FAQ's
What is IFAP?
IFAP stands for the Institute of Forensic Accountants of Pakistan. It is a professional organization dedicated to promoting excellence in forensic accounting and forensic auditing. The Institute of Forensic Accountants of Pakistan (IFAP) was established/set up in 2009 at Islamabad, Federal Government of Pakistan, a Certificate of Registration obtained from Registrar Joint Stock Companies, under the Societies Registration Act of XXI of 1860. Also registered with the Intellectual Property Organization (IPO Pakistan).
What are the functions of the IFAP?
The IFAP (Institute of Forensic Accountants of Pakistan) serves several important functions, including:
Development and Regulation
IFAP plays a crucial role in developing and regulating the profession of forensic accounting and forensic auditing in Pakistan.
Examinations
IFAP conducts examinations for individuals pursuing the Forensic Accountant/Forensic Auditor (FA) Program, ensuring they meet the necessary educational standards.
Promoting Scientific Methods
IFAP promotes and encourages the use of scientific methods in the fields of forensic accounting and forensic auditing to enhance their effectiveness.
Professional Development
The institute focuses on equipping its members with the skills and knowledge needed to excel in the areas of forensic accounting and auditing.
Ethical Standards
IFAP exercises supervision over individuals entering the profession, ensuring they adhere to the highest ethical standards in their work.
Seminars and Conferences
IFAP organizes seminars and conferences throughout Pakistan to discuss topics of professional interest, fostering knowledge sharing and development.
Research Activities:
The institute conducts research across various economic sectors and publishes books and materials relevant to the profession, benefiting its members.
Professional Journal
IFAP publishes a respected in-house professional journal called "The Forensic Accountant Pakistan" to share insights and updates with its members.
Government Interaction
IFAP maintains regular communication with government bodies, regulatory authorities, and chambers of commerce and industry to stay informed about relevant issues.
Standards Issuance
The institute is responsible for issuing standards related to forensic accounting and forensic auditing, contributing to the establishment of best practices in the field.
These functions collectively contribute to the growth and development of the forensic accounting and auditing profession in Pakistan.
How can I become a member of IFAP?
To become a member, you must complete the Forensic Accountant/Forensic Auditor (FA) Program and meet the eligibility criteria. You can find details on our website.
What are the eligibility criteria for the FA Program?
IFAP welcomes graduates from various disciplines with a minimum of 50% marks and candidates aged 18 or above. Final-year bachelor's degree students can also apply.
How long does it take to complete the FA Program?
How long does it take to complete the FA Program?
Are there exemptions for prior qualifications?
Yes, candidates with certain academic and professional qualifications may be eligible for exemptions. Please refer to our exemption policy for details.
How are examinations conducted?
Examinations are held twice a year, in January and July. They consist of multiple-choice questions, numerical problems, case studies, and project work.
Can I access training classes?
Yes, training classes are available and highly recommended. They are held at various IFAP centers and are beneficial for exam preparation.
What are the benefits of IFAP membership?
IFAP membership offers networking opportunities, access to educational resources, and recognition as a qualified forensic accountant/auditor.
Where can I find study materials for the FA Program?
IFAP provides comprehensive study materials designed for independent study. These materials are regularly updated.
What is the Diploma in Investigative & Forensic Accounting (DIFA) Program?
DIFA is a program designed for those with intermediate qualifications to develop skills in investigating fraud and providing expert reports for legal proceedings.
Can I get exemptions for prior qualifications in the DIFA Program?
Exemptions for DIFA are available based on eligibility. Please refer to our exemption policy for specific details.
How do I register for IFAP courses and exams?
You can obtain registration forms from IFAP's head office in Islamabad and follow the instructions provided.
How are results announced?
Results are typically released at least seven weeks after the exams. Candidates are notified individually and can check their grades on our website.
What is the purpose of MOUs with other organizations?
IFAP's MOUs (Memorandums of Understanding) facilitate cooperation and collaboration with other institutes and organizations, promoting knowledge sharing and enhancing professional standards.
Where can I find coaching and training classes for IFAP courses?
IFAP offers coaching and training classes in various locations in Pakistan and the UAE. Details are available on our website.
How can I contact IFAP for more information?
You can contact IFAP through our website, email, or at our head office in Islamabad. Visit the Contact Us section for details.
I am a non-commerce graduate. If I join the FA Program, can I cope with it?
Yes, you can. Nearly half of FA candidates come from non-commerce backgrounds. With dedication and hard work, you should be able to manage the FA Program effectively.
I am a Chartered Accountant/Cost & Management Accountant. How will the FA Program help me?
The FA Program will build on your accounting and auditing foundation, deepening your insights into Forensic Accounting, Forensic Auditing, and related subjects. It will enhance your ability to apply forensic accounting knowledge in practical scenarios.
Can Chartered Accountants/Cost & Management Accountants use the FA Designation after qualifying in the IFAP examinations?
Absolutely, Chartered Accountants/Cost & Management Accountants can pursue the FA Program, become IFAP members upon completion, and use the FA Designation without any restrictions.
I am a qualified Company Secretary/Corporate Secretary/Chartered Secretary. In what way will the FA Program be useful to me?
The FA Program, with its focus on Forensic Accounting and Auditing, can greatly benefit professionals like you. It offers a comprehensive perspective on these areas, which can add value to your career, especially when dealing with high-level management matters.
Is it possible to pay the fee in installments?
Yes, IFAP provides an installment facility for the FA Program's fees. You can make convenient monthly payments using post-dated cheques or post-dated credit card slips.
Is there any Admission Test for enrolling in the FA Program?
No, there's no Admission Test. The FA Program is open to applicants who meet the eligibility criteria, whether for physical classes, distance learning, or online learning.
I am told that the IFAP examinations are very tough and extremely difficult to pass. Can you clarify?
While IFAP exams are rigorous to assess candidates' understanding and practical skills, they can be cleared with regular and reasonable effort. They are not as daunting as you might have heard.
Is the FA Program of IFAP recognized by the Government of Pakistan?
Yes, the Federal Government of Pakistan has registered and approved the Forensic Accountant (FA) Program. Many government and quasi-government organizations support their employees in doing the FA Program. Furthermore, employers highly recognize the FA qualification.
Will IFAP provide any placement assistance to the FAs?
Yes, IFAP has an active placement program managed by a Placement Committee. This committee offers guidance and networking opportunities with potential employers to assist FAs in finding suitable placements. However, the placement process is a joint effort between IFAP and the candidates, requiring candidates' active participation in securing suitable positions.
What is ethics and professional skepticism and what do I have to do?
Ethics and professional skepticism go beyond just being aware of rules related to confidentiality, integrity, objectivity, and independence. It involves recognizing ethical challenges, comprehending their consequences, and responding appropriately. In the FA qualification, we embed ethics into the curriculum to enhance your ethical decision-making skills. This ensures that you can consistently make correct decisions and provide sound justifications. Ethics is assessed at all levels of the AFA/FFA program.
What is forensic accounting?
Forensic Accounting, often misconceived as "accounting for deceased individuals," is more accurately described as investigative accounting. It entails a thorough review and analysis of financial documents and records, primarily with the intention of presenting them as evidence in a legal setting, such as a court of law. Forensic accountants specialize in delving into financial irregularities, uncovering fraud, and addressing financial disputes for legal purposes. This specialized field combines accounting, auditing, and investigative expertise to unveil instances of financial misconduct.
Who Retains Forensic Accountants (FAs)?
Forensic Accountants (FAs) are hired by a variety of entities, including law firms, corporations, banks, government agencies, insurance companies, and other organizations. Their role is to examine, interpret, simplify, and present intricate financial and business matters in a clear and straightforward manner.
How is forensic accounting different from an audit?
Forensic accounting differs from a traditional audit in that it focuses on investigating financial discrepancies, fraud, and disputes for legal purposes. While audits are typically conducted to ensure financial statements comply with accounting standards, forensic accounting is concerned with uncovering financial wrongdoing and providing evidence for legal cases. Forensic accountants play a crucial role in bridging the "expectation gap" between public expectations and auditing standards.
Do I need a Forensic Accountant (FA)?
You may need a Forensic Accountant (FA) in various situations, including divorce proceedings, business disputes, cases of employee fraud, probate estate matters, financial statement fraud, white-collar crime, and Ponzi schemes. If you're facing challenges in finding financial information, identifying fraudulent transactions, or calculating damages resulting from injuries caused by someone else's fault, it's advisable to consult a Forensic Accountant (FA) for their expertise.
What is the difference between Forensic Accounting and Fraud Examination?
You may need a ForensiForensic accounting and fraud examination are related but distinct fields. Forensic accounting involves a wide range of professional accounting services conducted by Forensic Accountants (FAs) in anticipation of litigation. This can include addressing issues like fraud, bankruptcy, valuation, and more. On the other hand, fraud examination is a narrower field that focuses solely on anti-fraud matters. It can be carried out by either Forensic Accountants (FAs) or non-accountants and deals specifically with identifying and preventing fraudulent activities.c Accountant (FA) in various situations, including divorce proceedings, business disputes, cases of employee fraud, probate estate matters, financial statement fraud, white-collar crime, and Ponzi schemes. If you're facing challenges in finding financial information, identifying fraudulent transactions, or calculating damages resulting from injuries caused by someone else's fault, it's advisable to consult a Forensic Accountant (FA) for their expertise.
What is a FA Designation?
A Forensic Accountant (FA) is a specialized professional trained to detect and deter various white-collar crimes and financial crimes. To earn the FA designation, individuals must meet rigorous admission criteria set by The Institute of Forensic Accountants of Pakistan (IFAP). They are also required to uphold the highest ethical standards and adhere to the IFAP's Code of Professional Ethics. The FA designation signifies applied competence in Forensic Accounting, Forensic Auditing, Forensic Investigation, and Fraud Examination. Successful completion of the FA Exam demonstrates the ability to conduct comprehensive, efficient, thorough, and ethical fraud investigations. Members of the Institute have expertise in fields such as fraud investigation, criminology, auditing, loss prevention, law, law enforcement, education, and more.
How can a Forensic Accountant (FA) help my case?
Forensic Accountants (FAs) play a valuable role throughout the litigation process. During discovery and fact-finding, they can advise you on the necessary documentation for your investigation. They assist in identifying accounting and valuation questions relevant to your case, helping with requests for production and deposition questions. The involvement of a Forensic Accountant (FA) early in the litigation process can streamline trial strategies and provide valuable support.
What qualities should I look for in selecting a Forensic Accountant (FA)?
There are a number of qualities you should look for when selecting a Forensic Accountant (FA) to work with on your case. The following summarizes some of the factors to consider in selecting a Forensic Accountant (FA) or Valuation Consultant on a legal matter:
Experience: Consider how many years of practical accounting and expert consulting experience the Forensic Accountant (FA) has.
Education: Check if they are licensed as a Forensic Accountant (FA) and if they hold any professional designations. It's important to know if they actively pursue continuing education, read relevant books, and stay updated with publications.
Ability To Communicate: Ensure that the FA can explain complex accounting concepts and financial issues in a way that a jury can easily understand. Look for signs that they have experience giving presentations to attorneys and other professionals.
Impartiality: Verify if the FA can maintain objectivity. Have they worked as a consultant for both plaintiffs and the defense in legal cases? This impartiality is crucial.
Credibility: Assess whether the FA appears honest and believable. Consider how they might be perceived by a judge or jury, as credibility is vital in litigation.
Support: Evaluate the level of advice and support the FA can provide during case preparation for trial. Look for commitment to your case without any bias.
Confidentiality: Ensure that the FA understands the importance of the attorney-client relationship and has experience handling highly sensitive documents. Confidentiality is a critical aspect of their role.