Institute of Forensic Accountants of Pakistan

Established in 2009 IFAP is the pioneer in the forensic accounting and forensic auditing qualifications. The Institute of Forensic Accountants of Pakistan (IFAP) is the leading professional institution for education and training of Forensic Accountants and Forensic Auditors (FAs) in Pakistan. The Institute of Forensic Accountants of Pakistan (IFAP) develops and promotes the science of Forensic Accounting and Forensic Auditing, which is a unique blend of education and experience in applying Accounting, Auditing and Investigative Skills to Uncover Truth, Form Legal Opinions and to assist in Litigation Support. The Institute of Forensic Accountants of Pakistan (IFAP) is anti-fraud organization saddled with the responsibility of providing skills to professionals from different fields on the use of science and technology for prevention, detection and investigation of fraud and also put in place some sophisticated mechanism to prevent future occurrences.

The recent accounting scandals have induced a crisis of confidence in financial reporting practice, and effectiveness of the CG mechanisms. Undoubtedly, a qualified, trained and mature FA professional can prove to be a valuable asset to the corporate-sector, and gradually help to improve their CG system. The FA’s, being professional members of the CG and Audit Committees, can play a far greater role in coordinating company efforts to achieve a cohesive policy of ethical behavior within an organization. By helping companies to detect and prevent fraud, create a ‘positive’ work environment, establish ‘effective’ lines of communication, and be vigilant as a corporate ‘watchdog’, the FA’s role can gradually evolve into a key component in the CG system.

In modern, technology-based era, most of the criminals behind fraud use sophisticated technology and accounting tricks to commit complex frauds. To facilitate the preservation, collection, analysis and documentation of evidence, FA’s can use specialized software and computer hardware. The increasing rate of computer-based financial crime has created a huge demand for the skills and services provided by FA’s. We recommend that extensible Business Reporting Language (XBRL) should be integrated across the accounting curriculum. Recently, Corporate Filing and Dissemination System (CFDS) have implications for the totality of the accounting curriculum and pedagogy. A program for the integration of them across a typical accounting curriculum should be developed soon.

Growing cybercrimes, failure of regulators to track the security scams, series of co-operative banks bursting–all are pinpointing the need of forensic accounting/forensic auditing, irrespective of whether we understand the need or not. Forensic accounting/forensic auditing seeks to uncover the what, why and how behind the computation and reporting of figures. The aim is to ascertain or confirm the substance of those purported transactions. In the Pakistani context the Forensic Accountants/Forensic Auditors (FAs) are the most required in the wake of the growing frauds. The law enforcement officers are the experts of analyzing the fingerprints and the Narcotics but what about the digital evidence analysis.

Now it’s time to affirm your standing as a Forensic Accounting, Forensic Auditing and Investigation, one of today’s most visible professions, the Forensic Accountant/Forensic Auditor (FA) credential should be your next career goal.

The evolving field of analysis requires professionals who understand far more just Fraud and Forensic analysis. The field requires FA professionals who demonstrate competence across a globally recognized common body of knowledge that includes established forensics disciplines as well as newer challenges, such as forensic accounting, forensic auditing, digital forensic, anti-forensics investigation and more. It’s not just the knowledge, it’s the know-how. The FA credential indicates expertise in forensic techniques and procedures, standards of practice, legal and ethical principles to assure accurate, complete and reliable evidence admissible to a court of law. It also indicates the ability to apply forensic to finance audit/accounting/taxation disciplines, in addition to digital cyber forensic. In other words, the FA is an objective measure of excellence valued by courts and employers alike.

It is designed specifically for professionals like, CPA, CMA, CA, CIA, CICA, CISA and LLB to gain expertise in forensic accounting, forensic auditing and investigations so that they use forensic tools for transparency in audit. It is no longer news that fraud and corruption has destroyed our system, which requires a sophisticated mechanism to eradicate it. As you are aware, forensic is a current trend in the world and thank God that Pakistan is no left behind.

Corporate crime is an unlikeable fact in today’s big business world. It has touched every country, every industry and has no signs of stopping. In the past 10 years, the number of reported cases of fraud and corruption has continued to grow radically across regions. Compounding this are the challenges faced by the audit team and a general lack of the necessary skills set to collect the right audit evidence so critical to criminal investigations.

The purpose of The Institute of Forensic Accountants of Pakistan (IFAP) is to develop and maintain itself as an international organization which meets the needs of its members and of the forensic accounting and forensic auditing profession in the Pakistan and worldwide.

The Institute of Forensic Accountants of Pakistan (IFAP) is here to represent, regulate and support Forensic Accountants (FAs) in practice and employment. Everything the Institute does revolves around this. We are actively engaged in dialogue with Pakistan government agencies, lenders, business, employers and other professional accountancy bodies. Through these dialogues we help to put forward the opinions, views and concerns of the practicing Forensic Accountants (FAs).

With a robust member complaints system, a challenging CPD requirement and on-going practice monitoring we are able to ensure that all IFAP accountants operate to the highest technical and ethical standards. We are an organization owned by our membership, operated as a not-for-profit in the public interest. The Institute’s unique approach allows us to provide a truly unparalleled service to our members and the public.

 The IFAP regulates its members in a number of different ways. These regulations help to ensure that IFAP members provide a high quality, ethical and professional accountancy service to their clients.

All IFAP members are expected to show a full commitment to the IFAP and IFAC Code of Ethics. The Institute provides all members with comprehensive education and training on their ethical commitments. Any breaches of ethical commitments by a member are investigated by the Institute and may result in disciplinary action.

The IFAP also has a full and comprehensive complaints procedure. If you are a client or employer of one of our members and wish to make a complaint against a member you can contact the IFAP who will fully investigate the issue. This could result in disciplinary action against a member, which could mean the member is removed from the Institute.

The Institute is a non-profit organization constituted in the public interest. We aim to support and represent our members, though we also work to ensure our members maintain high standards.

Demand for Forensic Accountants/Forensic Auditors (FAs) is growing in Pakistan.

Against a backdrop of tough economic conditions and growing corporate governance, demand for Forensic Accountants/Forensic Auditors (FAs) is increasing, and Pakistan is leading the way.

When the going gets tough, the forensics get going. Practitioners believe that the demand for the services of Forensic Accountants/Forensic Auditors (FAs) is growing because of the tightening economic conditions and the increasing scrutiny of how companies are governed. In such circumstances, there is heightened sensitivity to fraud, and that translates into more efforts to detect and prevent it, as well as to take legal action against the wrongdoers.

The garden variety work done by accountants and auditors is often inadequate in this area because the scope and nature of that work is normally not designed to find something that has been artfully concealed in today’s complicated business operations. This is a job that calls for
specialist experience and skills. In many instances, a Forensic Accountant/Forensic Auditor (FA) is a detective, an examiner and an expert witness rolled into one. While just about everybody agrees that forensic accounting is a specialized area of accountancy education, if
you ask 10 practitioners to define it, you are likely to get 10 different ways of looking at it. That just shows how much a Forensic Accountant/Forensic Auditor (FA) may be required to do.

Simply explained, forensic accounting seeks to uncover the what, why and how behind the computation and reporting of figures. The aim is to ascertain or confirm the substance of those purported transactions. A Forensic Accountant/Forensic Auditor (FA) as a financial investigator with specialized multidiscipline skills. A Forensic Accountant/Forensic Auditor (FA) must be knowledgeable about business processes and fraud risk management because they are frequently brought in to help companies prevent and detect fraud and misconduct. A more appropriate term is “forensic accounting professional” because he/she not only investigates fraud and misconduct but also has the skills to help to mitigate the risk of fraud in organizations.

Forensic Accounting encompasses a wide range of services–everything from traditional investigations of ‘cooking the books’ to predictive data analytics and compliance consulting. Therefore, it goes well beyond financial investigations. ‘Rather, we perceive the unifying concept
to be the application of the forensic “mindset” to help solve complex client issues, including quantification of economic damages and investigating complicated accounting schemes.

More often than not, companies turn to forensic accounting only when things have already gone wrong. Forensic Accountants/Forensic Auditors (FAs) are usually hired after fraud has been discovered. ‘Their appointments are typically aimed at enhancing the quality of evidence
to support an effective civil or criminal action. More companies invest in fraud prevention and detection programs, including getting the help of forensic accounting professionals. Boards of directors should realize that fraud can impact their organizations and thus it is a business imperative for them to take preventive measures.

More so, there are available analytic tools that can be leveraged in detecting any red flags of fraud within their organizations. In short, they should take a proactive approach instead of waiting until they are hit by fraud incidences, which are often very costly, both financially and to
their reputation. It is almost certainly less expensive to prevent fraud than to deal with its aftereffects. Companies being more open to conversations about the benefits of having a fraud risk assessment or proper compliance programs in place.

In Pakistan, that may happen sooner rather than later because there are several factors at play that will encourage corporations to seek the services of Forensic Accountants/Forensic Auditors (FAs). A pivotal development in Pakistan is the government’s plan to make companies
liable if employees commit bribery or other forms of corruption. The Institute of Forensic Accountants of Pakistan (IFAP) believes that this move will prod companies into establishing stronger governance and control mechanisms. The Institute of Forensic Accountants of Pakistan (IFAP) also highlights the regulators push to improve corporate governance in Pakistan, saying that this supplies the impetus for corporations to exercise greater corporate responsibility, and to improve their risk management and internal control frameworks.

Just as business is becoming more sophisticated, so, too, is fraud. Therefore, companies need assistance in dealing with this mounting challenge. The Institute of Forensic Accountants of Pakistan (IFAP) points out that dispute advisory is a growth area for forensic accounting
professionals. This involves providing expertise in civil disputes and giving evidence in court and arbitration proceedings. The global economy also has a role. Given that instability and lethargy seem to be the order of the day, companies and individuals will have to deal with more financial pressures, and this tends to lead to an increase in fraud and corruption.

All this means that now may be a good time to become a Forensic Accountant/Forensic Auditor (FA). The key element of forensic accounting is the wide variety of assignments one can get. Each assignment is unique, incredibly challenging and rewarding. Asked for the attributes that make a good Forensic Accountant/Forensic Auditor (FA), practitioners come up with a long list, thus reflecting the breadth of the role. Among the preferred qualities are technical competence, creativity, sound ethics and morality, communication skills, street smarts, a probing mind, attention to detail, ability to connect the dots, and perseverance.

Forensic Accounting/Forensic Auditing is an intriguing area, and for people who feel compelled to help solve puzzles, this is the field of choice

IFAP List of MOUs for Coaching & Training Classes of Forensic Accountant & Forensic Auditor (FA) Program (Names of Approved Education Partners)


1. The Professionals & Accountancy Center (PAC – Dubai, UAE).
2. Abstract Accounting and Auditing (A Dubai UAE based Accounting           and Auditing Firm)
3. Svarna Training Institute (STI) Dubai-UAE).


1. The School of Business & Management (SBM Islamabad).
2. Asad Ijaz & Co, Chartered Accountants, Islamabad.
3. The Max Strategy, Executive Education & Management Consulting             Firm of Riphah Group/Riphah International University-Islamabad.
4. The Security Experts (Private) Limited, Islamabad.

1. The School of Business Management (SBM Rawalpindi).

1. The Junaid Aziz School of Accounting & Management (JASAM                  Peshawar).

1. The College of Accounting & Finance (CAF) Gujranwala).

1. The Umar Law Associates (ULA) Lahore.
2. Dellsons Institute Lahore.
3. The Xpert Knowledge Training Centre (XKTC), 2-G, Gulberg-3, Lahore.

1. The Muhammad Abdullah College of Commerce & Accounting                    (MACCA) Quetta.

1. Dellsons Institute Karachi

List of MOUs for Coaching & Training Classes

IFAP Reciprocal Arrangements/Memorandum of Understandings (MOUs)

The Institute of Forensic Accountants of Pakistan (IFAP) has Reciprocal
Arrangements/Memorandum of Understandings (MOUs) with the following International & National Professional Institutes/Bodies:-

International Institutes/Bodies USA/Canada
1. The Institute of Certified Forensic Accountants (ICFA – USA & Canada).
2. The International Institute of Certified Forensic Investigation Professionals Inc.
3. The International Institute of Certified Forensic Accountants (IICFA) USA.
4. The Institute of Financial Consultants (IFC – USA & Canada).
5. The Institute of Certified Business Consultants (ICBC – USA & Canada).
6. The Chartered Institute of Professional Financial Managers (CIPFM – USA).
7. The Institute of Financial & Management Studies (IFMS USA).
8. The Chartered Institute of Corporate Treasurers (CICT) USA.
9. The Pebble Hills University USA.
10. The Southern Delaware University (SDU) USA.
11. The American Management School (AMS-USA) for MBA Degree Qualification.

1. The Certified Public Accountants International (CPAI) UK for CPA Membership.
2. The Institute of Professional Financial Managers (IPFM – UK).
3. The Oxford Association of Management (OXIM UK).
4. The Irish University Business School (IUBS London) UK.
5. CPAPro UK.

ICFA Belgian Chapter
1. The Institute of Certified Forensic Accountants (ICFA USA/Canada-Belgian Chapter).

1. The Institute of Forensic Accounting and Investigative Audit (IFAIA) India.

1. The Institute of Commercial and Industrial Accountants (ICIA) Malaysia for partial exemptions/waivers.
2. The University of Technology MARA (Malaysia) (For corporate training & sharing knowledge).

Hong Kong
1. The International Academy of Project Management (IAPM) Hong Kong.

1. The Cyprus Institute of Marketing (Business University) for MSc in Forensic Accounting & Fraud Auditing.

Republic of Dominica
1. The Newton Hills University of science and Technology (NHUST) Dominica.

West Indies
1. The Caribbean Institute of Forensic Accounting (CIFA – West Indies).

1. The Institute of Forensic Auditors (IFA) Zimbabwe.
2. The Association of Certified Forensic Practitioners (ACFP) Zimbabwe.

1. The Institute of Forensic Accountants (IFA – Nigeria).
2. The Chartered Institute of Cost and Management Accountants (CICMA) Nigeria.
3. The Faculty of Secretaries and Administrators (FSAN) Nigeria.
4. The Institute of Professional Financial Consultants (IPFC) Nigeria.
5. The Islamic Institute of Accounting and Finance (IIAF) Nigeria.

National Institutes/Bodies
1. The Institute of Certified Public Accountants of Pakistan (ICPAP-CPA Pakistan)
(Having Full Audit Rights in UAE from Ministry of Economy).
2. The Institute of Forensic Accountants AJK (IFAAJK).
3. The Institute of Chartered Secretaries and Managers (ICSM) Pakistan.
4. The Institute of Taxation Management (ITM) Pakistan.
5. The Institute of Marketing Management (IMM) Pakistan.

The Associates and Fellows Members (AFAs & FFAs) of the Institute of Forensic Accountants of Pakistan (IFAP) entitled to get direct membership of these above mentioned Institutes on reciprocal arrangement basis subject to payment of requisite/transfer fee

List of MOUs & MRAs for Reciprocal Membership