Forensic Accounting & Fraud Prevention by ICAI Certification

Have you ever wondered - How Good is the Certificate Course Forensic Accounting & Fraud Prevention by ICAI?

In fact: In today's article, we have Toshaj Oza who explains how doing this certificate course from ICAI help him in his career.

Toshaj is Chartered Accountant | Certified Fraud Examiner (CFE) | FAFP - CIT ICAI | DISA - CIT ICAI.

Please note: Every professional body has its own certification course. However, the most popular one is CFE by ACFE.

What are the certification courses to become a Forensic Accountant?

After qualifying as a Chartered Accountant, I decided NOT TO get into – The Traditional Auditing or Tax practice. I wanted to specialize in a field but I did not know which field.

I researched the available alternatives and Forensic Accounting just seemed to be perfect for me.

When I qualified as a Chartered Accountant from The Institute of Chartered Accountants of India (ICAI) I researched and found the following courses available related to forensic accounting:

1. Forensic Accounting and Fraud Examiner – IFS EDUCATION DEPARTMENT
2. Forensic Accounting and Fraud Prevention as offered by The Institute of Chartered Accountants of India (ICAI)
3. CFE by Association of Certified Fraud Examiners – ACFE
4. Institute of Certified Forensic Accountants
5. http://indiaforensic.com/
6. Gujarat Forensic Sciences University
7. CA ANZ has recently (2018) introduced the Forensic Accounting specialization module in its CA qualification. If a qualified Chartered Accountant has a similar experience they can enrol in this module. For details please visit the links  Specializations Forensic Accounting and Member services Forensic.
8. There are many Forensic Accounting Degree Courses also available with International Colleges.
9. Similarly, Chartered Accountants and CPA Institutes from different countries have their own certifications for members.

Based on my research I decided to pursue the course offered by:

Association of Certified Fraud Examiners (ACFE)– That is a CFE course.

• I also completed the certificate course on Forensic Accounting and Fraud Prevention (FAFP) as offered by ICAI (Since I am based in India I chose the certification course from Indian CA professional body).

Forensic Accounting and Fraud Prevention as offered by The Institute of Chartered Accountants of India (ICAI)

I applied for the post-qualification course on Forensic Accounting & Fraud Prevention (FAFP) immediately after my internship was over. I was the youngest member of that batch.

My main goal of attending FAFP – To meet different Forensic Accountants, speak to them and understand Forensic Accounting from them.

I was also looking for potential colleagues who are into Forensic Practice.  It was at the FAFP course I got introduced to Pipara and Co LLP, Ahmedabad (India) and took up the opportunity to work there.

To Conclude...

• The certificate is just like a trailer (simple and sweet!). It will just show a glimpse of the field i.e Forensic Accounting & Fraud Detection.
• Although, it is also very useful to meet fellow members who are already practicing in that field or looking for opportunities in that field. It is better for making good connections.
• You would also get a better understanding of how are opportunities by discussing with the lecturers.
• Moreover, your chances of being empanelled in any forensic accounting-related work increases. In fact, I got my first job opportunity in a Forensic Accounting Firm while attending this Certification Course by The ICAI!
• All in all, I would say that it is a good option if you're looking to start a career as a Forensic Accountant. However, as a professional certification, it is certainly not enough. If you want to be recognized as a serious forensics specialist and a fraud auditor, I would personally recommend doing CFE (Certified Fraud Examiner).
• So, my advice to all is – Even if you have no clue about Forensic Accounting join a few courses like this to network and connect to other firms - he concluded.

Please note the above are facts stated from my experience. It may/may not work for everyone so please do your own research before going ahead.

Now It’s Your Turn!!!

And now I’d like to hear from you:

Which strategy from today’s post are you excited to try first? Have you done CFE?

Or maybe you have a question about something you read.

Either way, let me know by leaving a comment below right now. If you have a specific question, comment below.