingCash-Oriented BusinessesAudit Trail for Business Money Laundering SchemesFinding Money Laundering SchemesLikely SourcesGuarding Against Money LaunderingIndividual due Diligence Using Identity ChecksCompany Due Diligence in Verification ProceduresTrust Due Diligence Using Trust DeedsOrganization-wide Suspicious ActivitiesThe Accountant’s Role as Gateway KeeperNew Initiatives: USA Patriot Act of 2001ConclusionLITIGATION SERVICES PROVIDED BY ACCOUNTANTSTypes of Litigation Services Provided by AccountantsConsultantExpert WitnessMasters and Special MastersThe Institute of Forensic Accountants of Pakistan (IFAP)Page 12
DIFA SyllabusStandards of Conduct for Performing Litigation ServicesKnowledge, Skills, Experience, Training, and EducationProfessional Codes of ConductConflicts of InterestWritten Agreement to Perform Litigation ServicesBecoming an Expert WitnessExpert Witnesses Distinguished from Lay WitnessesWhat Lawyers Look for in an Expert WitnessQualifying as an Expert WitnessCourt-Appointed Expert WitnessesPreparing to Testify as an Expert WitnessMaintaining Independence from the ClientEvidence upon Which Experts May RelyUse of Confidential Client InformationExpert ReportsWorking PapersEvaluation of Other ExpertsExhibits and Other Demonstrative EvidenceTestifying as an Expert WitnessTestifying at a DepositionPreparing to Testify at TrialTestifying at TrialLiability of Expert WitnessesWitness ImmunityBases for LiabilityConclusionPROPER EVIDENCE MANAGEMENTBasic Rules of EvidenceWhat Are the Rules of Evidence?What Is Evidence?Process for Determining the Admissibility of EvidenceRelevance RequirementPrivileged CommunicationsHearsay RuleAuthentication RequirementBest Evidence RuleDemonstrative EvidenceSpecial Rules for Criminal CasesSpecial Rules in Administrative ProceedingsThe Institute of Forensic Accountants of Pakistan (IFAP)Page 13
DIFA SyllabusManagement of EvidenceMaximizing Client ConfidentialityUsing Technology to Gather EvidenceComputer EvidenceEnsuring the Admissibility of Evidence in CourtSecurity for Evidence and Working PapersEvidence DatabaseEvaluating the Quality and Persuasiveness of EvidenceRecord RetentionConclusionCOMMERCIAL DAMAGESThe ExpertExpert Witnesses’ QualificationsExpert Witnesses’ Testimony RequirementsBasics of Damages LitigationThe Legal Framework of DamagesTwo Types of Harm: Tort and Breach of ContractTwo Types of Damages: Restitution and RelianceApproaches to Loss EstimationDamages Calculation ApproachesThe Lost Profits MethodsStudy of Losses ProcessEconomic Framework for the Lost Profits Estimation ProcessMeasuring the LossLength of the Loss PeriodComponents of DamagesThe Defendant’s Damages EstimateThe Plaintiff’s Damages EstimateLost Sales and ProfitsProduction or Other Cost IncreasesCustomer Ill Will and Future Lost ProfitsOther Adverse EffectsThe Expert’s Journey through the Legal SystemTestimony Early in CaseDefending the Expert ReportCost Behavior and Damages CalculationsCost Behavior DefinedCommon Types of Cost BehaviorCost Behavior AssumptionsDamages Period and Discount RateConclusionThe Institute of Forensic Accountants of Pakistan (IFAP)Page 14
DIFA SyllabusLITIGATION SUPPORT IN SPECIAL SITUATIONSAntitrust LitigationOverview of Antitrust LawsRole of Accountants in Antitrust LitigationActions That Constitute Predatory PricingDetermining a Company’s Average Variable CostsEstimating Cost Behavior PatternsCase Study: Coho GroceryFederal False Claims Act LitigationOverview of the Federal False Claims ActThe Accountant’s Role in False Claim Act LitigationConclusionINTERNET FORENSICS ANALYSIS: PROFILING THE CYBERCRIMINALSifting for Clues to CybercrimesCollecting EvidenceClues versus EvidenceTechnical SearchesInternet Protocols: Technical Searches Begin HereDecoding Packet InformationDecoding Simple Mail Transfer Protocol (SMTP)Decoded IP Addresses: Tracing ToolsDecoded IP Addresses: Narrowing the SearchInformational SearchesInternet Databases: Informational Searches Begin HereWeb Page SearchesGovernment Data SearchesMiscellaneous SearchesConclusionCYBERCRIME MANAGEMENT: LEGAL ISSUESCybercrimes: An IntroductionNet FraudsUnauthorized Access to Network AssetsTypes of Unauthorized AccessCriminality of CybercrimesWhen Is a Cybercrime Really a Cybercrime?Legislation as Lagging TechnologyCybercrime StatutesInternational LawFederal LegislationState LegislationGuidelines for Cybercrime ManagementKSAs for Fighting CybercrimeFiling Reports of CybercrimesConclusionCYBERCRIME LOSS VALUATIONSAttacks on Tangibles and IntangiblesExtent of the ProblemStatutory Loss ValuationsThe Institute of Forensic Accountants of Pakistan (IFAP)Page 15
DIFA SyllabusHigh-Tech ―Tangible‖ Losses Attributed to Cyber AttacksHigh-Tech Intangible LossesLoss Valuations and Insurance ClaimsInsurersCosts and Types of CoverageQualifying for CoverageConclusionBUSINESS VALUATIONSFundamentalsValuation and Appraiser AccreditationsEngagement Agreements That Create Successful Client RelationshipsPurposes for Obtaining Business ValuationsStandards of ValuePurpose of the Valuation Affects the Valuation Methods UsedThe Three Valuation ApproachesIncome ApproachMarket ApproachCost ApproachGathering Initial InformationInitial Information RequestDiscerning What Data Is RequiredFinancial AnalysisHow Much History Is Enough?Spreading Financial StatementsAnalyzing Financial Statements for Trends and RisksRevenuesGross ProfitsOperating ExpensesOperating ProfitsOther Income and ExpensePretax ProfitabilityPractical IllustrationsEarnings HistoryIncome Statement Methods of Determining a Business ValuationCash Flow Methods of Determining the Business ValuationRules of Thumb—Valuation on the CheapBusiness Valuation StandardsUniform Standards of Professional Appraisal Practice (USPAP)American Institute of Certified Public Accountants (AICPA)Common Requirements of Business Valuation Standards of Valuation SocietiesFeatures of the StandardsBusiness Valuation ReportsOrganization of the ReportThe Institute of Forensic Accountants of Pakistan (IFAP)Page 16
DIFA SyllabusAttention to MechanicsMain Sections of the Valuation ReportConclusionRecommended Books1. Hopwood, W. S., Leiner, J. J., & Young, G. R. (2008). Forensic accounting. Boston:McGraw-Hill Irwin. ISBN 978-0-07-352685-0.2. Knapp, M. C. (2010). Forensic accounting—ACC 501. Two case studies. Custompublication. Mason, OH: Cengage Learning. ISBN-10: 1-111-29530-1.3. Forensic and Investigative Accounting by D. Larry Crumbley, Lester E Heitger & G.Stevenson Smith, published by CCH Incorporated WoltersKluwer Company.4. Introduction to Forensic Accounting by Robert K. Minniti, CPA, CFE, Cr.FA, CFF, MBAPresident, Minniti CPA, LLC5. Fraud Auditing and Forensic Accounting by Tommie W. Singleton6. Forensic Accounting in Matrimonial Divorce by James A. DiGabriele7. Forensic Accounting by John Taylor ISBN10: 0273722964 ISBN13: 9780273722960 Publisher:Pearson Education Limited Financial Times Prentice Hall Publication date: 11 Nov 2010The Institute of Forensic Accountants of Pakistan (IFAP)Page 17
DIFA SyllabusDIFA Syllabus Level 1Paper 4Part 1Quantitative Methods& Basic Economics (Marks: 100)Quantitative Methods (Marks: 50)ObjectiveThe objective of the course is to train the students in the use of Quantitative Techniques inbusiness and finance. The students are required to gain thorough theoretical knowledge of thesubject and understanding of the application of such knowledge.1. Basic MathematicsRates, ratios, percentages; discounts, markup, markdown; indices, exponential and logarithmicfunctions. Use of brackets, simplification rules, co-ordinate system, concept of equation,gradient, equation of straight line, application of straight line in business and economics;simultaneous equations; quadratic equations; factorization of equations including factorizationby completion of squares, arithmetic progression and geometric progression.2. Financial MathematicsSimple interest, present and future values; discounting notes; bank discount; compound interestand annuities; sinking funds, present value; perpetuities; effective rate of interest.3. CalculusTechniques of differentiation; sum, difference, product and quotient rules of differentiation.Marginal function, calculation of revenue, cost & profit of marginal unit. Use of second orderderivatives; maxima, minima and point of inflexion.4. Matrix and DeterminantsAddition, subtraction, multiplication, inverse of matrices. Solution of equations using matrix;inequalities, graphical presentation of inequalities; graphical method for linear programming;problems in graphical solutions such as no feasible solution, alternative optimum solution,unbounded solutions and redundant constraints.5. Statistical MethodsCollection, presentation, tabulation, graphical presentation through graphs, charts anddiagrams, stem and leaf display, box and whisker plot. Measures of central tendencies.Measures of dispersions. Index numbers, weighted index numbers, concept of purchasing powerand deflation of income.6. Methods of Least Square and RegressionScatter diagram, linear relationship, simple linear regression lines by method of least square.Simple linear correlation, Coefficient of correlation, determination and interpretation. Rankcorrelation.7. Probability and Probability DistributionCounting techniques, probability, addition law for mutually exclusive and not mutually exclusiveevents. Multiplicative laws for dependent and independent events. Binomial, Poisson,hypergeometric and normal distribution.The Institute of Forensic Accountants of Pakistan (IFAP)Page 18
DIFA Syllabus8. Sampling and Decision MakingSimple random sampling, sampling distribution of mean, standard error of mean. Sampling withand without replacement. Testing of hypothesis for population mean, difference betweenpopulation means, population proportion, difference between two population proportions,single population variance and test of association through z, t and Chi-square. Confidenceinterval for estimating population mean. Population and variance. Difference between means,proportion and difference between proportion and population variance. Problems ofdetermination of sample size for the study of population mean and prop
The Diploma in Investigative &Forensic Accounting (DIFA) Examination Syllabus (Applicable From January 2014 Exam) The Diploma in Investigative & Forensic Accounting (DIFA) program is designed to provide intermediate or equivalent, with the skills, knowledge, insights and professional characte
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