Examinations

Institute of Forensic Accountants of Pakistan

Applications to sit at examinations will be accepted from the registered/enrolled students of the Institute provided that these applications are:-

  1. In the prescribed form obtainable from the Institute’s Head office.
  2. Accompanied by the requisite documents in respect of exemptions claimed and the institutes examinations passed.
  3. Submitted with examinations fees prescribed and approved by the Executive Council/Examination Committee of the Institute.
  4. Submitted within the due dates of submitting the applications to sit at the examinations.

The Diploma in Investigative & Forensic Accounting (DIFA) program is designed to provide intermediate or equivalent, with the skills, knowledge, insights and professional characteristics necessary to successfully respond effectively to:-

(1) the challenges of investigating fraud, other aspects of white-collar crime, and other financial disputes, and

(2) the provision of reports, advice and evidence to clients, lawyers and courts for the resolution 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 expands and 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 and 10 papers/courses, the Diploma will be delivered over a period of slightly more than one year.

Minimum Admission Requirements

Applicants admitted into the Diploma in Investigative & Forensic Accounting (DIFA) Program have must have intermediate or equivalent qualification

Course
Fee Structure

Program Description
Fraud risk is becoming more prevalent as corporate and government organizations face changing economic, regulatory, and competitive challenges across industries and countries. Moreover, technology makes it both easier and harder to engage in fraudulent activity. According to the Financial Times, a recent survey by the Economic Intelligence Unit uncovered increasing fraud in five industry sectors, led by financial services.
This program is designed to help professionals develop expertise and competency in the area of forensic accounting examinations. The certificate will concentrate on the core skills required to identify, detect, and prevent fraud. Courses survey fraud schemes and address fraudulent financial reporting, misappropriation of assets, and corruption. Participants will learn how to develop evidence to support a fraud case through litigation support and expert testimony techniques.

Program Objectives
Program participants will:

Develop skills to identify and detect fraud Understand common fraud schemes and fraudulent financial reporting Recognize misappropriation of assets Develop evidence to support a fraud case through litigation support and expert testimony techniques Design internal systems that minimize or mitigate the potential for fraud .

Designed For
Internal auditors Accountants Human resource professionals Fraud investigators Loss prevention professionals Attorneys Ethics officers

Course
Fee Structure

The Forensic Accountant/Forensic Auditor (FA) Program Examinations are conceived, developed and administered on a rigorous and fair basis to bring out the best in the candidates and prepare them for challenging career in the world of Forensic Accounting and /Forensic Auditing. Following are some of the unique features of the Forensic Accountant/Forensic Auditor (FA) Program Examinations.

  1. Rigorous testing standards.
  2. Administered on a fair basis.
  3. Multiple Choice Questions (MCQs) to test the candidates’ conceptual understanding of the subjects.
  4. Numerical Problems.
  5. Applied Theory Questions.
  6. Emphasis on Case Studies.
  7. Project Work to assess the depth of understanding of the candidates and their ability to apply such understanding to practical situations.
The examinations will be held twice a year, during the months of January and July each year. Exact dates of examinations will however, be announced sufficiently in advance by the Executive Council/Examination Committee of the Institute to enable the students to submit their applications in time.

The examinations will be held at Islamabad, Karachi, Lahore, Peshawar, Quetta, Multan, Gujranwala, Faisalabad, Sialkot, Muzaffarabad and Mirpur or at such other places as the Executive Council/Examination Committee of the Institute may decide subject to satisfactory arrangements of the infrastructure necessary for holding the examinations.

At least twenty one (21) days before the date of examinations the time table/schedule/date sheet will be issued to the candidates individually. Every candidate is required to submit his/her Application/Exam Entry Form to sit at the examination before the following dates:-

  • For January examination before 31st December
  • For July examination before 30th June

The closing dates of entry to sit at the examinations will be announced along with the notice served on each student individually and for general information of the prospective and intending candidates through the newspapers. Late entries to examinations may be accepted to the absolute discretion of the Executive Council/Examination Committee of the Institute provided applications are received not later than ten (10) days after the prescribed closing date for each examination in the said notification and provided also the candidate pays late fees of Rs.1,500/- per paper as national/local candidate, Rs.2,000/-per paper as overseas Pakistani candidate and US $ 75 per paper as international/foreigners applicant intended to sit for.

The examinations results will be announced at least seven (07) weeks after the date of examination to each candidate individually by email/post/courier and also through the press for general public information. The individual notification will state whether the candidate has passed, failed or has been referred. No further information on the results will be furnished except intimation as to the grades awarded on the basis of performance of the candidate at the examination. The grades are prescribed as under:-

Grade               Description and status of Grade

  • A                       Pass with Distinction.
  • B                       Pass Standard.
  • C                       Below pass standard but could be upgraded on the basis of performance in others papers of the Stage.
  • D                      Poor or fail.
  • R                      Referred Subject.
If a candidate fails in one or more subjects of a Stage/Level/Part or Stages/Levels/Parts, he/she will be eligible to again sit at the examination in the subject or subjects in which he has failed. This is termed as Referral and such candidates may be referred in a paper/papers provided that such candidates first clear the referred subjects without proceeding to take the next succeeding higher stages/levels/parts for examinations, if the referred subjects relate to two stages/levels/parts. In case the referred subjects pertain to only one stage/level/part, the candidate may be allowed to sit at the next succeeding stage/level/part simultaneously with the subjects referred. The candidate pays prescribed examination fee for the referred subject/s at the rates given on schedule above.

The Institute of Forensic Accountants of Pakistan (IFAP) will issue the following certificates:-

Exemption Certificates

Subject to exemption rules and conditions described and approved by the Executive Council/Exemption Committee of The Institute of Forensic Accountants of Pakistan (IFAP).

Pass Certificates

On completing each stage/level/part a Pass Certificate for the stages/levels/parts will be issued. On completion all the stages/levels/parts a Pass Certificate will be issued to that affect but it should not be implied that the holder of such certificate is a member of the Institute.

Membership Certificates

Certificate of Membership (CoM) will be issued to those upon whom membership of the Institute has been conferred in accordance with the prescribed conditions of membership as approved by the Executive Council/Membership Committee of The Institute of Forensic Accountants of Pakistan )IFAP).

The following acts of a student will amount to misconduct in an examination and therefore shall be liable to disciplinary action against him/her if found of any of these acts which are strictly prohibited:-

  1. Possessing or taking into examination from any books, notes or other materials.
  2. Aiding or attempting to aid another candidate or obtaining or attempting to obtain aid from another candidate.
  3. Disobeying the instructions of examination invigilator or committing breach of examination rules and discipline.
  4. Giving false and misleading information to the examination invigilator.

The invigilator is authorized to remove the candidate from the examination hall if h/she finds him/her guilty of the foregoing acts. On the report of the invigilator the Executive Council/Examination Committee of the Institute may impose such penalties/fines as it may consider fit in each case. For serious acts of misconduct and misbehaviour at the examination hall the Executive Council/Examination Committee of the Institute is also likely to debar a student from the Institute’s examination and also cancellation of his/her registration with the Institute.

Applications to sit at the examinations must accompany the fees at the rates prescribed on schedule given below. A candidate will be allowed to sit at the examination for not more than full two stages/levels/parts at a time. Even if a candidate is granted exemption in one or more subjects of a stage/level/part of two stages/levels/parts this condition will be applicable.

A candidate is required to sit at the examination for full part at a time unless otherwise he/she avails the exemption granted to him in the subject or subjects of the level/part for which he/she has applied to sit at the examination.

A candidate who fails to attend an examination will be marked absent from the examination. The examination fees once paid and the application for examination accepted by the Institute, the examination fees will not be refunded or carried forward towards subsequent examination no matter such absence any be due to any reason whatsoever.

The Executive Council/Examination Committee of the Institute is vested with the power to exercise all the powers regard to the planning and conduct of the examinations of the Institute and to frame such rules and regulations as may be necessary in that behalf. The main functions inter-alia include:-

  1. Sanctions the formation of branches and examination centres within and outside Pakistan under the Institute; appoint representative in any place, and may regulate by bye-laws, the conduct and scope of the activities of any branch and examinations centres have power to dissolve any branch and examination centre and remove any representative connected with the Institute.
  2. Appoint, remove or suspend the examinations.
  3. May from time to time make and issue rules and regulations for the holding of examinations under and subject to prescribed regulations and the bye-laws.
  4. May hold the examinations at one or more places at least once but not more than twice a year in the prescribed subjects and in accordance with the rules of examinations made under the articles.