Who we are?
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.
Why we exist?
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.
What we do?
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.
How we regulate?
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.