Institute of Forensic Accountants of Pakistan

IFAP has present 289 members including Associates and Fellows (AFAs & FFAs) who are working in industry, trade and services in both public and private sectors. The membership of IFAP is rapidly increasing. A person desirous of becoming a member of the Institute is required to pass the Final examinations conducted by The Institute of Forensic Accountants of Pakistan (IFAP). He is further required to possess practical experience ranging from three to four years. A person after passing the Final examination may enroll as Forensic Accounting Professional Affiliate-IFAP. After qualifying in the Final examination and acquiring three to four year experience, he is eligible to be admitted as an Associate member and can use the letter “AFA” (Associate Forensic Accountant/Associate Forensic Auditor) after his name to indicate that he is an Associate. Senior Associate members may be entitled to become Fellows and on admission can use the letter “FFA” (Fellow Forensic Accountant/Fellow Forensic Auditor). No person except a member of the Institute can use the designation Forensic Accountant/Forensic Auditor or use the letters “FA” before or after his name.

The membership of The Institute of Forensic Accountants of Pakistan (IFAP) could be obtained subject to fulfilment of the following conditions as to:-

a. Educational Qualifications (Academic and Professional)
i. By passing the prescribed examinations as laid down in constitution of the Institute, prescribed and approved by the Executive Council of the Institute and thereafter acquiring the practical job experience or

ii. By submission of the documentary evidence to the satisfaction of the Executive Council of the Institute that the applicant for membership holds such academic or professional qualifications of Accounting, Auditing, Forensic Accounting, Forensic Auditing and practice and the related subjects as the Executive Council considers equivalent to the prescribed qualifications and standards of the Institute, or

iii. If the applicant for membership is a member of another professional Institute of Forensic Accounting and Forensic Auditing whose examinations are considered by the Executive Council to be equivalent to the examinations of the Institute.

b. Approved Practical Job Experience
i. If the applicant for membership has gained not less than five (05) or more years practical job experience of the type prescribed, such experience may include his period of service as an employee in the regularly constituted Forensic Accounting and Forensic Auditing Department of a business organization of good standing so recognized by the Executive Council of the Institute.

ii. If an applicant for membership is graduate or master of Commerce or Master of Business Administration of a recognized University, the Executive Council may reduce by not more than half year the period of practical job experience mentioned in constitution of the Institute.

iii. If the applicant for membership has attained the age of 23 years.

iv. If the general conduct, experience and suitability of the applicant for membership are in accordance with the standards prescribed and approved by the Executive Council of the Institute.

How will membership of the Institute benefits me?

Becoming a member of a professional body sends a strong signal about your commitment to your work. Becoming a member of The Institute of Forensic Accountants of Pakistan (IFAP) signals to employers that you:-

> Have the right educational background and experience.
> Have already demonstrated competence in performing the required roles and tasks in the workplace.
> Have had your competence verified at many stages throughout your qualifying path for admission to membership.
> Are committed to Continuing Professional Development/Continuing Professional Education (CPD/CPE) maintaining the knowledge and skills needed to perform your role.
> Are committed to the high technical, ethical and behavioral standards of The Institute of Forensic Accountants of Pakistan (IFAP).

Forensic Accounting professionals can command some of the highest salary levels in the business sector. Without a professional designation, are unlikely to be able to achieve those levels. Joining the Institute (IFAP) will open the doors necessary to achieve your goals.

What are the benefits of Membership of IFAP?

As well as assuring potential employers about your level of commitment, skill and experience, membership of The Institute of Forensic Accountants of Pakistan (IFAP) offers you:-

> A full range of services to support you in your professional capacity.
> A credible quality assurance process recognized by employers and clients that enhances your reputation as a professional Forensic Accountant/Forensic Auditor (FA).
> An internationally recognized qualification in Forensic Accounting, Forensic Auditing, Forensic Investigation, Business Valuation Management & Fraud Examination.
> The opportunity to contribute–actively or through your support of the Institute–in a wide range of advocacy and standards development activities, both in Pakistan and

A Full Range of Services

The Institute of Forensic Accountants of Pakistan (IFAP) membership gives you access to a community of diverse business professionals, with opportunities for mentoring and support, business advice, fellowship and social interaction. You will be entitled to enjoy a range of services and other benefits that come with belonging to a professional body including:-

> A comprehensive program of continuing professional development activities.
> Networking prospects through an extensive branch network of members.
> Access to online services, including electronic library and search facilities.

Quality Assurance

Members of the accountancy profession have an important role in Society as trusted expert business of professionals. This imposes a duty to:-

> Work to the highest standards of professionalism.
> Attain the highest levels of performance.
> Act in the public interest.

The Code of Ethics sets our members apart from others who provide services to the public as it imposes a set of principles we work by. We train provisional members in these principles, we
provide support for members in applying the standards, we monitor the maintenance of high standards of competence and behavior, and we apply a structured process for investigating and resolving any complaints. This gives clients and employees a strong reason to select our members in preference to other people who are not members of a professional body.

International Recognition

The Institute of Forensic Accountants of Pakistan (IFAP) enjoys international respect. Our members are internationally recognized as holding a world class business designation and enjoy reciprocal membership rights with the leading professional accounting bodies. The international recognition our members enjoy makes working in the global economy easier.

Advocacy and Standards Development

Opportunities to influence decisions arise at various stages as the Government and international standards setting bodies formulate policy. Through providing credible and high quality submissions, and drawing on the knowledge and experience of the Institute’s members, The Institute of Forensic Accountants of Pakistan (IFAP) has been able to make a contribution to policy development and standards setting in Pakistan, across the UK, USA, Canada, Australia, India and internationally. The public interest, rather than our member’s interest, forms the basis of all of the Institute’s advice. This approach is necessary if the Institute is to maintain its credibility.

Persons suffering from natural, legal, educational or other disabilities shall be considered disqualified for the membership of the Institute and the Executive Council is empowered to exercise absolute authority in imposing such restrictions on the entry of persons as it deems necessary and appropriate in case of following applicants for membership who:-

i. Are insane or of unsound mind,
ii. Are insolvent,
iii. Are not properly qualified as required under the rules of the Institute.
iv. Have been found guilty of any act discreditable to the profession or professional misconduct by the disciplinary committee of the Institute.
v. Have been working against the interest of the Institute or otherwise found guilty of infringing any of the bye-laws, rules and regulations of the Institute,
vi. Refuses or neglects to give effect to any decision of the Institute or of the Executive Council of the Institute.
vii. Fails to pay the annual subscription or any other amount due by him/her to the Institute within twelve months from the date such debt has become due.

The FA Program is a career-oriented professional certification program. This career-orientation is built into the design and administration of the FA Program. The body of knowledge, curriculum design, education methodology, examination and grading process, all has a thrust on improving the skills for new career opportunities of the candidates.

Placement Services

The Institute of Forensic Accountants of Pakistan (FAP) has an active placement program to assist the FAs in getting suitable placement. The Institute of Forensic Accountants of Pakistan (IFAP) constantly interacts with industry representatives at various forums including Seminars, Conventions, Executive Education Programs, etc and networks with them for placement of the FAs. As a part of the placement efforts, every year The Institute of Forensic Accountants of Pakistan (FAP) placement team visits a number of potential employers and placement consultants and they are appraised of the level of knowledge and practical application skills acquired by FAs in various areas of finance and their utility to the organization as effective finance professionals.

The profiles of the FAs seeking placement assistance are made available to potential employers. The FA Membership Directory which covers the profiles of the FAs is extensively circulated among employers and placement agencies. Placement meets and workshops are part of our placement program.

All candidates who enroll into the FA Program will be provided guidance in career planning as they progress into the higher levels of the program. Through workshops and other career guidance support, the candidates get the opportunity to prepare well for the placement program and thus augment their chances for better placement. The Institute of Forensic Accountants of Pakistan (IFAP) believes that the entire placement exercise is a joint effort between IFAP and the candidates. While IFAP gives the guidance and support and networks with potential employers, the candidates have the responsibility to put in maximum possible efforts to get suitable placement.

Membership of The Institute of Forensic Accountants of Pakistan (IFAP) is conferred upon fulfilment of the conditions described in the constitution of the Institute, but nevertheless the following procedure must be followed for applying which also includes the conditions binding upon the applicant on admission as a member:-

i. A person seeking admission to membership of the Institute shall make an application in the prescribed form along with the amount of requisite fee payable and shall also provide the Executive Council with such other information as may be required by the Executive Council of the Institute.

ii. Every person upon applying for admission to membership sign an undertaking that he/she will, if admitted, so long as he/she is a member, duly observe the regulations and the bye-laws of the Institute for the time being in force and that he/she will not use the professional designation nor the designatory letters denoting his/her membership of the Institute except while he/she remains a member of the Institute.

iii. The Executive Council of the Institute shall have full discretion subject only to those regulations and the bye-laws to accept or reject all applications for admission to membership. The Executive Council’s decision shall be final and it shall not be liable to give any reasons therefore.

Every member shall be entitled to a Certificate of Membership in the form prescribed. All membership certificates issued by the Institute shall remain the property of the Institute and the
holder of a membership certificate is bound to return the said membership certificate to the Institute on his/her ceasing to be a member of the Institute for any reason whatsoever.

Subject to fulfillment of conditions laid down in the Constitution/Articles of Association, persons admitted to the membership of The Institute of Forensic Accountants of Pakistan (IFAP) shall be eligible to use the following designation and the designatory letters except as otherwise provided:-

Associate Member (AFA)
A person may be admitted as an Associate Member if he fulfills the conditions laid down in the Constitution/Articles of Association of the Institute shall be entitled to use the designatory letters AFA (Associate of The Institute of Forensic Accountants of Pakistan).

Fellow Member (FFA)
An Associate Member of the Institute who has attained the practical Forensic Accounting and Forensic Auditing experience described in the Constitution/Articles of Association of the Institute aggregating to at least five (05) years or more shall be entitled to use the designation Fellow of The Institute of Forensic Accountants of Pakistan (IFAP) and shall be entitled to use the designatory letters FFA (Fellow of The Institute of Forensic Accountants of Pakistan (IFAP).

The Executive Council/Membership Committee is vested with the absolute power to accept or reject any application for membership of the Institute without assigning any reason. However,
an appeal could be made by the applicants to the Executive Council/Membership Committee of the Institute who may if it deems necessary reconsider cases referred to it for revision. This
Executive Council/Membership Committee is empowered to exercise any or all powers vested in the Executive Council of the Institute described in the Constitution/Articles of Association of the Institute dealing with the admission of members and all matters relating to suspension, termination thereof and framing of the bye-laws under these provisions.