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The International Institute Of Certified Forensic Accountants, Inc. IICFA, USA Page 0

INTERNATIONAL INSTITUTE OF CERTIFIED

FORENSIC ACCOUNTANTS, INC. IICFA, USA

Syllabus for CCFA

Qualifying Exams

A Member of the International Federation of Forensic Accountants & Auditors (IFFAA)


A PUBLICATION OF THE INTERNATIONAL INSTITUTE OF CERTIFIED FORENSIC

ACCOUNTANTS, INC., USA

Copyright © International Institute of Certified Forensic Accountants, IICFA, USA, 2014

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without prior Permission from the Institute of Chartered Certified Forensic Accountants. INTERNATIONAL INSTITUTE OF CERTIFIED FORENSIC ACCOUNTANTS, INC USA

Registered Office Address: 16192 Coastal Highway, Lewes, DE 19958, Sussex

USA

Administrative Office: LBV 73 Community 17 Lashibi, Tema Ghana

Tel: +233(0)303931477

Mobile: +233(0)244709741

+233 (0) 504422455

[email protected] www.iicfaglobal.com


Table of Contents Introduction .............................................................................................................................................................. 3

Features of the Professional Examination Scheme.............................................................................................. 6

Objectives and Expected Performance Outcome of Each Level........................................................................ 7

The Chartered Certified Forensic Accountant, CCFA ........................................................................................ 8

PROFESSIONAL LEVEL 1 ..................................................................................................................................... 9

1.1 Principles of Forensic Accounting ............................................................................................................ 9

1.2 Principles of Fraud Examination ............................................................................................................ 14

1.3 Principles of Taxation ............................................................................................................................... 19

1.4 Financial Accounting Foundation .......................................................................................................... 23

1.5 Business Management Studies ................................................................................................................ 29

PROFESSIONAL LEVEL 2 ................................................................................................................................... 34

2.1 Forensic Criminology and Legal Studies ..................................................................................................... 34

2.2 Corporate Fraud and Internal Control ......................................................................................................... 38

2.3 Financial Statement and Institution Fraud................................................................................................... 43

2.4 Financial Reporting ......................................................................................................................................... 47

2.5 Forensic Investigation Techniques ................................................................................................................ 52


3.1 Management Accounting and Cost Control ................................................................................................ 59

3.2 Computer Forensics and Cyber Crime ......................................................................................................... 64

3.3 Financial Management Strategy .................................................................................................................... 69

3.4 Financial Crime Law ................................................................................................................................. 75

3.5 Litigation and Expert Witnessing ........................................................................................................... 80


4.1 Advanced Forensic Accounting .................................................................................................................... 84

4.2 Strategy and Corporate Governance............................................................................................................. 88

4.3 Advanced Financial Reporting ...................................................................................................................... 96

4.4 Assurance and Professional Practice .......................................................................................................... 101

4.5 Compliance, Ethics and Public Governance .............................................................................................. 110

Entry Requirement .............................................................................................................................................. 114

Exemption Policy ................................................................................................................................................. 114

Capstone Path to CCFA Certification ............................................................................................................... 114

CCFA Exams Period ............................................................................................................................................ 115

Alliances ................................................................................................................................................................ 115

The Chartered Doctorate (Ch.D,) ...................................................................................................................... 115


Introduction

The International Institute of Certified Forensic Accountants, Inc. IICFA - USA formerly

(Association of Chartered Certified Forensic Accountants, ACCFA) is an international

organization for Forensic Accounting Professionals globally. The IICFA is incorporated in

the USA under the State laws of Delaware.

The IICFA awards the CCFA and the CGFA Credentials to only individuals who have

passed the rigorous qualifying examinations held by the Institute.

The Chartered Certified Forensic Accountant, CCFA is the Flagship Credential of the IICFA

and the Certified General Forensic Accountant, CGFA is designed for Forensic Accounting

Generals. The IICFA credentials are the global standard for Forensic Accounting Education,

Certification and Accreditation globally.

IICFA is also a pioneer member of the International Federation of Forensic Accountants and

Auditors, IFFAA

Mission

IICFA’s mission is to promote Forensic Accounting Education, Certification and Training

Globally.

Vision

The vision of IICFA, USA is to be a reference point in forensic accounting certification

globally.

Objectives;

To enhance the quality of the principles and practice of the Forensic Accounting

Profession Globally.

To undertake research and education to promote the advancement of knowledge of

the theory and practice of Forensic Accounting

To hold and administer professional examinations and award certificates, diplomas

and prizes.

To collaborate with other professional bodies and educational institutions with a view

to promoting the principles and practice of the quality of Forensic Accounting

nationally and internationally.

To maintain a high standard of professionalism, probity and credibility among

members of the Institute


Board of Governors, BoG

The IICFA, USA is governed by the Board of Governors, BoG which takes strategic decision

towards the future growth of the Institute. The Board of Governors, BoG consists of the

President, the Chairman, and the Vice Chairman respectively and is assisted by the Board of

Regents, BoR and the Global Council of Regional Directors, GCRD.

Board of Regents, BoR

The Board of Regents comprises experts and experienced Chartered Certified Forensic

Accountants, CCFA’s who provides expert advise on various topical forensic accounting

issues and mentor newly qualified CCFA’s. The Regents are appointed by members of the

Institute every two years.

Leadership

The leadership of the IICFA, USA is made up of various committees steering the affairs of

the Institute. Every committee member must be a CCFA in good standing. The following are

the committees;

Global Council of Regional Directors, GCRD

The Global Council of Regional Directors has the responsibility to oversee the overall

governance and professional development of IICFA, USA Regional Directors and their

corresponding chapters. It is the mission of this council to implement strategic planning as it

relates to the guidance, governance, and enrichment of IICFA, USA and its chapters in

support of the organization’s strategic goals.

Education and Research Committee, ECR

The responsibilities of the Education and Research Committee, ERC are to undertake

research and education to promote the advancement of knowledge of the theory and practice

of the Forensic Accounting through publications, training, exams and collaboration with

other professional bodies and academic institutions.

Ethics and Professional Standards Committee, EPSC

The responsibilities of the Ethics and Professional Standards Committee, EPSC are to ensure

the maintenance and enforcement of the code of conducts, ethics and professional standards

of the Institute and also to ensure complaints and disciplinary actions are resolved among

members.

Finance Committee, FC

The Finance Committee is responsible for reviewing and providing guidance for the

organization's financial matters. Specifically, the committee assures internal controls,


independent audit, and financial analysis for the organization. The Finance Committee is

responsible for oversight of external communications related to IICFA, USA’s finances,

requiring prior approval from IICFA, USA’s Board of Governors.

Membership

FCCFA – The FCCFA means Fellow of Chartered Certified Forensic Accountant awarded to

only those CCFA’s who have contributed extraordinarily towards the progress and growth

of the Institute. CCFA’s with 5 years progressive post qualification experience can apply for

fellowship status. The FCCFA is the highest level of membership in the Institute.

CCFA – The CCFA’s are those members who have written and passed the qualifying exams

of the Institute

Students Membership – Students Membership is open to all students studying the CCFA

exams.

Corporate Membership – These are Practicing Chartered Certified Forensic Accounting

Firms and other Corporate/Academic Institutions that support the objectives of the Institute.


Features of the Professional Examination Scheme

The Professional Examination Scheme of the Institute comprises the following and is subject

to review from time to time in order to meet the rapid changes in both theory and practice in

the global Forensic Accounting Fraternity.

Four (4) Level, five (5) papers each of 20 papers in total

Clearly defined and obtainable learning outcome from each part. This will enable

partly qualified candidates to be placed in industry and on other programs

respectively.

A more intellectual, easy to fit and implement, graduate conversion and exemption

scheme to enable higher grade candidate entrants thus, degree and diploma holders to

gain sufficient Forensic Accounting competence and double up their eventual

professional Forensic Accounting Qualification.

All Students have ten (10) years from the date of registration within which to

complete all the examination of the Institute of Chartered Certified Forensic

Accountant. After the ten (10) years period any students who has not completed the

examinations of the Institute will not be eligible to take further examinations of the

Institute.

More emphasis on Business strategy, reporting, analysis, investigation and

communication thereby making candidates to appreciate the overall realities of the

business environment making the strategic decision makers and to use advisory skills

more effectively.

Increased emphasis on business forensic investigation advisory skills at the final

level 4.


Objectives and Expected Performance Outcome of Each Level

Each of the Four (4) levels of the examination scheme has a wide objective and expected

performance outcome as indicated below. Within each subject at any level, the syllabus

coverage as well as the detailed, but specific objectives and learning outcome stated. The

broad objective and the learning outcomes of the Four (4) levels are as follows;

LEVEL 1

Five (5) foundation papers

Provision of basic principles and knowledge required to understand forensic

accounting, fraud Examination and the business environment.

LEVEL 2

Five (5) technical core papers

Test of technical competence and expertise required of global forensic accountant

Acquisition of background knowledge and skills necessary for effective performance

at middle management level.

LEVEL 3

Five (5) core papers

Emphasis on business cases, strategy and advisory skills

LEVEL 4

Five (5) core papers

Emphasis on business cases, strategy and advisory skills

Results and Interpretation

The pass mark is 50%. The results will be published as ‘Pass’ or ‘Fail’. A candidate who fails

a paper has the option to rewrite that paper in subsequent examination until his/her

candidature expires


The Chartered Certified Forensic Accountant, CCFA

The Chartered Certified Forensic Accountant, CCFA credential is the global standard in

forensic accounting certification awarded by the INTERNATIONAL INSTITUTE OF

CERTIFIED FORENSIC ACCOUNTANTS, IICFA, USA. To be awarded with the CCFA

designation one must pass all four (4) levels of the CCFA qualifying exams and obtain two

years post qualification or professional experience with a reputable forensic accounting firm.

All qualified students must undergo a three day practical forensic accounting workshop

before graduation and admission into membership. The CCFA is the global certification for

truly qualified forensic accountants. The CCFA seeks to add value to the clients or employers

who engages the services of CCFA’s. CCFA’s are saving government and corporations

millions of dollars every day through the dint of the CCFA’s skills and competence. CCFA’s

does this through transparency and integrity.


PROFESSIONAL LEVEL 1

1.1 Principles of Forensic Accounting

1. OBJECTIVES AND LEARNING OUTCOME

At the end of the course candidates should be able to;

Define and explain basic Forensic Accounting Concepts

Understand the fundamental principles and objectives of Forensic Accounting

Examine a fact related to economic damages, business valuation or other

investigations

Understand the basic concept of red flags, such as accounting anomalous, analytical

anomalous and behavioral patterns among others.

Explain the essential skills set required for the Forensic Accounting profession

Outline the Major component of Assets Misappropriation Schemes

Define skimming and describe the most common skimming schemes

Identify major users of forensic accounting information and their specific needs

Define Fraudulent Disbursement and explain its major component

Explain the Methods of Making Illegal Payments in Corruption Schemes

Explain Payroll Schemes, Lapping, Bid – Rigging, Cheque Tampering and Corruption

Identify the education and qualification forensic accountants must possess in order for

them to be admitted as expert witnesses in any court of competent jurisdiction.

Explain the Recommendations made by the Treadway Commission to curb

Fraudulent Financial Reporting

Examine the responsibilities of signing officers under the Sarbanes-Oxley Act

2. EXAMINATION STRUCTURE

The examination will be a three-hour paper of seven (7) questions. Candidates will be required to answer any five (5) questions. 3. SYLLABUS WEIGHTING GRID

This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.


SYLLABUS COVERAGE WEIGHTING %

Overview of Forensic Accounting 20

Accounting Information System and Fraud Schemes 20

The Legal Role and Qualification of Forensic Accountants 20

Gathering, Obtaining and Evaluating non – financial Evidence in Forensic Accounting 20

Auditors’ and Management Responsibilities 20

TOTAL 100

Principles of Forensic Accounting, Cont’d

MAIN TOPIC SYLLABUS CONTENT

Overview of Forensic Accounting

a. Define Forensic Accounting and Explain how the forensic accounting profession came into being

b. Narrate the history of the Fraud and the Anti-fraud Profession

c. Differentiate between the following;

Fraud Auditing and Forensic Accounting

Financial Auditors, Forensic Accountants and Fraud Auditors

Corporate Fraud and Occupational Fraud

Economic Extortion and Conflict of interest d. State and Explain the principles of fraud Audit e. Describe the skills set, knowledge and abilities required of

Forensic Accountants f. Identify the Similarities between Financial Auditors,

Forensic Accountants and Fraud Auditors g. Identify the types of organizations that will require the

services of Forensic Accountants h. State and Explain the essential skills set required for the

Forensic Accounting profession i. Define the following categories of external fraud;

Securities Fraud

Insurance Fraud

Credit Card and Cheque Fraud

Tax Fraud


Consumer Fraud and

Money Laundering

Accounting Information System and Fraud Schemes

a. Explain the Accounting information system b. Identify major users of forensic accounting information

and their specific needs. c. Define the following Forensic Analytical Software;

ACL

IDEA for Windows (Interactive Data Extraction & Analysis)

NetMap

Spreadsheets d. Define Internal fraud and identify perpetrators of internal

fraud in an organization e. Distinguish between internal fraud and external fraud f. State and Explain the three major fraud schemes g. Outline the Major component of Assets Misappropriation

Schemes h. Define skimming and describe the most common

skimming schemes i. Differentiation between Cash Larceny, Fraudulent

Disbursement and Skimming j. Define Fraudulent Disbursement and explain its majors

component k. State and explain the following;

Payroll Schemes

Lapping

Bid – Rigging

Cheque Tampering

Corruption l. Define Billing Schemes and specify the major categories of

billing schemes m. State and Explain the Major components of Expense

Reimbursement Schemes n. Define the following terms;

Shell Companies

Illegal Gratuities

Kickbacks o. Describe the process by which Lapping Scheme is

committed by fraudsters p. Define Bid – Rigging and describe its major categories q. Identify the various red flags associated with fraud

committed by vendors r. State and Explain the Methods of Making Illegal Payments

in Corruption Schemes s. Define Conflict of interest and Specify schemes of self-

dealing by an employee.


t. Explain Fixed Assets Schemes and describe how an organization suffers from such a scheme.

u. Identify major red flags associated with assets misappropriation

The Legal Role and Qualification of Forensic Accountants

a. State Explain the role that Forensic Accountants play in the legal system

b. Identify the education and qualification forensic accountants must possess in order for them to be admitted as expert witnesses in any court of competent jurisdiction.

Gathering, Obtaining, and Evaluating Non-Financial Evidence

a. Define evidence and identify the basic forms of evidence b. Evaluate Burden of Proof in civil litigation and criminal

litigation c. Differentiate between circumstantial evidence and direct

evidence d. State and Explain the factors of relevant evidence e. Discuss the Exclusionary Rule to evidence f. Explain the following;

Authentication

Chain of Custody

Digital Evidence

Hearsay

Impeachment g. Distinguish between Hearsay and Impeachment h. Describe Attorney – Client Privilege i. Explain the following attorney-client privilege protection;

Confidentiality

Professional Service

Integrity

Conflict of Interest

Due diligence

Auditors’ and Management Responsibilities

a. State and Explain management responsibilities for the quality, integrity, reliability and internal control of the financial reporting process and in accordance with GAAP and IFRS

b. Define organizational ethics c. Examine the responsibilities of signing officers under the

Sarbanes-Oxley Act d. Discuss the independent of an Audit Committee e. Identify the main responsibilities of External Auditors f. State and explain the roles internal auditors play in

preventing internal fraud. g. State and the major institutions that formed the Treadway

Commission h. Explain the following Recommendations made by the

Treadway Commission to curb Fraudulent Financial


Reporting;

Mandatory Independent Audit Committee

Written Charter

Resources and Authority

Informed, Vigilant and Effective Audit Committee

RECOMMENDED/REFERENCE TEXTS

1. IICFA Study Manual 2. Fraud Auditing and Forensic Accounting 4th Edition, Tommie W. Singleton and Aaron

J. Singleton 3. A guide to Forensic Accounting 2nd Edition, Thomas W. Golden, Steven L. Skalak,

Mona M. Clayton and Jessica Pill 4. Financial Investigation and Forensic Accounting 2nd Edition, George A. Maning, Ph.D,

CFE, EA 5. Forensic Accounting and Fraud Investigation for Non – Experts 2nd Edition, Howard

Silverstone and Michael Sheetz.


1.2 Principles of Fraud Examination


At the end of the course candidates should be able to;

Understand basic fraud examination concepts

Understand the various causes of fraud red flags

Perform Fraud Risk Assessment

Profile a fraudster and demonstrate sound knowledge in fraud examination

Understand the Fraud Tree

Apply knowledge of the Fraud Trial Angle to profile fraudsters

Understand the qualified skills and competences of Fraud Examiners

Appreciate the qualities of a Fraud Examiner

Understand the most common types of fraud businesses face in the current

environment and the prevention and detection methods

Explain effective anti-fraud detection control mechanisms

Explain fraud prevention strategies in an organization

Explain the Benefits of Fraud Risk Assessment to an Organization

Design a sample fraud risk assessment framework

Explain the classical approaches to fraud prevention control program

Describe the steps in developing a Fraud Risk Management Program

Describe the Fraud Theory Approach to Fraud Examination

Discuss the Fraud Examination Methodology

Explain the Steps in a Fraud Examination

Write a Sample Fraud Examination Report

2. EXAMINATION STRUCTURE

The examination will be a three-hour paper of seven (7) questions. Candidates will be required to answer any five (5) questions.

3. SYLLABUS WEIGHTING GRID

This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Introduction 10

Fraud Schemes 10

Fraud Detection 20

Fraud Prevention 20

Fraud Risk Assessment 20

Fraud Risk Management 10

Fraud Examination 10

TOTAL 100

Principles of Fraud Examination, Cont’d

MAIN TOPIC SYLLABUS CONTENT Introduction a. Define Fraud and distinguish between Corporate Fraud

and Management Fraud b. State and explain the similarities between the following;

Fraud

Theft

Embezzlement c. Define the Fraud Triangle and Identify its major

components d. State and explain the major reasons why people commit

fraud e. Examine the profile of a fraudster and identify who is

likely to commit fraud in an economy f. State and Explain the reasons why employees commit

fraud g. Define Fraud Taxonomy h. State and Explain the following Fraud Taxonomies

Consumer and Investor Frauds

Criminal and Civil Fraud

Fraud for and Against the Organization

Internal and External Fraud

Management and Non-Management Fraud i. Identify the types of frauds committed by the following;

Creditors

Customers

Stakeholders


Competitors

Company/Employers

Bankers

Insurance Carriers

Government Agencies j. Define Fraud tree and identify its major components

Fraud Schemes a. Define Fraud Schemes b. State and Explain the Various Red flags associated with

the following fraud schemes;

Fraudulent Financial Statement

Assets Misappropriation

Bribery and Corruption c. Explain the Characteristics of the following Fraud

Schemes;

Assets Misappropriation – Cash Receipts

Assets Misappropriation – Fraudulent Disbursement

Assets Misappropriation – Inventory and Other Assets

Financial Statement Fraud

Financial Institution Fraud

Bribery and Corruption

Consumer Fraud

Cheque and Credit Card Fraud

Health Care Fraud

Insurance Fraud

Public Sector Fraud

Internet/Computer Fraud

Securities Fraud, etc

Fraud Detection a. Define Fraud Detection b. State and explain effective anti-fraud detection control

mechanisms c. State and Explain how the following fraud schemes can

be detected;

Financial Statement Fraud Schemes

Assets Misappropriation Schemes

Corruption Schemes d. Describe how the following can be used to detect

fraudulent activities in an organization;

Horizontal and Vertical Analysis of financial reports

Ratio Analysis

Surprise Audits

Data Mining

Fraud Prevention a. Define Fraud Prevention b. State and explain fraud prevention strategies in an

organization c. Explain the axiom ‘Perception of Detection’


d. Explain the following methods of increasing perception of detection;

Surveillance

Prosecution

Anonymous tips

Catch me if you can

Enforcement of ethics and fraud policies

Surprise Audits e. Explain the following classical approaches to fraud

prevention control program;

Detective Approach

Preventive Approach

Investigative Approach

Directive Approach

Observation Approach

Insurance Approach f. Explain the Following other approaches to Fraud

Prevention;

Regular Audits

Background checks

Internal Controls

Invigilation

Fraud Risk Assessment a. Define Fraud Risk Assessment b. Distinguish between residual and inherent fraud risk c. Identify the Major Fraud Risk Factors d. State and Explain the Benefits of Fraud Risk Assessment

to an Organization e. State and explain the qualities of a good fraud risk

assessment program. f. State and Explain the Consideration for Developing an

effective Fraud Risk Assessment g. Explain the following objectives for the preparation of

fraud risk assessment;

Assembling the right team to lead and conduct the fraud risk assessment

Determining the best techniques to use in conducting the fraud risk assessment

Obtaining the Sponsor’s agreement on the work to be performed

Educating the organization and openly promote the process

h. Design a sample fraud risk assessment framework i. Discuss the following Approaches to residual fraud risks

response;

Avoid the risk

Transfer the risk


Mitigate the Risk

Assume the Risk j. State and Explain the factors to consider when reporting

the assessment results k. State and explain the fraud risk assessment

tools/modules

Fraud Risk Management a. Define Fraud Risk Management b. Describe the Fraud Risk Management Framework c. State and explain the objectives of Fraud Risk

Management Program d. Describe the steps in developing a Fraud Risk

Management Program e. Identify the Major component of a Fraud Risk

Management Program f. Examine the integration of anti-fraud initiatives into risk

management

Fraud Examination a. Define Fraud Examination b. State and Explain the Major distinctions between fraud

examination, forensic accounting and financial statement audit

c. Explain the following axioms of fraud examination;

Fraud Is Hidden

Reverse Proof

Existence of Fraud

Predication d. Describe the Fraud Theory Approach to Fraud

Examination e. Explain the following Fraud Theory Approach

procedures;

Analyzing available data

Creating a Hypothesis

Testing the Hypothesis

Refining and amending the Hypothesis f. Discuss the Fraud Examination Methodology g. State and Explain the Steps in a Fraud Examination h. Write a sample Fraud Examination Report

RECOMMENDED/REFERENCE TEXTS 1. ACCFA Study Manual 2. Principles of Fraud Examination, Dr. Joseph T. Wells 3. Corporate Fraud Handbook, Prevention and Detection, Dr. Joseph T. Wells 4. Introduction to Fraud Examination, ACFE 5. Fraud Auditing and Forensic Accounting 4th Edition, Tommie W. Singleton and Aaron

J. Singleton 6. ACFE Fraud Examiners Manual


1.3 Principles of Taxation


At the end of the course candidate should be able to;

Understand tax administration in respect of Internal Revenue Service (IRS), Value Added Tax Service (VATS) and Customs, Excise & Preventive Service (CEPS), Revenue Agencies Governing Board (RAGB).

Understand the general objectives of tax and to calculate personal income tax, capital gains tax, gift tax corporation tax and VAT in straightforward scenarios.

Understand the fundamental concepts and principles of the tax system and the relevance of taxation to personal and business activities.

Explain the general objectives of tax, the influences upon the tax system and the different types of tax.

Explain the issues arising in the course of performing tax work and identify the obligations of imposing taxes on the taxpayer and the implications for taxpayers of non-compliance.

Calculate the amounts of income tax owed by or owed to individuals.

Calculate the capital gains tax payable by individuals and the chargeable gains subject to corporation tax.

Calculate the corporation tax liabilities of companies.

Calculate the amount of VAT owed by or owed to businesses.

Explain the various taxes collected by CEPS, e.g. Import duties, Import VAT and NHIL.

Apply the tax principles and laws in the work environment.

Determine tax liabilities of taxpayers in the various tax systems.

5. EXAMINATION STRUCTURE The examination will be a three-hour paper of five compulsory questions.

6. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Tax Administration 20

Indirect Taxes 20

Direct Taxes 40

Double Taxation 5

Capital Gains Tax 10

Gift Tax 5

TOTAL 100

Principles of Taxation (Cont’d)


Tax Administration

a. Narrate how and when taxation was introduced. b. Differentiate between direct and indirect taxes. c. Examine the advantages and disadvantages of each system. d. Explain the role of taxation in the national economy. e. Describe the attributes of a good tax system. f. Explain the statutory powers and functions of the Commissioners of IRS, CEPS and VAT Service to ensure compliance with tax rules. g. Assess whether the powers of the Commissioners are adequate to enable them perform efficiently and effectively. h. Explain the rights and obligations of the tax payer. i. State the dates for filing of returns by the various categories of taxpayers and penalties for noncompliance. j. State and explain the various forms used by different taxpayers for filing returns. k. State the penalties imposed by the Commissioners and the courts. l. Explain the difference between tax avoidance and tax evasion. m. Define pecuniary penalties. n. State the penalties imposed under the various tax laws.

a. Differentiate between Customs and Excise duties b. State and explain the different taxes collected by Customs, Excise and Preventive Service (CEPS).


Indirect Taxes

c. Explain the concept of Value Added Tax. d. Identify when a business could or should register for VAT and state the time limits. e. Determine the tax point for a supply of goods or services. f. Differentiate between taxable supply (standard rated), exempt supply, relief supply and zero-rated supply.

Direct Taxes

a. Define the concepts of income and income tax. b. Enumerate and explain the various sources of income. c. Explain the concept of employment and examine the assessment of employment income. d. Examine the advantages and disadvantages of PAYE system. e. Define basic salary. f. State and explain other benefits in cash and kind associated with employment. g. Describe the determination of benefits in kind. h. Explain the meaning of tax relief and examine the various types of tax relief. i. Explain the types of income that are exempt from tax in the hands of the employee and state the rationale behind such exemptions. j. Distinguish between trade, business, profession and vocation. k. State the deductions that are allowed in determining income assessable to tax. l. State and explain deductions that are not allowed in determining assessable income. m. Explain the conditions and rationale for granting capital allowance. n. Define qualifying expenditure and explain the types of qualifying expenditure. o. Explain the methods for calculating capital allowance. p. Define unearned income, give some relevant examples and explain the mode of assessment of an unearned income. q. Differentiate between tax holidays and tax exemptions. r. Explain the rationale for granting tax holidays and tax exemptions. s. Identify the types of businesses that enjoy tax holidays and tax exemptions. t. Explain the procedures for determining assessable income, chargeable income and tax liabilities and compute actual tax liabilities. u. Explain the mode of assessment of individuals, partnerships and companies. v. Explain withholding tax, state the various types of withholding tax and examine the necessity for having withholding taxes. w. Examine the effectiveness of withholding taxes administration.

Double Taxation

a. Explain double taxation and state the need for having double taxation avoidance agreements. b. Identify the countries that have double taxation agreements with your country and explain the nature of the arrangement.


c. Define and calculate tax credit relief.

Capital Gains Tax

a. Identify chargeable assets under the capital gains tax. b. Define and explain realization. c. Define consideration received and cost base. d. Explain transactions which are exempt from capital gains tax. e. Compute capital gains. f. Explain the procedures for filing of returns and payment of capital gains and sanctions.

Gift Tax

a. Define taxable gifts. b. Determination of the value of a gift. c. State the transactions that are exempt under the Gift Tax and explain the rationale for granting the exemptions. d. Compute gift tax. e. Describe the procedure for filing and payment of gift tax and state the sanctions.

RECOMMENDED/REFERENCE TEXTS 1. IICFA Study Manual 2. Taxation for Business Decision Makers, Shirley Dennis-Escoffier and Karin Fortin, Wiley 3. Akakpo, V.K.A. Principles, Concepts and Practice of Taxation. 4. Dua Agyeman, E. Income Tax, Gift Tax and Capital Gains Tax, EDA Publications.


1.4 Financial Accounting Foundation


This paper is designed to enable candidates acquire and appreciate fundamental accounting

knowledge in businesses. At the end of the course, candidates should be able to;

Demonstrate sound knowledge and understanding of accounting principles, concepts

and their application in the preparation of financial statements

To ensure that students have a sound understanding of the techniques of double entry

accounting and can apply its principles in recording transactions, adjusting financial

records and preparing non-complex financial statements.

Able to identify and correct omissions and errors in accounting records and financial

statements.

Able to specify the components of financial statements and prepare and present non-

complex accounts for sole traders, partnerships and limited companies.

Specify why an entity maintains financial records and prepares financial statements.

Identify the sources of information for the preparation of accounting records and

financial statements.

Record and account for transactions and events resulting in income, expenses, assets,

liabilities and equity in accordance with the appropriate basis of accounting and the

laws, regulations and accounting standards applicable to the financial statements.

Prepare a trial balance from accounting records and identify the uses of the trial

balance.

Prepare accounts and financial statements from incomplete records.

Understand the different bases of preparing financial statements.

Apply some international financial reporting standards.

Define the qualitative characteristics of financial information and the fundamental

bases of accounting

2. FORM OF EXAMINATION

The examination will be a three-hour paper consisting of five compulsory questions. (All the

five questions must be answered.)

3. SYLLABUS WEIGHTING GRID

This grid shows the relative weightings of topics within this subject and should guide the

relative study time spent on each. The marks available in the assessment will equate to the

weightings below.


However, there might be slight variations in some instances as they serve as a guide only.

SYLLABUS COVERAGE WEIGHTING (%)

Conceptual Framework of Accounting, Maintaining

Financial Records Principles of Double Entry &

Books of Prime Entry 20

Adjustments to Accounting Records and Financial

Statements Accounting for non-current

Assets (tangibles and intangibles) 15

Preparation of Financial Statements including

Cash Flow 20

Preparation of Financial Statements for

Non-profit Making Organizations, Preparation of

Financial Statements from Incomplete Records 20

Accounting for specialized transactions 15

Introduction to financial statements analysis 10

TOTAL 100

Financial Accounting Foundation (Cont’d)


1.1 Conceptual Framework of Accounting

a. Define and explain the scope of accounting, financial accounting, book-keeping, cost and management accounting, and their similarities and differences. b. Explain the needs of external and internal users of accounting information. c. Describe forms of Business Entity: and explain the meaning of ‘entity.’ d. Explain the categories of business organizations. (i) Sole Proprietorships: Their characteristics, benefits and limitations. (ii) Partnerships: Their characteristics, benefits and limitations. (iii) Limited Liability Companies: Their characteristics,


benefits and limitations e. Explain the differences between Partnerships and limited liability companies. f. Explain the purpose of financial statements by 1AS 1. g. Explain the accounting assumptions and concepts. h. Outline the components of financial statements. i. Identify the main users of financial information and their information needs. j. Identify and explain accounting concepts and conventions. k. Outline the qualitative characteristics of financial statements. l. Outline the elements of financial statements and the basis of their recognition and their measurements. m. Explain Accounting Standards: their purpose, standards setting process, IASB membership.

1.2 Maintaining Financial Records

a. Specify why an entity maintains financial records and prepares financial statements. b. Identify the sources of information for the preparation of accounting records and financial statements. c. Record and account for transactions and events resulting in income, expenses, assets, liabilities and equity in accordance with the appropriate basis of accounting and the laws, regulations and accounting standards applicable to the financial statements. d. Record and account for changes in the ownership structure and ownership interests in an entity.

1.3 Principles of Double Entry and Books of Prime Entry 1.3 Principles of Double Entry and Books of Prime Entry. Cont’d

a. Understand and apply the accounting equation. b. Identify the elements of financial statements:

Types, definitions, relationships and distinctions.

The nature of transactions. c. Outline the contents and purpose of different types of business documentation, including: quotation, sales order, purchase order, goods received note; goods dispatched note, invoice, statement, credit note, debit note, remittance advice, receipt. d. Identify the main types of ledger accounts and books of prime entry (cash books, the sales day book and the sales ledger, the purchases day book and the purchases ledger) and understand their nature and function. e. Understand and illustrate the uses of journals and the posting of journal entries into ledger accounts. f. Identify the main types of business transactions e.g. sales, purchases, payments, receipts. g. Identify correct journals from given narrative. h. Illustrate how to balance and close a ledger account.

2.1 Adjustment to Accounting Records and Financial Statements

a. Identify and explain the types of errors that can affect trial balance and its effects on financial statements. (i) Explain how these can be corrected. (ii) Explain the purpose of suspense accounts.


(iii) Explain the uses of journals to correct errors in draft financial statements. b. Explain the accounting for the following in financial statements; (i) Stocks/inventories. (ii) Tangible non-current assets. (iii) Fixed Assets and Depreciation. (iv) Intangible non-current assets and amortization. (v) Accruals and prepayments. (vi) Debtors/receivables and trade creditors/payables. (vii) Provisions and contingencies. (viii) Returns inwards and outwards. (ix) Discount received and discount allowed. (x) Capital and revenue expenditures. xii. Bad debts, provisions for doubtful debts, provisions for discounts on debtors. c. Prepare Bank Reconciliation Statement.

2.2 Accounting for Non-Current Assets

a. Describe the accounting treatment for property, plant and equipment in accordance with IAS 16. b. Explain the methods and policies of depreciation (limited to straight line, reducing balance and revaluation methods). c. Explain the reasons for depreciation and accounting for provision for depreciation. d. Account for disposal of property, plant and equipment using ledger accounts. e. Account for recognition of Intangible assets in accordance with IAS 38. f. Explain the differences between depreciation and amortization.

2.3 Preparation of Financial Statement of a Partnership Firm

a. Prepare and present income statement and balance sheet of a sole trader: i Manufacturing Account ii Trading Account iii Profit and Loss Account iv Balance Sheet

3.1 Preparation of Financial Statement of a Sole Trader

a. Describe the procedure for forming a partnership. b. Prepare final accounts of partnership:

Trading, profit and loss account

Profit and loss appropriation account

Partners’ capital and current accounts

Balance sheet c. Explain the procedure for admission of a partner. d. Explain the methods of valuing goodwill. e. Explain revaluation in relation to an admission of a new partner, change in the profit sharing ratio, or a retirement/death.


f. Prepare partnership accounts for an admission, change in the profit sharing ratio, or a retirement. g. Prepare accounts for simple dissolution (excluding piecemeal realization).

3.2 Preparation of Financial Statements of a Company

a. Distinguish between. - Ordinary Share and Preference Share. - Authorized Capital and Stated Capital. - Income Surplus and Capital Surplus. b. Describe the nature and types of debentures. c. Explain the nature and purpose of final accounts of a limited liability company. d. Draft company final accounts for internal use. e. Define cash flow and explain cash flow statement. f. Describe the usefulness of cash flow statement. g. Prepare a simple cash flow statement in accordance with IAS 7.

4.1 Preparation of Financial Statements for Not-for-Profit Organizations

a. Identify the type of entity that is a non-profit making organization. b. Identify the purpose of such organizations. c. Outline the differences between income statement for non-profit making organization and income statement for a profit making business. d. Prepare receipts and payments account, income statement and a balance sheet for a non-profit making organization.

4.2 Preparation of Financial Statements from Incomplete Records

Prepare Income statement and balance sheet of an entity from incomplete records.

5. Accounting for Specialized Transactions; Joint Venture; Investments; Royalties; Branch

a. Explain joint venture. b. Distinguish between joint venture and partnership. c. Explain how to make entries in the accounts of a joint venture. d. Explain investments accounts, and how they are used. e. Record transactions in investment accounts. f. Explain royalties, minimum rent and short workings. g. Record royalties in the books of the lessee and lessor (including sub-royalties or leases). h. Prepare departmental and branch accounts (excluding foreign branches).

6. Introduction to Financial Statement Analysis

a. Calculate basic financial ratios from given income statement and/or balance sheet: - Profitability Ratios - Liquidity (Short term solvency) Ratios - Gearing/Leverage Ratios - Activity/Efficiency Ratios - Investment Ratios b. Explain the meaning and uses of the above ratios. c. Outline the limitations of financial ratios as tool for performance measurement.


LIST OF RECOMMENDED TEXT 1. IICFA Study Manual 2. Financial Accounting Fundamental, by ICAG 3. Introduction to Accounting and Finance, 2nd Edition by Geoff Black 4. Wood F. Business Accounting 1: Financial Times. 5. Millichamp, R. A. (1992) Foundation Accounting; DPP.


1.5 Business Management Studies

1. OBJECTIVES AND LEARNING OUTCOMES

At the end of course candidates should be able to;

Explain the objectives of business and the functions of management;

Explain the major concepts, theories and techniques in the field of general management;

Apply the concepts, theories and techniques in analyzing and providing solutions to business problems;

Describe the various functional areas of an organization and how they relate to one another;

Describe the environment within which businesses operate;

Appraise the impact of economic, social, political, legal, technological and global changes in the environment on management decisions.

2. FORM OF EXAMINATION The examination will be a three-hour paper of seven (7) questions. Candidates will be required to answer any five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.

Syllabus Coverage Weighting (%)

Introduction to Management Studies 10

Planning and Decision Making 15

Organizing, Motivation, Leadership, Controlling 30

Communication Groups and Team Work 15

Human Resource Management 10

Marketing Management 10

Operations Management 10

TOTAL 100


Business Management Studies Cont’d


Introduction to Management Studies

a. Explain the objectives of business organizations. b. Explain the four (4) functions of management and state the other major elements in the management process. c. Explain the roles of management. d. Explain the types of skills needed by managers. e. Describe how managerial jobs differ according to the levels and areas of responsibility. f. Explain the evolution of management theories. g. Explain how socio-cultural, legal, economic, political and technological and global changes influence businesses. h. Explain the concept of stakeholders and distinguish between primary and secondary stakeholders. i. Explain the nature of the power and interests of stakeholders. j. Explain the social responsibility of businesses.

Planning and Decision Making

a. Define and differentiate between the following key terminologies:

Planning

Forecasting

Objective setting

Policies

Programmes

Schedules

Procedures

Budgeting b. State and describe types of plans. c. Categorize the types of planning at the different levels of management. d. Explain the planning process. e. Explain the steps in the decision making process. f. Appraise alternative solutions and select appropriate solution(s) to organizational problems. g. Evaluate and apply skills necessary for effective decision making as regards the entire spectrum of management and organization.

Organizing

a. Describe the elements that make up organizational structure and its related units. b. Develop organizational charts and explain their importance. c. Describe the main approaches to job design. d. Explain the major methods of vertical co-ordination, including formalization, span of management, centralization vs. decentralization, delegation, line and staff positions. e. Analyze delegation, authority, responsibility and accountability and their impact on motivation and organizational culture. f. Explain, analyze and evaluate the concept of coordination as an integral part of management.


g. Distinguish between types and conditions for business and organizational integration. h. Identify and state the characteristics and relationships associated with planning, organizing, leading and controlling in organizations. i. Appraise the role and importance of co-ordination.

Leadership

a. Define leadership. b. Explain the major sources of a leader’s power. c. Explain the following leadership theories:

Traits theory

Behavioral theory

Contingency theory

Managerial grid

Tannenbaum and Schmidt leadership continuum

Fieldler’s contingency theory

Situational leadership

Path-goal theory.

Contemporary theories d. Explain the various leadership styles

Motivation

a. Explain the theories of motivation. b. Describe the role of behavioral aspect of motivation. c. Evaluate the limitations to motivation theories. d. Describe how teamwork and consultative management are used as motivational tools. e. Outline the linkage between motivation and output.

Controlling

a. Explain the nature and importance of organizational control. b. Describe the control process. c. Discuss the different organizational control process. d. Explain the different control methods.

Communication

a. Explain the meaning and role of communication in modern organizations. b. Explain the main forms of communication. c. Describe the communication process. d. Distinguish between organizational communication channels and explain their role in managing effectively. e. Discuss the roles of negotiation in the management process both within an organization and with external bodies. f. Identify and describe barriers to communication.

Groups and Teamwork

a. Define and analyze the concept of management groups, inter or intra-group relations and how motivation influences group/managerial behavior. b. Analyze and evaluate the concept of team approach in directing organizational activities. c. Explain how groups are formed within organizations and how this affects performance. d. Explain the nature, functions and purposes of social groups in


organizations. e. Explain inter-personal and inter-group relations and distinguish between them. f. Define and analyze the concept of organizational culture and business etiquette in organizations.

Human Resource Management

a. Explain the role of the human resource management function and its relationship to other parts of the organization. b. Describe the recruitment process. c. Distinguish between training and development and show their relationship. d. Explain the meaning and effects and/or application of job evaluation, staff appraisal, performance measurement and evaluation; promotion and demotion. e. Explain the disciplinary procedure in human resource management. f. Explain compensation systems and the significance of indirect compensation. g. Explain the concept of organizational health and safety and its benefits. h. Distinguish between duties of employers and employees responsibilities.

Marketing Management

a. Explain the marketing concept. b. Outline the strategic roles of marketing in organizations. c. Explain the main elements of a marketing plan and importance. d. Explain segmentation and targeting of markets and positioning of products within markets. e. Explain the elements of the marketing mix and their application. f. Describe the role of technology in modern marketing. g. Explain the differences and similarities in the marketing of products and services. h. Design and implement a pricing strategy. i. Explain customer care strategies as a means of achieving competitive advantage and their relationship with total quality management.

Operations Management

a .Explain the following types of production process:

Job production

Batch production

Mass/continuous/flow production

Explain and compare the following methods of plant layout:

Process layout

Product layout

Fixed-position layout. c. Discuss the role of operations management in organizations. d. Explain the concept of quality and total quality management. e. Explain how the quality of products and services can be assessed, measured and improved.


RECOMMENDED/REFERENCE TEXTS 1. IICFA Study Manual 2. Appleby P. O. Modern Business Administration, Pitman. 3. Boachie-Mensah, F. O. Essentials of Management, Woeli Publishing Services. 4. Cole, G. A. Management: Theory and Practice. DP Publications. 5. Marfo-Yiadom, E. Principles of Management, Woeli, Publishing Services.



2.1 Forensic Criminology and Legal Studies



Outline a brief history of Forensic Criminology

Understand Forensic Criminology and the various theory approaches to criminal behavior

Discuss Classical Criminology and identify its major components

Discuss Psychological, Social Structure, Social Process, Social Control and Differential

Reinforcement Theories and identify and explain their major components

Discuss Edwin H. Sutherland’s Principles of Criminology

Explain the Law relating to Search and Seizure

Describe the Charging Process in Criminal Litigation Cases

Describe the Trial Process

Outline the causes of crime associated with government, corporations and individuals

Demonstrate adequate knowledge of the criminal and civil justice systems

Identify the various individual rights and obligations under the civil and criminal justice systems

Understand white collar crime and the effects of white collar crime on the economy

Explain evidence and explain the various forms of evidence.

Explain the contributing factors of Economic Crime

Define Digital Evidence and Identify its major forms

Explain the rules regarding circumstantial evidence

Distinguish between Substantive and Procedural Law

2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below.


However, there might be slight variations in some instances as they serve as a guide only.


Introduction to Forensic Criminology 10

Theories of Crime Causation 15

The Civil and Criminal Justice System 20

Individual Rights 15

The Legal System 20

White Collar Crime 10

Evidence 10

TOTAL 100

Forensic Criminology and Legal Studies Cont’d

MAIN TOPIC SYLLABUS CONTENT Introduction to Forensic Criminology

a. Define Forensic Criminology and Identify five (5) Major roles that Forensic Criminologist play in the administration of justice

b. Distinguish between Applied Criminology, Forensic Criminology and Police Science.

c. Outline a brief history of Forensic Criminology. d. Explain the following as related to Forensic

Criminology;

Law enforcement

Forensic Services

Judiciary and

Corrections

Theories of Crime Causation

e. Discuss Classical Criminology and identify its major components

f. State and Explain the Advantages and Disadvantages of Classical Criminology

g. Distinguish between Routine Activity Theory and Biological Theory

h. Describe the three main elements that influence crime according to the Routine Activity Theory

i. Discuss Psychological, Social Structure, Social Process, Social Control and Differential Reinforcement Theories and identify and explain their major components


j. Discuss Edwin H. Sutherland’s Principles of Criminology

The Civil and Criminal Justice System

a. Differentiate between the following;

Pleadings

Discovery

Trial and

Verdict b. Describe the procedures for Civil Litigation

Cases c. Explain the following privileges as may be

determined by a judge;

Litigation Privilege

Attorney-Client Privilege

Settlement Negotiations d. Distinguish between Adversary and Non-

Adversary Evidence e. Explain the final decision/ruling in a Civil

Litigation Case f. Explain the following Remedies in a Civil

Litigation Case;

Declaratory Remedies

Equitable Remedies and

Injunction g. Describe the Charging Process in Criminal

Litigation Cases h. Distinguish between information and indictment i. Describe the Trial Process j. Identify and describe the major parties in trial

process k. Distinguish between Common and Civil law

systems and describe how trial is conducted and verdict is reached.

l. Explain the following;

Sentencing

Appeal and

Punishment

Individual Rights

a. State and Explain the Rights and Obligations under Civil and Criminal Law

b. State and Explain the Law relating to Search and Seizure

c. State and Explain the following torts (Civil Wrongs) a CCFA must avoid;

Defamation

Invasion of Privacy

False imprisonment

Malicious Prosecution


Intentional Infliction of Emotional Distress

Wrongful Discharge

Whistleblower Laws

The Legal System

a. Outline the Sources of Laws in your country; Constitution, Acts of Parliament, Subsidiary Legislation, Common Law, Equity and Customary Law

b. Explain the doctrine of Judicial Precedence c. Outline the Structure and Hierarchy of the

Courts including, the tribunal of the national house of chiefs, special tribunals such as lands tribunals, etc

d. Describe Alternative Dispute Resolution. e. Distinguish between Substantive and Procedural

Law

White Collar Crime

a. Define White Collar Crime and discuss a brief history of White Collar Crime

b. Describe Crimes of the Middle Classes c. Evaluate the Profile of White Collar Criminals d. State and Explain the causes of White Collar

Crime e. State and Explain the contributing factors of

Economic Crime Evidence

a. Define Evidence and Identify its major forms b. Differentiate between Direct and Circumstantial

evidence c. Describe the admissibility of evidence d. State and Explain the rules regarding

circumstantial evidence e. Explain Demonstrative Evidence and Identify

and explain the various forms of demonstrative evidence

f. Define Digital Evidence and Identify its major forms

RECOMMENDED/REFERENCE TEXTS 1. IICFA Study Manual 2. Forensic Criminology by Wayne A. Petherick, Brent E. Turvey, Claire E. Ferguson,

2009 3. Constitutional Law and the Criminal Justice System 5th Edition by J. Scott Harr, Kären

M. Hess and Christine H. Orthmann 4. ACFE Fraud Examiners Manual

http://www.amazon.com/J.-Scott-Harr/e/B001IO9MGU/ref=sr_ntt_srch_lnk_3?qid=1358323344&sr=1-3

http://www.amazon.com/K%C3%A4ren-M.-Hess/e/B001H9U0XU/ref=sr_ntt_srch_lnk_3?qid=1358323344&sr=1-3




2.2 Corporate Fraud and Internal Control



Understand the types of crimes perpetuated by and against an organization and the social and economic effect of organizational crime on the image of the organization.

Explain how organizations can control Organizational Crime

Distinguish between Competitive Intelligence and Espionage and Identify their sub-

categories

Explain the various forms of corporate spying

Explain the various means through which an Organization loses information

Explain Open Source Information and Identify the Intelligence Pyramid.

Outline the favorite targets of intelligence

Identify the warning signs of infiltration

Describe the process of investigating information theft and outline the prevention

strategies for information theft.

Measure the cost of Occupational Fraud

Outline the causes of Occupational Fraud and Abuse and explain the fraud triangle.

Explain the techniques for collecting and evaluating audit evidence;

Explain and apply basic auditing concepts like internal controls, sampling, compliance test, substantive test, weakness test, etc to detect and prevent fraud.

Identify the fundamental principles of effective control systems

Explain the types and limitations of internal control.

Show how specified internal controls mitigate risk and state their limitations

Examine the merits and demerits of outsourcing of internal audit function.

Conduct test of controls and transactions 2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Organizational Crime 10

Theft of Intellectual Property 15

Occupational Fraud 10

Internal Control and Evaluation of Control Risks 15

Evidence Gathering 15

Internal Audit and Internal Review 15

Conduct of Audit and Assurance 10

Reporting Framework 10

TOTAL 100

Corporate Fraud and Internal Control, Cont’d

MAIN TOPIC SYLLABUS CONTENT Organizational Crime

a. Explain Organizational Crime b. Discuss the effect of Organizational Crime on the

social image of the organization c. State explain the causes of Organizational Crime d. Define Criminogenic Organizational Structure and

explain the reasons why an organizational can be Criminogenic

e. State and Explain how organizations can control Organizational Crime

f. State and Explain Organizational Crime prevention strategies.

Theft of Intellectual Property

a. Explain Intellectual Property b. Distinguish between Competitive Intelligence and

Espionage and Identify their sub-categories c. Explain why companies resort to Espionage d. Explain Open Source Information and Identify the

Intelligence Pyramid. e. Identify the various Basic Source of Corporate

Intelligence f. Define Corporate Spy and identify the open

sources of information they use. g. State and Explain the various forms of corporate


spying h. State and explain the places spies snoop. i. Outline the favorite targets of intelligence j. State and explain the various means through which

an Organization loses information k. Identify the warning signs of infiltration l. Describe the process of investigating information

theft and outline the prevention strategies for information theft.

Occupational Fraud

a. Define Occupational Fraud and Identify the reasons why employees commit fraud

b. Discuss the Fraud Triangle c. Define Employee theft and explain the causes of

employee theft d. Measure the cost of Occupational Fraud e. State and explain the techniques of preventing

occupational fraud Internal Control and Evaluation of Control Risks

a. State the reasons for organizations having effective systems of control.

b. Identify the fundamental principles of effective control systems.

c. Identify the main areas of a business that need effective control systems.

d. Identify the components of internal control in both manual and IT environments, including:

the overall control environment and Control Procedures

preventive, detective and corrective controls

internal audit as a control factor e. Define and classify different types of internal

control, with particular emphasis upon those which impact upon the quality of financial information.

f. Show how specified internal controls mitigate risk and state their limitations.

g. Identify internal controls for an organization in a given scenario.

h. Identify internal control weaknesses in a given scenario.

i. Identify, for a specified organization, the sources of information which will enable a sufficient record to be made of accounting or other systems and internal controls.

j. Define internal control. k. State and explain the types and limitations of

internal control. l. Explain the following in relation to internal control:


objectives, methods of ascertaining, recording, evaluation, testing systems, control environments and control procedures.

m. Establish internal control considerations relevant to specific areas (e.g. wages and salaries, purchases and sales etc.).

Evidence Gathering

a. Define and explain the types of audit evidence. b. Describe the qualities of audit evidence —

sufficiency, reliability and relevance. c. Examine the techniques for gathering audit

evidence (inspection, observation, enquiries, confirmation, computation and analytical review).

d. Explain the role of specialists in audit evidence. e. Explain management representation.

Internal Audit and Internal Review

a. Explain internal audit and review, and their relationship with:

Corporate governance and objectives.

Organization control and risk management. b. Describe the scope and functions of internal audit. c. Examine the nature and extent of internal review

assignments (Operational systems, value for money, financial reviews).

d. Examine the merits and demerits of outsourcing of internal audit function.

Conduct of Audit and Assurance

a. Design audit programmes. b. Conduct test of controls and transactions. c. Explain the basis for verification (existence,

ownership valuation, presentation and completeness.

d. Describe the procedures for verifying specific balance sheet items.

e. Record and document audit working papers. f. Explain the types of audit files. g. Explain computer audit. h. Use of audit software. i. Examine the effect of computer audit on auditing

techniques. j. Explain controls in computer auditing.

Reporting Framework

a. Explain the purpose and describe the contents of management letter.

b. Draft management letter. c. State and explain the elements of the auditor's

report. d. Explain the following types of audit opinion.

Unqualified opinion.

Adverse opinion


Disclaimer opinion

"Except for" opinion

"Subject to" opinion e. Describe the format and content of review reports

and other reports.

RECOMMENDED/REFERENCE TEXTS 1. IICFA Study Manual 2. Corporate Fraud Handbook: Prevention and Detection by Joseph T. Wells, 3. Corporate Fraud and Internal Control, By Richard E. Cascarino, CFE, CIA 4. Milichamp, A. H. Auditing: an Instructional Manual. Continuum. 5. Woolf, E. Auditing Today. Prentice Hall.


2.3 Financial Statement and Institution Fraud



Outline the reasons and red flags associated with financial statement fraud

Understand Financial Statement Fraud Schemes

Apply Financial Statement Analysis to detect and prevent fraud

Explain Securities fraud and identify the red flags associated with Ponzi Schemes

Identify the various vehicles and methods of money laundering

Outline the objectives and responsibilities of the Basel Committee on Banking Supervision

Understand Embezzlement Schemes and identify the red flags of various schemes of embezzlement

Understand credit card fraud and identify the red flags associated with credit card fraud.

Demonstrate how Ratio Analysis can be used to detect financial statement fraud

Explain the Various Red flags associated with money laundering

Explain the types of businesses suitable for money laundering

Explain the recognition of potentially suspicious transactions and their impact on reporting duties

Define Global Liquidity Standards and Calculate various liquidity ratios

Explain the principles of developing Risk Management 2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Introduction to Financial Statement Fraud 5

Financial Statement Fraud - Schemes 10

Financial Statement Fraud – Red flags 10

Financial Statement Analysis and Prevention 10

Embezzlement Schemes 10

Cheque and Credit Card Fraud 15

Money Laundering 20

Securities Fraud 10

The Basel Committee on Banking Supervision 10

TOTAL 100

Financial Statement and Institution Fraud, Cont’d

MAIN TOPIC SYLLABUS CONTENT Introduction to Financial Statement Fraud

a. Define Financial Statement Fraud b. Outline the Causes of Financial Statement Fraud c. Account for the trends in Financial Statement Fraud

Financial Statement Fraud Schemes

a. State and Explain the major financial statement fraud schemes;

Overstated Assets or Revenue

Understated Liabilities or Expenses b. Explain the following classification of financial

statement fraud schemes

Fictitious Revenue

Timing Differences

Improper Assets Valuation

Concealed Liabilities and Expense

Improper Disclosures c. Define Channel Stuffing

Financial Statement Fraud Red flags

a. Identify the Various Red flags associated with the following classes of financial statement fraud;

Fictitious Revenue

Timing Differences

Improper Assets Valuation

Concealed Liabilities and Expense

Improper Disclosures

Financial Statement Analysis and Prevention

a. Define Financial Statement Analysis b. Distinguish between horizontal and Vertical

Analysis of Financial Statement.


c. Demonstrate how Ratio Analysis can be used to detect financial statement fraud

d. State and explain common ratios used in financial statement analysis

e. Describe the role of the following in preventing financial state fraud;

Internal Auditors

Management Embezzlement Schemes a. Define Embezzlement and identify its major types

b. Define Loan and Real Estate Fraud, Identify and Explain the various schemes, red flags, detection and prevention strategies

Cheque and Credit Card Fraud

a. Define Cheque Fraud b. State and Explain the various types of cheque fraud,

red flags, detection and prevention c. Define Credit Card Fraud d. State and Explain the various Credit Card Fraud

Schemes, Detection and Prevention Strategies Money Laundering a. Define money laundering

b. Describe the money laundering process c. State and Explain the Various Red flags associated

with money laundering d. State and Explain the types of businesses suitable for

money laundering e. Discuss the international efforts to combat money

laundering. f. Explain the scope of criminal offences of money

laundering. g. Describe the methods of money laundering h. Identify the various vehicles of money laundering i. Outline and discuss the need for ethical guidance in

money laundering. j. Explain the forensic accountants' obligations in the

prevention and detection of money laundering. k. Discuss the importance of customer due diligence

(CDD). l. Explain the recognition of potentially suspicious

transactions and their impact on reporting duties. m. Explain the elements of an anti-money laundering

programme. n. State and Explain the Enforcement and Prevention

Strategies of money laundering

Securities Fraud a. Define Securities Fraud and Explain the objectives of securities laws and regulations

b. Identify the various types of securities c. State and Explain the Securities Fraud Schemes and

Identify the red flags associated with such schemes.


d. Define Ponzi Scheme e. Analyze Cases involving ponzi schemes, eg Bernard

Madoff Ponzi Scheme f. Define Illegal Pyramid Scheme g. Describe Oil, Gas and Minerals interest frauds and

identify the types of misrepresentation and omissions associated with such investments

h. State and Explain the Tips for Investigating Securities Fraud

i. State and Explain the Objectives of the International Organization of Securities Commission (IOSCO)

j. Identify the principle of the International Organization of Securities Commission (IOSCO)

k. State and Explain the Component of the IOSCO Fraud Report

l. State and Explain the objectives and Roles of the European Securities and Market Authority ( ESMA)

The Basel Committee on Banking Supervision

a. Outline the history of the Basel Committee b. State and Explain the Core Principles for Effective

Banking Supervision c. Distinguish between the Basel 11 and Basel 111

Framework d. Define Global Liquidity Standards and Calculate

various liquidity ratios e. Identify Best Practices for the Management and

Supervision of Operational Risks f. State and Explain the principles of developing Risk

Management

RECOMMENDED/REFERENCE TEXTS 1. IICFA Study Manual 2. Financial Statement Fraud, Gerard M. Zack, CFE, CPA, CIA, CCEP, 2013 3. ACFE Fraud Examiners Manual


2.4 Financial Reporting



To enable students to prepare a complete set of financial statements for single entities and for groups in conformity with International Financial Reporting Standards (IFRS).

To recommend accounting treatments for items in the financial statements, and to prepare and present the financial statements of limited companies and groups in accordance with approved accounting standards, statutory requirements and generally accepted accounting principles.

Explain the contribution and inherent limitations of financial statements in meeting stakeholders’ needs for financial information and apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting.

Prepare and present financial statements from accounting data for single entities, whether organized in corporate or in other forms, in conformity with IFRS.

Identify the circumstances in which entities are required to present consolidated financial statements and prepare and present them in conformity with IFRS.

Calculate ratios and explain their use in the interpretation of accounting information. 2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



The Regulatory and Financial Reporting Framework 10

Partnership Accounting 15

Limited Liability Companies 20

Consolidated Financial Statement 15

Analysis and Interpretation of Financial Statements 15

Accounting for Lease and Hire Purchase, Accounting for Foreign Branch Operations 15

Application of International Financial Reporting Standards 10

TOTAL 100

Financial Reporting, Cont’d

MAIN TOPIC SYLLABUS CONTENT The Regulatory and Financial Reporting Framework

a. The International Accounting Standards Board (IASB)

The role of the International Accounting Standards Board (IASB)

The standard setting process b. The framework for the preparation and presentation

of financial statements:

Objective of financial statements

Qualitative characteristics of financial statements

Elements of financial statements

Recognition and measurement of elements of financial statements

Fair value basis of measurement

Concepts of capital and capital maintenance c. Illustrate how different methods of recognizing and

measuring assets and liabilities can affect the financial performance of the single entity or group.

d. Discuss the concepts of ‘fair presentation’ and ‘true and fair view’.

e. Circumstances in which these concepts may override the detailed provisions of legislation or of accounting standards.

Partnership Accounting

a. Explain changes in the constitution of partnership in relation to:

admission, retirement/death


profits sharing arrangements

guarantees in respect of salaries and profits/ commissions

b. Explain goodwill and the factors that give rise to it. c. Distinguish between purchased and non-purchased

goodwill. d. Calculate goodwill and make appropriate entries in

the ledger accounts. e. Explain and record life assurance policies in

partnership. f. Explain dissolution. g. Record the treatment of dissolution including

piecemeal realization. h. State and explain the types of amalgamation of firms

(including the conversion of sole proprietorships into a partnership).

Limited Liability Companies

a. Explain the accounting treatment of the issue, redemption, forfeiture of shares and debentures.

b. Explain and record rights and bonus issues in ledger accounts.

c. Explain and record dividend in ledger account (including capitalization issue).

d. Prepare final accounts (including director's reports) for publication for non-group limited liability companies in accordance with the international Financial Reporting standards.

e. Convert sole trading or partnership organizations to a limited liability company.

f. Explain and record pre-incorporation profits and losses.

g. Prepare detailed cash flow statements for non-group limited liability companies with reference to IAS 4.

h. Prepare final accounts for specialized companies — insurance, banking, non-banking financial institutions and mining.

i. Prepare value-added statement for non-group limited companies.

Consolidated Financial Statement

a. Explain the objective of consolidated financial statements.

b. Explain why it is necessary to use fair values for the consideration for an investment in a subsidiary together with the fair values of a subsidiary's identifiable assets and liabilities when preparing consolidated financial statements.

c. Define an associate and explain the principles and reasoning for the use of equity accounting.


d. Identify and describe the circumstances in which an entity is required to prepare and present consolidated financial statements.

e. Identify the laws, regulations, accounting standards and other requirements applicable to the legal entity and consolidated financial statements of an entity

f. Prepare and present the consolidated financial statements of an entity in accordance with its accounting policies and the international financial reporting framework, using calculated amounts and other information.

Analysis and Interpretation of Financial Statements

a. Explain the types of analyses. b. Analyze and interpret a set of accounts/financial

statements. c. State the uses of accounting ratios and their

limitations. d. Describe the impact of price level changes on

financial analyses. Accounting for Lease and Hire Purchase, Accounting for Foreign Branch Operations

a. Explain and record hire purchase, lease and other credit sale transactions.

b. Explain and record foreign currency transactions (excluding those relating to groups) in accordance with IAS 21.

c. Prepare branch accounts including foreign branches. Application of International Reporting Standards

a. Identify and recommend accounting treatments for items in financial statements.

Accounting Policies, Changes in Accounting Estimates and Errors.

Events occurring after the balance date.

Property, Plant and Equipment

Government Grant and Disclosure of Government Assistance

Borrowing Costs

Income Taxation

Interim Financial Statement

Provisions, Contingent Liabilities and Contingent Assets

Investment Properties

Intangible Assets

Impairment of Assets

Financial Instruments

Related Party Disclosures

Segment Reporting

Agriculture

Insurance

Exploration for and evaluation of mineral resources


LIST OF RECOMMEND TEXT 1. IICFA Study Manual. 2. Financial Reporting by ACCA. 3. Financial Reporting by ICAG. 4. Jennings R. Financial Accounting. 5. Gyasi, K. Partnership and Company Accounts. Kwabotwe.


2.5 Forensic Investigation Techniques



Understand the process of forensic investigation

Outline the qualities of Forensic Investigators

Analyze document and collect forensic evidence.

Understand the types of interview questions and identify the qualities of a good interview

Describe the legal consideration when conducting interview

Identify and explain the various source of information for a forensic investigation

Understand Covert Investigation

Understand Data Analysis and Data Mining

Demonstrate adequate knowledge of the various forensic investigation tools

Outline the investigation procedures for tracing illicit transactions

Demonstrate knowledge of international investigation techniques and international investigation laws

Understand the ‘Dos’ and ‘Don’ts’ of forensic Investigation

Demonstrate sound knowledge of case management

Write a sample forensic investigation report 2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Introduction to Forensic Investigation 10

Analyzing Documents 15

Interview Theory and Application 15

Sources of Information 10

Covert Investigations 15

Data Analysis and Reporting Tools 15

Tracing Illicit Transactions 10

Investigation Techniques and Case Management 10

TOTAL 100

Forensic Investigation Techniques, Cont’d

MAIN TOPIC SYLLABUS CONTENT Introduction to Forensic Investigation

a. Define Forensic Investigation b. Describe the appropriate time to begin a

forensic investigation c. State and explain the qualities of the forensic

investigator d. Explain the basic questions that a forensic

investigator should consider before beginning a forensic engagement;

What Happened?

Evidence?

Who is suspected?

Are outside parties involved?

Who are the key players?

Who knows?

Secrecy?

Date and Documentation?

What has already happened? , etc e. Describe the primary goals of a forensic

investigation


f. Examine the content of a forensic investigation engagement letter;

Work to be done?

Changes to scope of work

Responsibilities of Parties

Important deadlines

Fees and Payment Terms

Termination of the Engagement

Start of Work, etc

Analyzing Documents a. State and explain the basic rules regarding the collection of documents

b. Describe the means through which a forensic investigator can obtain evidence

c. Explain the procedures for organizing evidence in a forensic investigation case.

d. Describe the following as it relates to the presentation and preservation of evidence;

Chronologies and to-do-list e. Explain the benefits of expert forensic

document examiners in document analysis f. Explain how a forensic investigator should

handle physical evidence by not tampering with it

g. Define Chain of Custody and explain the chain of custody memorandum

h. State and explain the features of forge documents

i. Define the following terms as relates to identifying handwritings;

Class Characteristics

Copy-Book Styles

‘Copycat’ Styles

Variation

Disguise

Distortion and

Forgery k. Define forgery and explain the various types of

forgery l. State and explain the finding of a document

expert m. Describe the process of obtaining handwriting

samples n. Define backdating and explain the various

forms of backdating or fabricating a document o. Identify the two major types of fingerprints and

explain how forensic investigators can deal


with each type respectively.

Interview Theory and Application a. State and Explain the characteristics of a good interview

b. State and Explain the characteristics of a good interviewer

c. Explain the following types of interview questions;

Introductory

Informational

Assessment

Closing and

Admission Seeking d. Describe the legal considerations when

conducting an interview e. State and Explain the elements of conversation f. Identify the hindrances to communication

when conducting an interview g. Define ‘facilitators of communication’ h. Outline the mechanics of a successful interview i. State and explain the objectives of the five (5)

major interview questions j. Distinguish between the following;

Proxemics communication and Chronemics communication

Kinetics Communication and Paralinguistics Communication

k. State and explain the techniques in dealing with resistance during interview

l. Define Kinesic Interview and Interrogation m. Describe cognitive interview techniques

Sources of Information a. Distinguish between internal and external sources of information

b. State and explain the various sources of public information

c. Identify the sources of information from commercial sources

d. Explain the following sources of information from banks and financial records;

Master file of customers

Account opening records and

Self-deposit records e. Explain the following information provided by

International Criminal Police Organization (INTERPOL)

Criminal history

Stolen Art


License plate, driver’s license records and vehicle registration data

International wanted circulars

Location of suspects

Tracing of weapons

Terrorist prevention, etc

Covert Investigations a. Define Covert Investigations b. State the content of a covert investigation memo c. Describe the process of establishing an identity

for an undercover investigation d. Describe the situations in which covert

investigations has succeeded as posited by Timothy J. Walsh

e. State and Explain the objectives of covert operations

f. Identify the major problems in Covert Investigations

g. Define Surveillance and identify the methods of surveillance.

h. Outline the preparation and precautions for surveillance.

i. State and Explain the techniques for Foot Surveillance

j. Define the following;

Fixed Surveillance

Satellite Surveillance k. Define informant and identify the major types

of informants l. State and explain the legal considerations when

working with informants Data Analysis and Reporting Tools

a. Distinguish between data analysis and data mining

b. State and explain the locations that data can be stored.

c. State and explain the benefits of data analysis software

d. Explain the following functions of data analysis software;

Sorting

Record collection

Correlation analysis

Multi-file processing

Joining files

Compliance verification

Verifying multiples of a number

Duplicate searches


Graphing

Date functions

Vertical ratio analysis and

Horizontal ratio analysis

General ledger analysis, etc e. Describe the necessary data analysis check list

that forensic investigators must consider when conducting data analysis

f. State and Explain types of data analysis software

g. Explain the following commercial data analysis software;

ACL

ActiveData for excel

Excel

IDEA

AutoAudit

Arbutus Query

Oversight Systems h. State and Explain the application of the various

data analysis softwares. i. Identify and Explain the various types of

Reporting and Case Management Softwares Tracing Illicit Transactions a. Identify the common areas of interview

questions in tracing financial crime evidence. b. State and explain the main sources income and

expenditure of illicit financial crime. c. Distinguish between the direct and indirect

methods of tracing illicit financial transactions. d. Identify and explain the major types of bank

records that a CCFA may rely on during investigation

e. Describe the investigation procedures for tracing cheques

f. Describe the investigation procedures for tax fraud

g. Describe the indirect method of tracing financial crime.

h. Describe the Net worth Method of investigating financial crime

i. Prepare a profile of a financial fraudster j. Determine the net worth of a financial crime

suspect.


Investigation Techniques and Case Management

a. Describe the various techniques in investigating the following;

Financial Statement Fraud

Assets Misappropriation

Corruption Schemes

Ponzi Schemes

Hidden Assets, etc b. Describe the following as relates to case

management;

Evidence Preservation

File Maintenance

Software c. Explain when to stop an investigation d. State and Explain the Do’s and Don’ts of

Forensic Investigation e. Write a Sample forensic investigation report

LIST OF RECOMMEND TEXT 1. IICFA Study Manual 2. Expert Fraud Investigation; a step-by-step guide by Tracy L. Coenen 3. ACFE Fraud Examiners Manual.



3.1 Management Accounting and Cost Control



To gain an understanding of costing concepts and their application in the design, implementation and operation of costing systems.

To develop knowledge and understanding of how to prepare and process basic cost and quantitative information in a variety of business contexts.

Explain the nature and purpose of cost and management accounting.

Describe costs by classification, behavior and purpose.

Calculate, record and report information necessary for effective cost management.

Apply cost management techniques which achieve the strategic objectives of the business.

Advice on the issues and principles of control centers.

Provide appropriate information for decision making.

Explain cost accounting, management accounting and financial accounting.

Calculate product and service costs under different methods of accounting;

Identify relevant costs for decision-making.

Describe the principles of budgeting and prepare budgets.

Prepare and coordinate budgets and standard costing reports for planning, feedback and control.

2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Nature, Purpose and Scope of Cost Accounting 10

Cost Concepts and Cost Classification 10

Elements of Cost 10

Costing Methods (Job, Batch, Contract and Process Costing) 10

Budgets and Budgetary Control 10

Costing Techniques (Absorption and Managerial Costing) 10

Activity-Based Costing (ABC) 10

Standard Costing and Variance Analysis 10

Costing for Decision Making 10

Performance Evaluation and Control of Responsibility Centers 10

TOTAL 100

Management Accounting and Cost Control, Cont’d

MAIN TOPIC SYLLABUS CONTENT Nature, Purpose and Scope of Cost Accounting

a. Explain the purpose and scope of Cost Accounting. b. Explain the relationship between Financial

Accounting, Cost Accounting and Management Accounting.

c. Explain the responsibilities of the Management Accountant in the management process.

d. Outline and explain the nature and role of management accounting and financial management

Cost Concepts and Cost Classification

a. Define cost and explain the need for classifying costs and revenues.

b. Outline the methods of Cost Classification. c. Explain cost estimation and cost behavior — variable

and fixed costs; relevant and irrelevant costs; avoidable and unavoidable costs; sunk costs; opportunity cost.

d. Describe the factors that influence cost behavior. Elements of Cost a. Define and explain the procedures in stock control

(ordering, purchases, receipts, storage and issue of materials).


b. Calculate and explain stores pricing (receipts and issues and different pricing methods, using FIFO, LIFO, standard and weighted average).

c. Appraise the impact on profit reporting using various stock evaluation methods for raw material, work-in progress and finished goods.

d. Compute, explain and interpret inventory control techniques (economic order quantity (EOQ) and other control levels).

e. Explain the accounting treatment of inventory losses, transportation and material handling costs.

f. Explain payroll routines, apply different remuneration methods, and distinguish between direct and indirect labor costs of products and of organizations.

g. Explain the principles in determining overheads allocation and absorption into cost of products and services.

h. Calculate overhead absorption rates and determine the cost of product or service.

i. Explain predetermined overhead rates and actual overhead rates.

j. Explain the accounting treatment of the under/over recovery of overheads.

k. Identify and explain the methods of overhead recovery.

l. Distinguish between overhead absorption and overhead apportionment (allotment, allocation, apportionment, absorption, etc.).

Costing Methods (Job, Batch, Contract and Process Costing)

a. Define Job, batch and contract costing. b. Explain the features and preparation of job costing. c. Explain the features and preparation of batch costing. d. Explain the features of contract costing. e. Prepare contract accounts and determine the

attributable profit. f. Define the process of process costing g. Explain the features of process costing. h. Prepare process accounts. i. Explain the treatment of work in progress and

equivalent units. j. Explain the accounting treatment for normal and

abnormal gains/losses. k. Explain process costing for decision making and cost

control. l. Describe the methods of apportioning joint costs to

joint products. m. Explain the accounting for by-products, scrap, waste


and defective units.

Budgets and Budgetary Control

a. Define and explain budget and budgetary control. b. Explain the purposes of preparing budgets. c. Explain the conflicting roles of budgets. d. Outline the stages in a budgeting process. e. Explain the budget period. f. Explain the administration of the budget. g. Explain the importance of budget manual. h. Identify and describe various types of budgets. i. Explain fixed vs. flexible budgets. j. Explain the process for the preparation of cash and

functional budgets. k. Prepare master budget.

Costing Techniques (Absorption and Managerial Costing)

a. Explain the elements of absorption costing and marginal costing.

b. Prepare income statements under absorption and marginal costing.

c. Interpret reported profits under the two methods. d. Prepare a statement to reconcile profits/(loss)

obtained under the two methods (using the same data).

Activity Based Costing (ABC)

a. Explain the principles underlying the design of ABC systems.

b. Explain the shortcomings of traditional costing systems.

c. Do comparison of activity-based and traditional costing systems.

d. Compute product costs using ABC system. e. Outline and explain the limitations of ABC System.

Standard Costing and Variance Analysis

a. Explain the principles underlying the design of ABC systems.

b. Explain the shortcomings of traditional costing systems.

c. Do comparison of activity-based and traditional costing systems.

d. Compute product costs using ABC system. e. Outline and explain the limitations of ABC System.

Cost for Decision Making a. Define the decision making process and identity the type of cost information relevant for decision making.

b. Use relevant and strategic cost analysis to make special order decisions.

c. Use relevant and strategic cost analysis in the make, lease, or buy decision and shut down decisions.

d. Use relevant and strategic cost analysis in the decision to sell before or after additional processing.

e. Use relevant and strategic cost analysis in the decision to keep or drop products or services.


f. Use relevant and strategic cost analysis to evaluate programmes.

g. Analyze decisions with multiple products and limited resources.

h. Discuss the behavioral, implementation, and legal issues in decision making.

i. Explain the concept of 'Cost-Volume-Profit analysis' and apply it as a tool to demonstrate the relationship between costs, activity level and profit level.

Performance Evaluation and Control of Responsibility Centers

a. Define responsibility accounting and state types of responsibility centers.

b. Examine the merits and demerits of decentralization. c. Examine the basis of comparison used for

performance evaluation. d. Define and compute return on investment (ROI),

accounting rate of return (ARR), residual income (RI) and Economic value added (EVA).

e. Explain and compute shadow prices. f. Define transfer pricing and explain its objectives. g. Explain the different transfer pricing methods and

when each method should be used. h. Discuss the important international tax issues in

transfer pricing.

RECOMMENDED/REFERENCE TEXTS 1. IICFA Study Manual 2. Management Accounting, ICAG 3. Arora, M.N. Cost Accounting: Principles and Practice. Vikas House Publishing. 4. Drury, C. Costing: An Introduction, Int. Thompson. 5. Horngren, C.T. Cost Accounting: A Managerial Emphasis. Prentice Hall. 6. Lucy, T. Management Accounting.


3.2 Computer Forensics and Cyber Crime



Understand computer forensics, the need for computer forensics, and the objectives of computer forensics

Understand the benefits of forensic readiness and forensic readiness planning

Understand cyber crime and the types of computer crimes

Describe the key steps in forensic investigations and the need for forensic investigators

Explain the enterprise theory of investigation (ETI)

Discuss legal issues involved in computer forensics

Report the results of forensic investigations

Understand wireless networking technologies and describe wireless attacks

Hijack and modify a wireless network

Describe the Institute of a wireless access point (WAP) and a device

Perform network forensics in a wireless environment

Enumerate the steps for investigating a wireless attack

Describe active and passive wireless scanning techniques

Describe the tools used to investigate wireless attacks

Describe rogue access points and the tools used to detect them

Search for evidence and perform an end-to-end forensic investigation

Use log files as evidence and evaluate log file accuracy and authenticity

Understand the importance of audit logs and syslog

Understand Linux process accounting, configure Windows logging and NTP

Understand steganography and recount the history of steganography

Explain the classifications of steganography and identify image steganography

Detect steganography

Explain the differences between steganography and cryptography

Explain stego-forensics and watermarking

Select appropriate steganography tools

Understand disk drives, hard disks, and hard disk interfaces and disk partitions

Understand the master boot record and the different types of file systems

Enumerate and explain popular Linux file systems and the Sun Solaris 10 file system ZFS

Explain the Mac OS X file system and UFS (Unix File System)

Understand the various Windows file systems, including FAT and NTFS and the EFS recovery key agent

Understand CD-ROM and DVD file systems

Examine registry data and enumerate Windows XP system files




Computer Forensic Investigation, Digital Evidence Collection and Incident Handling 25

Data and Image Files 25

Wireless Devices and Networks 25

Network Intrusions and Cyber Crime 25

TOTAL 100

Computer Forensics and Cyber Crime, Cont’d

MAIN TOPIC SYLLABUS CONTENT Computer Forensic Investigation, Digital Evidence Collection and Incident Handling

a. Define Computer Forensics and Explain the evolution of Computer Forensics

b. Explain the need for Computer Forensics in today’s world.

c. State and Explain the Objectives of Computer Forensics

d. Describe the Computer Forensic Methodology e. Explain the following aspects of organizational

security;

IT Security

Financial Security

Physical Security

Legal Security f. Explain the goals and planning for Forensic

Readiness g. Identify and Explain the types of Computer


Crime h. Describe the Steps in Computer Forensic

Investigation and the Rule governing Forensic Investigation

i. State and Explain roles of Digital Evidence j. Explain the distinction between Corporate

Investigation and Enterprise Theory Investigation (ETI)

k. State and Explain the procedures involve in collecting digital evidence

l. Examine digital evidence m. Define a driveSpy and explain the purpose of a

digital intelligence DriveSpy n. Discuss the professional conduct forensic

investigator must consider when conducting a forensic investigation

o. Define Electronic Evidence and Explain the source of Electronic Evidence

p. Identify the roles of the first responder q. Create a first responder toolkit r. Identify evidence-collection tools and equipment s. Secure and evaluate an electronic crime scene t. Define Incident Handling and identify and

Explain the types of incident handling u. Describe the process of identifying an Incident v. Define the relationship between Incident

Response, Incident Handling and Incident Management

w. State and Explain Incident Handling Roles x. Describe the following procedure of Incident

Handling;

Preparation

Identification

Containment

Eradication

Recovery and

Follow Up y. State and Explain Postincident Activities z. State and Explain the Guidelines for writing a

good Forensic Investigation Report aa. State and Explain the Do’s and Don’ts of a

Computer Forensic Investigation

Data and Image Files a. Define Steganograhpy b. State and Explain the Classes of Steganograhpy c. Define the following terms;

Open-Space Steganograhpy


Semantic Steganograhpy and

Syntactic Steganograhpy d. Distinguish between Steganography and

Cryptograpy e. Identify the possible causes of Steganography f. Identify the various forms of attacks of

Steganograhpy on an organization g. Define Stego-Forensics h. Define the following;

2Mosaic

Forknot

Blindside

StegHide

Snow

Camera/Shy and

Steganos i. Distinguish between Data Acquisition and data

duplication j. State and Explain Data Acquisition Methods k. Explain the following Data Acquisition Tools;

Windows Standard Tools

Linux Standard Tools l. State and Explain the various Data Duplication

Software Tools m. Define Evidence File as relates to Encase. n. Describe the steps in Acquiring an Image o. Describe what happens when a file is deleted

from windows. p. State and explain the tools use in recovering

deleted files.

Wireless Devices and Networks a. Distinguish between following;

active attack and passive attack

Wardriving and Warflying b. Identify the various types of wireless networking

technologies c. State and explain the types of wireless attacks d. Describe the steps involve in performing a

forensic investigation in a wireless environment e. Define Rouge Access Point and describe the two

main steps in detecting a Rouge Access Point f. Distinguish between iPod and iPhone g. State and Explain the types of crimes that

iPhones can be used to commit h. Describe iPhone OS i. State and explain some of the forensic evidence

stored on iPhones and iPods


j. State and Explain the tools associated with iPhones and iPods forensics

Network Intrusions and Cyber Crime

a. Define Cyber Crime b. State and Explain the modes of Cyber Crime

attacks c. Define Internet Crime d. Explain the following types of Internet Crime;

Phishing

Identity Theft

Credit Card Fraud

Illegal Downloading

Corporate Espionage

Child Pornography

Scams

Cyber Terrorism e. Describe the process of investigating internet

crime f. Distinguish between Mail Bombing and Mail

Storm g. Define an email server and describe how an

email server operates h. Distinguish between Simple Mail Transfer

Protocol (SMTP), Post Office Protocol Version 3 (POP3) and Internet Message Assess Protocol (IMAP)

i. State and Explain the Importance of Electronic Records Management

j. Define E-Mail Crime and explain the types of crimes committed by sending emails.

k. Define E-mail Spoofing and identify its form l. Carryout an E-mail Crime Investigation m. Define Forensic Toolkit (FTK) and identify its

main features. n. Identify the major international laws against E-

mail Crime

RECOMMENDED/REFERENCE TEXTS 1. IICFA Study Manual 2. Computer Forensics, Investigating Wireless Network and Devices by EC Council Press 3. Computer Forensics, investigating procedures and responds, EC Council Press 4. Computer Forensics, investigating Data and Imaging Files, EC Council Press 5. Computer Forensics, investigating Network Intrusion and Cybercrime, EC Council Press


3.3 Financial Management Strategy



describe the financial environment within which an organization functions;

assess and evaluate the plans, actions and financial position of clients;

investigate relevant sources of finance and advise clients on funding methods;

advise companies on standard financial products and calculate investment returns from competing projects;

perform calculations and provide related advice to client on company valuations, mergers and acquisitions;

perform calculations and provide related advice to clients on corporate restructuring situations;

advise on the forms of corporate insolvency and complete and use the statement of affairs;

describe the major capital market models and provide basic advise on stock exchange requirements and the role of the accountant;

discuss the corporate debt market and instruments and the principles of loan documentation;

perform basic calculations and discuss the use of derivatives in long term risk management;

discuss the impact of government economic actions on financial situations;

apply a code of ethics within a professional framework. 2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



The finance function and environment 10

Financial system : Money and Capital market 10

Financial analysis and working capital management 10

Mathematics of finance 5

Investment decision/appraisal 10

Long term financial policy 10

Corporate debt, securities and loans 10

Company valuations, mergers and acquisitions 10

Derivatives: swaps, forwards, futures and options 10

Impact of national economic policy 5

Foreign exchange risk 10

TOTAL 100

Financial Management Strategy, Cont’d

MAIN TOPIC SYLLABUS CONTENT The finance function and environment

a. Define finance and its three main areas:

Corporate financial management

Investment

Financial market and institutions b. Describe the external financial environment. c. Describe the three major types of financial management

decisions:

Investment

Financing

Dividend policy decisions d. Explain internal finance strategies. e. Describe the role of the finance manager in private and

public sector organizations. f. Explain the basis for the firm's goal of maximizing

shareholders' wealth. Financial system : Money and Capital market

a. Evaluate the sources on funds available to a firm. b. Describe the institutional investors. c. Distinguish between money markets and capital

markets.


d. Explain the characteristics of securities in the:

Money market

Capital market e. Describe the scale of stock market activity around the

world and explain the reasons for the widespread adoption of stock exchange.

f. Explain the function of stock exchange and the importance of an efficient stock exchange.

g. Examine the Ghana Stock Exchange regulation and reporting requirements.

h. Identify efficient portfolios and then apply utility theory to obtain optimum portfolios.

i. Calculate two-asset portfolios, expected returns and standard deviations.

j. Describe the fundamental features of the capital asset pricing model (CAPM).

k. Explain the key characteristics of the arbitrage pricing theory (APT).

l. Explain random walk hypothesis. m. Describe the role of licensed dealing members (brokers)

and financial intermediaries. n. Examine the roles of banks in providing finance for

firms. o. Appraise corporate-bank relationships. p. Assess the regulation of financial services industry.

Financial analysis and working capital management

a. Explain financial analysis. b. Compute and interpret financial ratios. c. Prepare reports on the performance of companies to

management and other users. d. Explain the composition of a firm's working capital and

calculate the cash conversion cycle. e. Describe and apply the following cash management

models:

Baumol model

Miller-Orr model

Cash forecasting and budget f. Describe the mechanisms of short-term borrowing

through trade credit, short-term bank loans and commercial paper.

g. Compute the costs of short-term funds. h. Evaluate credit-grading decisions. i. Identify and calculate inventory management costs. j. Apply inventory management models (EOQ, JIT, etc.) to

the problem of optimizing the firm's inventories.

Mathematics of finance a. Distinguish between and calculate simple and compound interests.

b. Distinguish between and compute nominal and effective


rate of interest. c. Calculate and interpret future and present values of

cash flow. d. Calculate and interpret annuities, sinking funds and

amortizations. e. Appraise investments projects using pay-back (PB),

accounting rate of return (ARR), net present value (NPV), profitability index (PI) and internal rate of return (IRR).

Investment decision/appraisal

a. Calculate the incremental after tax cash flow for a capital budgeting project.

b. Calculate various investment criteria for capital budgeting, including its NPV, IRR and PI.

c. Explain why NPV is the most reliable investment criterion, and describe the problems that can arise when other investment criteria are used.

d. Describe the problems that can arise with IRR. e. Evaluate asset replacement decision/replacement cycle. f. Calculate annual equivalent annuities. Analyze make or

buy decision and examine the effects of taxation, inflation, risk and uncertainties (including probabilities and sensitivity analysis).

Long term financial policy a. Describe the five different views of capital structure:

Perfect market

Corporate tax

Personal tax

Agency cost

Bankruptcy cost b. Examine the effects of gearing, and differentiate

between business and financial risks. c. Distinguish between operating leverage and financial

leverage. d. Explain the relevance of some important, but often non-

quantifiable, influences on the optimal gearing level. e. Explain why the cost of capital is based on the concept

of an opportunity cost and not on the historical cost of funds.

f. Distinguish among the cost of capital, the required return to equity and the required return to debt, and identify the major determinants of each.

g. Estimate the cost of capital budgeting project. h. Describe the influence of particular dividend policies

attracting different 'clients' as shareholders, the effect of taxation and the importance of dividends as a signaling effect.

i. Evaluate the impact of agency theory on the dividend decision.


j. Calculate the value of right, theoretical rights and ex right.

Corporate debt, securities and loans

a. Describe the typical features of banks. b. Describe the main considerations for a firm when

issuing bonds. c. Explain the term, structure of interest rates and the

reasons for its existence. d. Examine guarantee and covenants in relation to banks.

Company valuations, mergers and acquisitions

a. Prepare valuation of business interests. b. Describe the mechanics of mergers and acquisitions. c. Examine the benefits to shareholders. d. State the indicators of financial distress. e. Differentiate the forms of insolvency. f. Explain the methods for the valuation of shares

(dividends growth models, earnings growth models net assets, etc).

Derivatives: swaps, forwards, futures and options

a. Describe the markets for derivatives. b. Distinguish among swaps, forwards, futures and

options. c. State and examine the risks associated with derivatives. d. Examine the financial implications of a derivative

position. e. Describe the disclosure requirements in respect of

financial derivatives. Impact of national economic policy

a. Examine the effect of the following on the financial decision making:

Interest rate

Taxation

Foreign exchange

Foreign exchange risk a. Explain the role and importance of the foreign exchange market.

b. Describe hedging techniques to reduce the risk associated with transactions entered into in another currency.

c. Explain how firms can benefit from forecasting exchange rates.

d. Explain how the following can be measured:

Transaction exposure

Economic exposure e. Explain the following:

Credit risk exposure

Interest risk exposure

Gearing risk exposure

Cash flow risk exposure


LIST OF RECOMMENDED TEXT 1. IICFA Study Manual 2. Financial Management by ACCA 3. Ross, S. A. et al. Corporate Finance’ 5th Edition, McGraw Hill. 4. Ross, S. A. et al. Fundamentals of Corporate Finance, 2nd Edition, International Candidate Edition, Irwin. 5. Brealey, R. and Myers, S. Principles of Corporate Finance, 4th Edition, McGraw Hill Book Company. 6. Pandey, I. M. Financial Management, Vikas.


3.4 Financial Crime Law



Understand the various anti-money laundering laws

Explain the various types of Money Laundering Sanctions

Understand the composition of the Financial Intelligence Centre

Understand the Functions and objectives of accountable institutions

Explain the Garrity Rule and its importance to law enforcement

Explain the various schemes of insurance fraud

Identify the red flags associated with insurance fraud

State and explain Bankruptcy schemes

Define Planned Bustout and state its characteristics

State and Explain the objectives of the world bank principles effective insolvency

State and Explain the legal framework for creditor rights and Insolvency

Explain the methods of proving corrupt payments

Explain the recommendations of the Financial Action Task Force (FATF)

Prove Ghost employee schemes in a given scenario

Identify when law enforcement agencies generally are called in to assist with a financial crime investigation

Identify the various International bodies that imposes Money Laundering Sanctions




Anti-Money Laundering Laws 40

Law Enforcement and Financial Crime 15

Insurance and Medical Fraud 15

Bankruptcy 15

Bribery and Corruption 15

TOTAL 100

Financial Crime Law, Cont’d

MAIN TOPIC SYLLABUS CONTENT Anti-Money Laundering Laws

a. Define Money Laundering and Identify the process of money laundering

b. Identify the Major Money Laundering Countries in the World

c. Explain Money Laundering and describe the penalty for Money Laundering under the Money Laundering Act

d. Describe the Composition of the Financial Intelligence Centre in relation to its;

Establishment

Objects

Functions

Governing Body

The Board on Policy Formulation

Tenure of office of members

Meetings of Board

Disclosure of Interest

Committees of the Board

Allowances

Appointment of Chief Executive Officer

Functions of the Chief Executive Officer

Appointment Deputy Chief Executive Officer

Appointment of Other Staff

Funds

Accounts and Audits

Annual Reports and other reports e. Define Accountable Institutions f. State and explain the composition of accountable

institutions in relation to their;

Registration

Records Keeping


Duration of Records

Duties of operators of Game of Chance

Request for Information

Information held by Supervisory Bodies and Revenue Agencies

Suspicious Transaction Report

Protection Against Criminal or Civil Liability

Conducting Transactions to avoid giving rise to a reporting duty

Conveyance of Currency to or from the country

Continuation of transactions

Electronic Transfer of currency

Reporting Procedures

Monitoring Orders and

Offenses in relation to records and information g. Explain the following compliance procedures;

Formulation and implementation of internal rules

Training and monitoring for compliance

Referrals of suspicious offenses investigating authorities and other public bodies

Responsibility for the supervision of accountable institutions

Offenses in relation to compliance h. Describe the following;

Extraditable offense

Trial Court and Proceedings

Freezing of Accounts

Oath of Secrecy

Co-operation by Officers of Public Agencies i. Identify the various International bodies that

imposes Money Laundering Sanctions j. State and Explain the various of types of Money

Laundering Sanctions k. State and Explain the recommendations of the

Financial Action Task Force (FATF)

Law Enforcement and Financial Crime

a. Distinguish between administrative and Criminal Investigation in terms of;

Who performs them

Their Goals and

The Consequences of related violations b. Discuss the challenges of an independent

investigator with a prior law enforcement experience to carryout and an administrative investigation

c. Explain the Garrity Rule and its importance to law


enforcement d. Identify when law enforcement agencies generally

are called in to assist with a financial crime investigation

Insurance and Medical Fraud a. Define insurance fraud b. State and explain the types of insurance policies c. State and explain the various schemes of insurance

fraud d. Identify the red flags associated with insurance

fraud e. State and explain the types of insurance fraud

investigation tips f. Define medical fraud g. State and explain the types of medical fraud

schemes

Bankruptcy a. Define Bankruptcy b. Identify the red flags associated with bankruptcy c. State and explain Bankruptcy schemes d. Define Planned Bustout and state its characteristics e. State and Explain the objectives of the world bank

principles on effective insolvency f. State and Explain the legal framework for creditor

rights and Insolvency g. Identify the anti-bankruptcy policies proposed by

the world bank to be adopted by countries in dealing with insolvency

h. Explain the following Institutional and Regulatory framework of an effective insolvency system;

The institutions responsible for proceedings

The operational system through which cases are administered and decided

Decisions are proposed and the requirements needed to preserve the integrity of those institutions

Bribery and Corruption a. Define bribery and corruption b. State and explain kickback schemes c. State and explain the methods of making illegal

payments d. State and explain the types of procurement fraud

schemes e. Identify the red flags associated with bribery and

corruption f. State and explain the methods of proving corrupt

payments g. Prove Ghost employee schemes in a given scenario h. State and Explain the strategies for detecting and

preventing ghost names on government payroll


LIST OF RECOMMENDED TEXT 1. IICFA Study Manual 2. A Practitioner’s Guide to the Law and Regulation of Financial Crime by Arun Srivastava and Andrew Keltie, 2010 2. Anti-Money Laundering Act 3. Forensic Criminology by Wayne A. Petherick, Brent E. Turvey, Claire E. Ferguson, 2009 4. Insurance Fraud Casebook, Paying a premium for crime by Joseph T. Wells and Laura Hymes


3.5 Litigation and Expert Witnessing



Explain the functions of expert testimony

Identify who qualifies to be an expert witness.

Describe the content of the forensic expert witness engagement letter

Explain cheap shorts expert witnesses may expect from the bar and how they should respond

Describe the grounds for disqualifying lay witnesses

Discuss the legal qualification of the Forensic Accountant expert witness

Explain the knowledge and skill competency an expert witness must posses

explain the Do’s and Don’ts during cross examination

Discuss the tactics used to discredit an expert witness during cross examination

Discuss Media Ethical Standards for the Forensic Accountant

Discuss the ethical guidelines for the Chartered Certified Forensic Accountant, CCFA

Identify common reporting mistakes

Explain the Methods of taking notes

Describe the steps involve in outlining reports and memorandums

Describe the structure of expert witness report

Write a sample expert witness report 2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Introduction to Expert Witnessing 15

The Qualification of an Expert Witness 15

The Forensic Accountant as an Expert Witness 20

Trial Preparation 15

Ethics for the Forensic Accountant Expert Witness 15

Reporting 20

TOTAL 100

Litigation and Expert Witnessing, Cont’d

MAIN TOPIC SYLLABUS CONTENT Introduction to Expert Witnessing

a. Define Expert witnessing b. State and explain the functions of expert testimony c. Explain why expert witnesses are used in court cases d. Discuss when an expert witness must be engaged to

testify e. Identify who qualifies to be an expert witness. f. Describe how an expert witness is introduced at trial. g. Describe the expert witness process from;

Beginning

Continuation and

Conclusion h. State and Explain cheap shorts expert witnesses may

expect from the bar and how they should respond

The Qualification of an Expert Witness

a. Discuss the legal qualification of the Forensic Accountant expert witness

b. Describe the grounds for disqualifying lay witnesses c. Analyze instances that lay witnesses will be permitted to

testify d. State and explain the education and experience required

of qualified expert witness. e. Discuss the following consideration in determining the

qualification of an expert witness;

Awards and Honors

Technical Training


Publications

Certification or Licenses

Positions in Professional Institute

The Forensic Accountant as an Expert Witness

a. Describe the role Forensic Accountants play during expert witnessing

b. Discuss the importance of engagement letters c. Describe the content of the forensic expert witness

engagement letter d. Describe the attributes of a Forensic Accounting Expert

witness e. State and Explain the knowledge and skill competency an

expert witness must posses f. Discuss the following basic concepts and techniques of

expert witnessing

What are the facts?

What are the issues

Where and how to resolve the issues?

How should to report finding?

Trial Preparation a. State and explain the basic trial tips b. Provide expert testimony to cases c. Discuss relevant testimony d. Explain disposition e. Describe the trial process f. State and explain the Do’s and Don’ts during cross

examination g. State and explain the forms of presenting expert

testimony h. Identify the consideration of direct testimony i. Discuss the tactics used to discredit an expert witness

during cross examination Ethics for the Forensic Accountant Expert Witness

a. Define Ethics b. Distinguish between ethics and morals c. Explain the elements to ethical standards as suggested by

Pollock d. Discuss Media Ethical Standards for the Forensic

Accountant e. Discuss the ethical standards that Forensic Accountants

must follow when dealing with the media in giving an opinion

f. Discuss the ethical considerations in forensic report writing

g. Identify the ethical consideration in publication of forensic accounting paper.

h. Discuss the necessity to provide not only ethical guidelines, but also the sanctions which will be handed down if the guidelines are broken.


i. Discuss the ethical guidelines for the Chartered Certified Forensic Accountant, CCFA

Reporting a. Describe the qualities of a good report b. Identify common reporting mistakes c. State and Explain the Methods of taking notes d. Describe the steps involve in outlining reports and

memorandums e. Describe the structure of expert witness report f. Identify the various documents consisting reports g. Discuss the content of signed statement h. Discuss the content of an expert witness report i. Write a sample expert witness report

LIST OF RECOMMENDED TEXT 1. IICFA Study Manual 2. Expert Witnessing in Forensic Accounting, a Handbook for Lawyers and Accountants, by Zeph Telpner and Michael Mostek, 3. Forensic Criminology by Wayne A. Petherick, Brent E. Turvey, Claire E. Ferguson, 2009



4.1 Advanced Forensic Accounting



Apply forensic accounting (e.g. fraud, negligence, insurance claims) and the role of

the forensic accountant as an expert witness in litigation support.

Analyze the procedures for the conduct of tax investigations

Discuss the investigative procedures and evidence appropriate in determining the

economic loss in a given situation.

Discuss the motives behind financial statement fraud

Discuss the red flags associated with assets based fraud schemes

Explain the criteria for revenue recognition under ISA 18

Identify the changes proposed by FASB and IASB

Describe the process by which fictitious revenues can be concealed

Discuss the various Revenue based financial fraud schemes

Discuss improper classification or amortization of intangible assets

Identify the red flags associated with expense and liabilities fraud schemes

Discuss fraudulent reporting involving consolidations and business combinations

Discuss Financial Reporting fraud as concealment tool

Discuss the categories of disclosure fraud and Identify common Disclosure Risks

Discuss the methods of hiding assets

Describe the procedures for tracing hidden assets




Forensic Accounting 15

Revenue Based Financial Fraud Schemes 15

Assets Based Financial Fraud Schemes 15

Expense and Liability Fraudulent Schemes 10

Other Financial Reporting Fraud Schemes 10

Detection and Prevention of Advanced Financed Financial Crime 15

Other Prevention Strategies 10

Tracing Hidden Assets 10

TOTAL 100

Advanced Forensic Accounting, Cont’d


Forensic Accounting

a. Differentiate between forensic accounting, forensic investigation and forensic audit.

b. Apply forensic accounting (e.g. fraud, negligence, insurance claims) and the role of the forensic accountant as an expert witness in litigation support.

c. Discuss the fundamental ethical principles of forensic accountants engaged in forensic accounting assignments.

d. Discuss the investigative procedures and evidence appropriate in determining the economic loss in a given situation.

e. Discuss the procedures for carrying out fraud investigation for a client.

f. State the form and contents of investigation reports. g. Analyze the procedures for the conduct of tax investigations.

Revenue Based Financial Fraud Schemes

a. State and explain the criteria for revenue recognition under ISA 18

b. Identify the changes proposed by FASB and IASB c. Describe the process by which fictitious revenues can be

concealed


d. Discuss the Red flags associated with fictitious revenue e. Discuss the various Revenue based financial fraud schemes f. Discuss the following revenue based fraud schemes;

Timing Schemes

Fictitious and Inflated Revenue

Gross-up Schemes and

Misclassification Schemes

Assets Based Financial Fraud Schemes

a. Define assets based financial fraud schemes b. Discuss the red flags associated with assets based fraud

schemes c. Discuss the following assets based fraud schemes;

Improper Capitalization of Costs

Assets Valuation

Fair Value Accounting d. Discuss the methods of measuring fair value e. Discuss internal and external developed valuations f. Discuss improper classification or amortization of intangible

assets

Expenses and Liability Fraudulent Schemes

a. Discuss the omissions and underreporting of liabilities;

Debt

Guarantees

Pension Liabilities

Conditional Assets Retirement Liabilities b. Discuss shifting expenses to future periods;

Accounts Payable

Compensated Absences

Contingent Liabilities

Accrued Compensation

Improper use of Liability Reserves c. Identify the red flags associated with expense and liabilities

fraud schemes

Other Financial Reporting Fraud Schemes

a. Discuss fraudulent reporting involving consolidations and business combinations

b. Discuss Financial Reporting fraud as concealment tool c. Discuss Financial Statement fraud committed by not for

profit organizations d. Discuss the categories of disclosure fraud e. Identify common Disclosure Risks

Detection and Prevention of Advanced Financed Financial Crime

a. Discuss the motives behind financial statement fraud b. Discuss fraud risk indicators c. Discuss internal control indicators d. Apply the following analytical techniques to detect financial

statement fraud;

Horizontal Analysis

Vertical Analysis

Ratio Analysis


Budget Variance Analysis

Other Prevention Strategies

a. Apply the following detection techniques to investigate financial fraud;

Multiple ratios

Non financial data

Testing of journals

Understandability of financial statement disclosures b. Discuss fraud or Honest mistake

Tracing Hidden Assets

a. Discuss the methods of hiding assets b. Describe the procedures for tracing hidden assets

RECOMMENDED/REFERENCE TEXTS 1. IICFA Study Manual 2. Financial Statement Fraud, Gerard M. Zack, CFE, CPA, CIA, CCEP, 2013 3. ACFE Fraud Examiners Manual 4. Fraud Auditing and Forensic Accounting 4th Edition, Tommie W. Singleton and Aaron

J. Singleton 5. A guide to Forensic Accounting 2nd Edition, Thomas W. Golden, Steven L. Skalak,

Mona M. Clayton and Jessica Pill 6. Financial Investigation and Forensic Accounting 2nd Edition, George A. Maning, Ph.D,

CFE, EA 7. Forensic Accounting and Fraud Investigation for Non – Experts 2nd Edition, Howard

Silverstone and Michael Sheetz


4.2 Strategy and Corporate Governance



Explain strategy and the process of strategy formulation.

Appreciate concepts and principles in contemporary thinking on strategic management.

Determine the general and unique characteristics, opportunities and challenges facing a business through its life-cycle.

Determine and recommend appropriate strategies to support the various phases of the business life-cycle.

Evaluate the effect of selected management strategies on organizational performance.

Appreciate the global competitive business environment and the relevant global strategies for business success.

Analyze the role of leaders in developing and implementing effective strategy.

Develop business plans and proposals and advise on issues relating to business and organization plans; the risk involved and how those risks should be managed.

Explain the importance of good corporate governance and the evolution of best practice.

Advise on and develop appropriate remuneration and reward packages for staff, executives and directors.

Identify major issues in corporate governance and their significance.

Apply concepts to business case scenarios through the use of a major case study.

Explain the relationship between ethics and corporate governance.

Assess and advise on required corporate governance mechanisms.




Nature of Strategy 5

Environmental Analysis 10

Strategy Analysis and Choice 15

Functional Strategies 20

Management Issues 10

Strategy Evaluation and Control 15

Change Management 10

Corporate Governance: Overview of Corporate Governance and Management Code of Best Practice in Corporate Governance Directors and Officers The Role of Internal Control in Corporate Governance Legislation Relating to Fraud 15

TOTAL 100

Strategy and Corporate Governance, Cont’d

MAIN TOPIC SYLLABUS CONTENT Nature of Strategy

a. Define and explain strategy and management. b. Describe the phases of the strategic

management process. c. Explain the importance of strategic

management. d. Explain key concepts related to strategic

management (e.g. mission, vision, core values, goals, objectives, strategy and policies).

e. Explain the stages of corporate development. f. Explain the role of board of directors in

strategic management. Environmental Analysis a. Explain external and internal environment of

business. b. Describe external and external environmental

analysis. c. Describe how the social, legal, economic,

political and technological influence an organization.


d. Describe the relationships among environmental analysis, competitive, analysis and internal organization.

e. Describe the process of industry and competitive analysis with reference to Porter's five forces model.

f. Examine sustainable competitive advantage. g. Evaluate critical success factors. h. Apply concepts and principles in external

environmental analysis to case studies. i. Explain resource based theory and its

implications for strategy formulation. j. Describe value chain for an organization and its

industry. k. Apply concepts and principles in internal

environmental analysis to case studies. l. Describe the basic steps in SWOT analysis. m. State reasons for the rising internationalization

of business. n. Evaluate the impact of international

environmental forces on business operations. o. Outline the concept of the balance scorecard

and its usefulness in strategy. Strategy Analysis and Choice a. Explain the purpose of the organization in

respect of stakeholder expectation. b. Explain generic strategies. c. Explain alternative corporate strategies such as

stable growth, abnormal growth, harvesting, defensive, combinations.

d. Distinguish between concentric and conglomerate diversification.

e. Evaluate corporate strategy using Boston Consulting Group (BCG) Matrix, Planning Grid, Profit Impact of Market Strategy (PIMS) and life cycle approaches.

f. Identify and develop direction option for an organization including the use of answers following product/market matrix.

g. Apply concepts and principles in strategy analysis and choice to case studies.

Functional Strategy a. Finance

Develop policies for raising short-term debt, long-term debt and equity.

Prepare lease versus buy analysis.

Determine an appropriate dividend payout.

Analyze proposals for mergers and acquisitions.


Explain how to evaluate the attractiveness of debt versus stock as a source of capital to implement strategies.

Explain how and why management should conduct a post-investment audit of a capital project.

Calculate and categorize major financial ratios and understand what they can tell about a company.

Use trend analysis and common-size analysis to assess the performance of organizations.

Explain the roles that venture capital and initial public offering (IPO) play in financing early stages of a company's growth.

Calculate the impact on earnings and on market value of companies involved in mergers.

Describe the methods used by companies to manage exchange rate risk.

b. Human Resource

Explain the strategic decision process and relate it to human resource decisions.

Explain the critical link between strategic management and strategic human resource management.

Identify and explain the external and internal factors that affect human resource plan.

Describe the strategic choices regarding job analysis that are available to an organization.

Explain strategies for effective recruitment and selection.

Explain how an organization should select staff to support implementation of its strategy.

Discuss some of the major strategic choices regarding the performance appraisals that are available to organization.

Discuss the choices managers face when deciding to restructure human resources.

c. Marketing

Explain the importance of positioning and the strategies used to achieve it.

Explain how firms seek competitive advantage in global markets.

Explain market segmentation and product positioning as a strategy implementation tools.

Explain the importance of a marketing plan and the need to plan marketing strategies.


Analyze a company's product mix.

Discuss the development of global brands.

Discuss the factors that influence pricing decisions.

Identify, explain and apply pricing strategies.

Explain the major consideration in designing marketing channels and how channel co-ordination is managed.

Explain the importance of integrated marketing communications.

Relate push and pull strategies to trade and consumer promotions.

Explain the role and strategic objectives of operations management.

Discuss how business process co-engineering fit into operations improvement.

Discuss the implantation issues in Total Quality Management initiatives.

Explain why organizations should have operations strategy.

Explain the international issues faced by organizations in formulating their operations strategies.

Management Issues a. Explain the issues that management confront when attempting to implement new strategies or improve the implementation of current strategies.

b. Explain type of organizational structure. c. Explain the relationship between strategy and

organizational structure. d. Distinguish between centralization and

decentralization. e. Explain the effect of leadership on strategy

implementation. f. Discuss the impact of motivational systems on

strategy implementation g. Apply principle sand concepts in strategy

implementation to case studies. h. Define organizational culture i. Explain the various types of organizational

culture j. Outline and explain the determinants of

organizational culture. k. Explain the nature and importance of

organizational culture. l. Discuss the relationship between organizational


and international culture. m. Discuss how an organization can sustain its

culture. n. Identify and explain the problems associated

with organizational culture.

Strategy Evaluation and Control a. Explain the process of strategy evaluation. b. Evaluate corporate strategy using Rumelt's

criteria and Mickinsey's 7S Framework. c. Explain how qualitative factors influence

corporate strategy. d. Examine the role of board of directors in

evaluating corporate strategy. e. Differentiate between financial and non-

financial performance measures. f. Examine the effectiveness of financial and

nonfinancial performance measures.

Change Management a. Apply strategy evaluation and control to case studies:

b. Define organizational change. c. Assess the motivation to change. d. Explain the process of organizational

development. e. Discuss how and why resistance to change

develops within organizations. f. Evaluate the various methods of introducing

change. g. Evaluate change process within an

organization. Corporate Governance: Overview of Corporate Governance and Management Code of Best Practice in Corporate Governance Directors and Officers The Role of Internal Control in Corporate Governance Legislation Relating to Fraud

a. Discuss the concept and scope of corporate governance.

b. Explain global focus on corporate governance. c. Describe the role of regulators in corporate

governance d. Describe the role of government in corporate

governance. e. Discuss the major participants in ensuring good

corporate governance. f. Explain the principles of 'effective' corporate

governance. g. Explain potential conflict of interest — agency

theory h. Analyze the impact of corporate governance on

agency costs. i. Explain corporate governance in not-for-profit

organizations, the public sector and SMEs. j. State the reasons why governance is needed

and identify the role that governance plays in


the management of a business. k. Identify the key stakeholders and their

governance needs for a particular business. l. Identify and show the distinction between the

roles and responsibilities of those charged with governance and those charged with management.

m. Specify how differences in national and business cultures affect the governance of businesses.

n. Explain the role of Board of Directors and Corporate Supervision: Roles of Chairman, Chief Executive Officer, Executive and Non- Executive Directors and Company Secretary.

o. Identify the roles and responsibilities of the members of the executive board, any supervisory board, the audit committee and others charged with governance, internal audit and external audit.

p. Identify the roles and responsibilities of those responsible within a business for internal audit and for the external audit relationship.

q. Specify the policies and procedures a business should implement in order to promote an ethical culture.

r. Explain the effect of good corporate governance on strategic management.

s. Why is good corporate governance important? t. Discuss the code of best practices in corporate

governance; u. Explain the concept of Board independence

under corporate governance. v. Explain the independent board committees. w. Discuss the role of an accountant in good

corporate governance. x. Outline and explain the duties and

responsibilities of directors. y. Discuss and explain how to align director and

shareholder interests. z. Describe the reporting issues by directors and

officers in managing a company. aa. Explain corporate social responsibility. bb. Outline ethical conduct and company directors. cc. Outline the need for effective Internal Audit. dd. Outline the need for effective Audit Committee. ee. Outline the Objectives and Role of the Internal

Control Framework.


ff. Identify the main objectives of the internal control process.

gg. Outline and explain the major elements of an internal control process under the following:

Management oversight and the control culture.

Risk recognition and assessment.

Control activities and segregation of duties.

Information and communication.

Monitoring activities and correcting deficiencies.

RECOMMENDED/REFERENCE TEXTS 1. IICFA Study Manual 2. Hunger, J.D and Wheelen, T.L. Strategic Management and Business Policy, Pearson Education. 3. Johnson, D. Exploring Corporate Strategy, Prentice Hall. 4. Lynch, R. Corporate Strategy, Financial Times. 5. Mallin, C.E. Corporate Governance, Oxford University Press. 6. Pearce II, J.A and Robinson, Jr. R.B. Strategic Management. Irwin. 7. Quinne, J.B., Mintzberg, H. and James, R.M (1988) The Strategy Process: Contexts and Cases. New Jersey. 8. Thomspon, J.L. Strategic Management: Awareness and Change. Thomson Learning. 9. Solomon J. Corporate Governance and Accountability.


4.3 Advanced Financial Reporting



To provide candidates with in-depth knowledge of financial reporting standards and to provide the necessary skills for their application.

To ensure that students are able to demonstrate competence and exercise judgment in the preparation and presentation of quality financial information in group as well as non-group situations.

Discuss international and local corporate reporting framework.

Prepare consolidated financial statements.

Prepare complete sets of statutory financial statements with complete disclosures.

Interpret financial statements and assess their usefulness to various stakeholders.

Cope with current reporting issues and developments.

Apply requirements of all the IFRSs in issue relationship to practice relative to the provision of financial information to internal and external users in accordance with institutional regulations;

Demonstrate the skills to work within the professional and ethical framework of the accounting profession;

Assess and explain problems associated with income and value measurements during periods of price level changes.

Prepare and present accounts and reports on business valuation, etc. 2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Overview of International Financial Reporting Standards 15

Advanced Group Financial Statements Accounting for Associates and Joint Ventures Preparation of Group Cash Flow Statements 25

Income and Value Measurement and Accounting for Price Level Changes 15

Share and Business Valuation 15

Scheme of Re-organization/Capital Reduction /Reconstruction Scheme 15

Interpretation of Financial Information 15

TOTAL 100

Advanced Financial Reporting, Cont’d

MAIN TOPIC SYLLABUS CONTENT Overview of International Financial Reporting Standards

Explain and apply all extant IFRSs published by IASB

Advanced Group Financial Statements Accounting for Associates and Joint Ventures Preparation of Group Cash Flow Statements

a. Explain the principles of acquisition accounting.

b. Preparation of group financial statements — consolidated balance sheet; consolidated income statement.

c. Describe the measurement principles relating to fair values of the consideration and net assets acquired.

d. Describe the stages and nature of acquisition. e. Preparation of consolidated financial

statements where control is achieved in stages. f. Demonstrate understanding of accounting for

complex group structures. g. Explain the principles relating to the disposal

of group companies. h. Describe the treatment of goodwill on

disposal. i. Explain the principles of accounting for partial


and deemed disposals. j. Describe the creation of a new holding

company. k. Describe the changes in the ownership of

companies within a group. l. Demonstrate understanding of nature and

accounting for mergers and demergers, and divisionalization.

m. Explain the principles and preparation of financial statements after group reorganization and reconstruction.

n. Explain the principles of and methods of accounting for associates and joint ventures.

o. Describe the preparation of group financial statements with associates and joint ventures.

p. Discuss the current accounting standards relating to interests in associates and joint ventures.

q. Preparation of Group Cash Flow Statements including elements of acquisition and disposal of subsidiaries.

r. Preparation of Group Cash Flow Statements incorporating associates, joint ventures, and foreign currencies.

Income and Value Measurement and Accounting for Price Level Changes

a. List and explain the concepts and alternative approaches to income measurement.

b. Analyze the problems associated with income and value measurement.

c. Explain the concepts of capital maintenance and solve related problems.

d. List and explain alternative approaches to valuation of assets.

e. Evaluate effects of price level changes on businesses.

f. Explain the characteristics and limitations of Historical Cost Accounting as a basis of Income Determination.

g. Explain the principles of Constant Purchasing Power Accounting.

h. Explain the principles of Current Cost Accounting.

i. Describe the relationship between the Capital Maintenance Concepts, CCA, CPP Accounting and Historical Accounting.

Share and Business Valuation

a. Explain and apply earnings based valuation methods including:

Earning yield valuation


Price/earnings ratio valuation

Super-profit valuation b. Explain and apply asserts based valuations

methods including:

Book value

Current open market value

Existing use value

Alternative replacement cost value

Going concern value c. Compare and contrast methods of valuation of

quoted and unquoted shares for minority and minority holdings (i.e. dividends, earnings and values basis) and solve related problems.

d. Evaluate qualitative factors affecting valuation. e. Prepare and explain profit forecasts. f. Prepare and present reports relating to offers

for sale in accordance with the requirements of the Ghana stock Exchange.

g. Prepare reports on valuation of business suitable for presentation to interested persons.

Scheme of Re-organization/Capital Reduction /Reconstruction Scheme

a. Construct a scheme for reduction of capital. b. Explain and apply statutory regulations

regarding amalgamation take over and mergers.

c. Analyze, explain and apply statutory regulations relating to reconstructions as regards:

alternative of capital structure of a single company

demerger

transfer of the undertaking of one company to another company

d. Prepare and present accounts and reports relating to changes in the structure of companies including liquidation and bankruptcy.

Interpretation of Financial Information

a. Prepare a statement analyzing the changes in:

revenues and expenses in comparative profit and loss accounts

assets and liabilities in comparative balance sheets

b. Calculate and interpret various measures of business performance including failure prediction ratios.

c. Use the ratios so calculated to make:

critical comparisons between various


businesses

inter-temporal comparison d. Prepare reports suitable for presentation to:

Shareholders

employers (management)

financial institutions and regulatory bodies

other user groups e. Analyze and explain the impact of inflation on

financial statements analysis. f. Evaluate the limitations of financial

statements. g. Distinguish between value added statement

and profit and loss account. h. Evaluate the importance of value added

statement. i. Prepare value added statement for group and

non-group companies.

LIST OF RECOMMENDED TEXT 1. IICFA Study Manual 2. Advanced Financial Reporting, ACCA 3. Lewis, R. Advanced Financial Accounting. 4. Glautier, M. W. E. Accounting: Theory and Practice, Pitman. 5. International Financial Reporting Standards. 6. Jenning, R. A. Financial Accounting Manual 1 & 2. 7. Gyasi, K. Partnership and company Accounts, Kwabotwe. 8. Topple, B. Consolidated Accounts.


4.4 Assurance and Professional Practice



explain the significance of the fundamental accounting and auditing concepts and apply them in given situations;

understand and apply the professional, ethical and legal requirements in the conduct of an audit;

plan audits of various business entities;

specify the procedure by which the progress of an audit can be controlled and recorded;

identify objectives for particular audits, select and apply tests of control and substantive procedures to obtain appropriate audit evidence, evaluate the evidence, and draw reasonable conclusions;

describe and specify quality control policies and procedures for the audit function within the audit firm and for individual engagements;

evaluate and validate accounting treatments of items in the financial statements in accordance with relevant accounting and reporting standards;

form opinion on financial statements, prepare auditors' report and prepare reports to management based on statutory audits; and

Conduct special audit engagements and investigations. 2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Concept of Auditing Legal and Professional Environment 10

Planning Audit and Assurance Engagements 10

Reporting on Audit and Assurance Engagements 15

Audit of Financial Statements 15

Performance of Audit 10

Auditing Under a Computerized Environment 10

Sundry and Specialized Audit 10

Completion Procedures 10

Professional Practice 10

TOTAL 100

Assurance and Professional Practice, Cont’d

MAIN TOPIC SYLLABUS CONTENT Concept of Auditing Legal and Professional Environment

a. Analyze the concept of true and fair view. b. Apply the concept of materiality in the planning and

conduct of an audit. c. Assess risk of error in financial statements. d. List and explain professional ethics that guide the

conduct of an audit. e. Examine the correct use of the accounting concepts by

the client in the preparation of financial statements. f. List and explain roles of audit committees and their

impact on the auditor's work. g. Explain the Code of professional ethics under the

following:

Integrity and objectivity

Conflict of interest and independence

Professional competence and due care

Duty of confidentiality

Professional fees and pricing

Changes in professional appointments

provisions under the Companies Code h. Explain the Professional responsibility and liability


under the following: i. Considerations and reporting of breaches in laws and

regulations

Professional negligence and liability

Fraud detection and expectation gap

Quality control procedures and practice review j. Corporate accountability:

Corporate governance principles and practices

Audit committee and good governance

Internal audit and risk management

Planning Audit and Assurance Engagements

a. Identify the components of audit risk for a specified audit engagement, including the breakdown of audit risk into inherent risk, control risk and detection risk.

b. Discuss the differences between the audit of a profit oriented entity and the audit of not-for-profit entity.

c. Explain why it is important to have a knowledge and understanding of the business when planning an engagement.

d. Identify ways of gaining knowledge and understanding of a client's business.

e. Identify the risks arising from error, fraud and noncompliance with law and regulations and assess their implications for the engagement.

f. Identify the components of risk for a specified assurance engagement.

g. Assess the impact of risk and materiality on the engagement plan, including the nature, timing and extent of assurance procedures, for a given organization.

h. Discuss the benefits and limitations of analytical procedures at the planning stage.

i. Discuss the approach appropriate for an engagement which addresses:

possible reliance on controls (including those within IT systems)

possible reliance on the work of internal audit or other experts

possible reliance on the work of another auditor

probable extent of tests of control and of substantive procedures, including analytical procedures

nature and extent of client-generated information

Reporting on Audit and Assurance Engagements

a. Draw conclusions on the ability to report on audit engagement which is consistent with the results of the audit work.

b. Explain the elements (both explicit and implicit) of the auditor's report issued in accordance with Auditing


Standards on statutory requirements and recommend the nature of an audit opinion to be given in such a report.

c. Draft suitable audit report (including any report to the management issued as part of the engagement) on the basis of given information, statements of facts, their potential effects, and recommendations for action relevant to the needs of the organization being reported upon.

d. Describe the nature and timing of specific procedures designed to identify subsequent events that may require adjustment or disclosure in relation to the matters being reported on.

e. Evaluate, quantitatively and qualitatively (including use of analytical procedures), the results and conclusions obtained from assurance tests and procedures.

f. Draw conclusions on the ability to report on assurance engagement which is consistent with the results of the assurance work.

g. Draft suitable assurance report (including any report to the management issued as part of the engagement) on the basis of given information, statements of facts, their potential effects, and recommendations for action relevant to the needs and nature of the organization being reported upon.

Audit of Financial Statements

a. Explain and discuss Audit process under the following:

Risk and materiality assessment procedures including fraud considerations.

Evidence gathering and documentation including management representations, using the work of an expert.

Overall review including subsequent events and going concern considerations.

Impact of IT environment on audit process. b. Reporting:

Form and content of auditor's report for statutory and financial audits.

Other information in documents containing audited financial statements.

Discovery of facts subsequent to date of auditors' report.

Communications with management and those charged with governance.

c. Group engagements:

Risk assessment in complex group environment.


Using the work of other auditors.

Reporting on group financial statements. d. Quality control:

Discuss the principles and purpose of quality control of assurance engagements.

Demonstrate how the assurance function within an assurance firm can be monitored through procedures for review.

Describe how quality can be monitored and controlled through procedures external to the audit firm.

Identify the reasons for preparing and keeping documentation relating to an audit engagement.

Performance of Audit

a. Discuss management assertions and audit objectives. b. Outline and explain the procedures to obtain and

evaluate evidence on the following:

Balance and transaction testing for financial statement components.

Analytical procedures.

Computer assisted audit techniques (CAATs).

Audit sampling. c. Discuss the final evidential evaluation processes of:

Review for contingencies, commitments and subsequent events.

Going concern considerations.

Management representations.

Review of financial statement presentation and disclosure.

Explain analytical review as a source of evidence: Figures and relationships in line with expectations.

Comparison of figures: Monthly and Annual Trends.

Auditing Under a Computerized Environment

a. The Overall Computer Environment:

Distinguish and explain computerized systems vs. manual systems; problems and advantages of computer systems.

Explain general controls: Need, the control environment; integrated systems.

Describe general control: New systems/major changes.

Explain security over programmes, data and hardware; disaster planning.

Outline and explain manual compliance tests to be performed thereon by auditors.

b. Application Controls:

Discuss the areas in which controls are required: Input and output; changes to standing data.

Discuss the specific controls in each of these areas for sales, purchases and inventory.


Outline and explain the manual compliance tests to be performed thereon by auditors.

c. Computer Assisted Audit Techniques:

Explain the process of auditing around and through the computer.

Discuss how to use computer assisted audit technique (CAATs) to test systems: Dummy data/ test data; integrated test facilities; Repeat processing of client data.

Discuss how to use CAATs to test client data and select samples: audit software.

Explain the analytical procedures by computer programme.

Sundry and Specialized Audit

a. Discuss the statutory position regarding form and content of group financial statements.

b. Discuss the responsibilities of the parent company auditor.

c. Explain the relationships with subsidiary auditors. d. Discuss the nature of consultations with subsidiary

auditors. e. Evaluate and assess the financial statements of a list

company in accordance with Stock Exchange reporting requirement.

f. Examine the implication of the following:

Social and environmental audit

Systems development audit

Fraud in computerized audit

Auditing in relation to 'e' commerce g. Prepare accountants report for inclusion in prospectus. h. Distinguish between forecasts and projections and

prepare an appropriate report therein. Completion Procedures

a. Explain how the auditor deals with the following:

Contingencies and commitments: Auditor responsibilities and work required.

Post balance sheet events: Auditor responsibilities and work required.

Going-concern considerations.

Management letter.

Presentation in the audit evidence processes.

Financial statement assertions.

The overall audit objective: True & fair view.

Elements of auditors' report.

Modified auditor's reports.

Prepare audit report which conforms to the requirements of the companies’ code and auditing standards.


Professional Practice

a. State the role of ethical consideration by the auditor and their importance to the profession.

b. Explain the differences between rules based on ethical code and one based upon a set of principles.

c. Explain how the principles of professional behavior protect the public and fellow professionals.

d. Identify the key features of the system of professional ethics adopted by IFAC andIICFA, USA.

e. Identify the fundamental principles underlying the IFAC and theIICFA, USA code of ethics.

f. Explain the importance of integrity and objectivity to professional accountants, identifying situations that may impair or threaten integrity and objectivity.

g. Suggest courses of action to resolve ethical conflicts relating to integrity and objectivity.

h. Respond appropriately to the request of an employer to undertake work outside the confines of an individual's expertise or experience.

i. Explain the importance of confidentiality and identify the sources of risks of accidental disclosure of information.

j. Identify steps to prevent the accidental disclosure of information.

k. Identify situations in which confidential information may be disclosed.

l. Define independence and explain why those undertaking an assurance engagement are required to be independent of their clients.

m. Identify the following threats to the fundamental ethical principles and the independence of assurance providers:

self-interest threat

self-review threat

management threat

advocacy threat

familiarity threat

intimidation threat n. Identify safeguards to eliminate or reduce threats to the

fundamental ethical principles and the independence of assurance providers.

o. Suggest how a conflict of loyalty between the duty a professional accountant has to their employer and the duty to their profession could be resolved.

p. Explain business controls under the following:

Maintenance of confidence in the integrity of financial statements.


Establishment of a basis for the achievement of business objectives.

Compliance with laws, regulations and company policies.

Review of existing policies and procedures.

Establishment of internal control processes. q. Discuss the management of corporate funds and

property under the following:

Safeguarding corporate assets and resources

Proper utilization of company credit cards, cash, cheques, money orders.

Use of vouchers, time sheets, invoices, and benefits claims to access company funds and property.

r. Identify how to protect information and resources:

Computers, software, and data from damage, destruction, viruses, alteration, theft, fraudulent manipulation, and unauthorized access, disclosure, or misuse.

Computer systems audit.

Use of passwords.

Back-up plans and procedures.

Access to internet in organizations. s. Outline the ethical issues in financial reporting under

the following:

Importance of accurate, complete and reliable business records. Improper influence of internal or external auditors.

Fraudulent reporting.

Prevention of industrial espionage and sabotage. t. Explain the role of ethics issues in political

environment under the following:

Contribution of corporate funds to political parties.

Volunteer work for political campaigns.

Using corporate time, funds, resources and assets for political activities.

u. Discuss the ethical responsibilities of accountants in business under the following.

Fraud.

Money laundering.

Theft

Impersonification

Over-exaggeration/suppression of information/values.

Unethical behavior to individuals, accountancy profession and the public.


LIST OF RECOMMENDED TEXT:

1. IICFA Study Manual 2. Advanced Audit and Assurance, ACCA 3. Woolf, E. Auditing Today, Prentice Hall. 4. International Standards on Auditing.


4.5 Compliance, Ethics and Public Governance



Demonstrate in-depth knowledge and understanding of the concepts and principles of Compliance Management

Appreciate the importance of Ethics in personal and corporate financial planning and decision making. Ability to identify and avail to clients of the opportunities for minimizing potential Compliance risk;

Understand When Ethical Decision Making Goes Wrong: Why Do ‘Good’ People

Engage in ‘Bad’ Acts

Understand Ethical Concerns and Dilemmas in Government and Private Institutions

Apply Various Laws, Rules, Regulations and Conscience as Source of Ethical

Guidance when dealing with clients

Appreciate Information Sharing and Transparency in Government

Demonstrate in-depth knowledge and understanding of the Philosophical Basis of Governance and Probity

Analyze Situations involving Conflicts of Interest in Accounting and the Financial Markets

Understand the Essence, Determinants and Consequences of Ethics in Human Action

Demonstrate in-depth knowledge and understanding of the Concept of Public Service

Apply Ethics in International Relations and Funding

develop proposals and advise on Compliance, Ethics and Public Governance issues relating to public institutions, business startups, corporate business transformations; individuals and bodies of persons;

Adopt best practices and professional standards when dealing with clients. 2. FORM OF EXAMINATION The examination will be a three-hour paper of five (5) questions. Candidates will be required to answer all five (5) questions. 3. SYLLABUS WEIGHTING GRID This grid shows the relative weightings of topics within this subject and should guide the relative study time spent on each. The marks available in the assessment will equate to the weightings below. However, there might be slight variations in some instances as they serve as a guide only.



Importance and Foundation of Compliance Management 10

Critical Success Factors for Compliance Management 15

Mitigating Risk: A brief on Compliance with Various Laws 15

Ethics and Human Interface 10

Attitude 5

Aptitude 5

Ethical Decision Making: Personal and Professional Context 5

Ethical Decision Making: Corporate Governance, Accounting and Finance 10

Public/Civil Service Values and Ethics and Public Administration 15

Probity in Governance 10

TOTAL 100

Compliance, Ethics and Public Governance, Cont’d

MAIN TOPIC SYLLABUS CONTENT Importance and Foundation of Compliance Management

a. Why Doing the Right Thing Matters b. Dealing With Ethical Challenges c. Corporate Governance, Corporate Responsibility and

the Environment d. Risk Assessment and Structuring the Program e. Elements of a Compliance Program

Critical Success Factors for Compliance Management

a. Oversight and a Culture of Compliance b. Education and Training c. Understanding Fraud and Other Wrong Doings d. Identification, Investigation and Enforcement e. Compliance Program Evaluation

Mitigating Risk: A brief on Compliance with Various

a. International Compliance b. Money Laundering


Laws c. Health Care Concerns and Data Privacy d. Fair Labor Standards Act e. The Environmental Protection Act and Amnesty

Provisions f. Antitrust Compliance

Ethics and Human Interface

a. Essence, Determinants and Consequences of Ethics in Human Action

b. Dimensions of Ethics c. Ethics in Private and Business Relationships d. Human Values e. Role of Family, Society and Educational Institutions in

inculcating Values

Attitude

a. Content, Structure and Function of Attitude b. Attitude Influence and Relation with Thought and

Behavior c. Moral and Political Attitudes d. Social Influence and Persuasion

Aptitude

a. Aptitude and Functional Values for Civil Service b. Integrity, Impartiality and Non-Partisanship c. Objectivity, Dedication to Public Service d. Empathy, Tolerance and Compassion Towards the

Weaker Sessions.

Ethical Decision Making: Personal and Professional Context

a. A Decision Making Process for Ethics b. When Ethical Decision Making Goes Wrong: Why Do

‘Good’ People Engage in ‘Bad’ Acts c. Ethical Decision Making in Managerial Roles

Ethical Decision Making: Corporate Governance, Accounting and Finance

a. Professional Duties and Conflict of Interest b. The Sarbanes-Oxley Act of 2002 c. The Internal Control Environment d. Going Beyond the Law: Being an Ethical Board

Member e. Conflicts of Interest in Accounting and the Financial

Markets f. Executive Compensation g. Insider Trading

Public/Civil Service Values and Ethics and Public Administration

a. Status and Problems b. Ethical Concerns and Dilemmas in Government and

Private Institutions c. Laws, Rules, Regulations and Conscience as Source of

Ethical Guidance d. Accountability and Ethical Governance e. Strengthening of Ethical and Moral Value in

Governance f. Ethical Issue in International Relations and Funding g. Corporate Governance

Probity in Governance a. Concept of Public Service b. Philosophical Basis of Governance and Probity


c. Information Sharing and Transparency in Government d. Right to Information e. Code of Ethics f. Citizen’s Charters g. Work Culture h. Quality of Service Delivery i. Utilization of Public Funds j. Challenges of Corruption

RECOMMENDED/REFERENCE TEXTS

1. IICFA Study Manual 2. Compliance Management – A How to Guide for Executives, Lawyers and Others Compliance Professionals – Nitish Singh and Thomas J. Bussen 3. Business Ethics – Decision Making for Personal Integrity and Social Responsibility, 3rd Edition - Laura P. Hartman, Joseph Des Jardins and Chris MacDonald


Entry Requirement

To enroll for the CCFA Certification Program prospective students must be at least sixteen

(16) years of age and must be of sound mind and have one of the following;

a. SSSCE/WASSCE/High School Diploma/A’ Level Certificate with a minimum of

aggregate 24 or better.

b. HND/Bachelors Degree

c. Master Degree, etc

d. Other Recognized Professional qualifications

Exemption Policy

1. Holders of the following qualifications (awarded by recognized institutions) are

exempted from papers in Parts 1 and 2 of the qualifying examinations:

University Degree in Accountancy or Forensic Accounting

HND Accounting Option

2. Holders of university degrees (other than those specified in (1) above) and

comparable professional qualifications recognized by the Institute would be granted

exemption on subject by subject basis on the merit of subjects passed as indicated on

the academic transcript.

3. Holders of masters degree (accounting or forensic accounting option) awarded by

recognized universities would be granted exemption from Papers in Parts 1 and 2.

They may also be exempted from specific subjects in part 3 based on subjects passed

in the masters program, as indicated on the academic transcript.

4. Exemptions would not be extended to any paper in Part 4. Part 4 papers are to be

written by all students.

Capstone Path to CCFA Certification

The Capstone Path to Certification is designed for those with ACCA, CA, CPA, CIMA, etc to

easily qualify for the CCFA designation. Below are the courses for the Capstone Path to

Certification;

1. Principles of Fraud Examination

2. Forensic Criminology and Legal Studies

3. Forensic Investigation Techniques

4. Computer Forensics and Cyber Crime

5. Litigation and Expert Witnessing

6. International Financial Crime Law


7. Advanced Forensic Accounting

8. Compliance, Ethics and Public Governance

CCFA Exams Period

The CCFA Exams are written twice every year in April and October respectively.

Alliances

Currently the INTERNATIONAL INSTITUTE OF CERTIFIED FORENSIC ACCOUNTANTS,

IICFA, USA seeks affiliation with accredited universities run its programs.

Partly qualified CCFA students and fully qualified CCFA’s have the option to enroll for a

Diploma, Bachelor’s, Master’s and Doctorate Degrees (Ph.D., DBA) with the affiliate

universities by submitting only their research project or dissertation for the award of their

diploma or degrees.

We are still in the process of partnering with reputable national and international accredited

universities to run the CCFA program

The Chartered Doctorate (Ch.D,)

This is a professional Chartered Doctorate Founded by the Founder and President of the

Institute Chartered Certified Forensic Accountants, IICFA, USA and The Calvinson-Ashley

Institute of Business Research, CIBR for all Chartered Professionals in the world. To be

awarded with the Ch.D you must be a chartered professional or an MBA graduate and must

write and publish an original thesis suitable for publication in your professional field of

specialty of not less than 60,000 words. For more information on the Ch.D contact the

Institute or The Calvinson–Ashley Institute of Business Research, CIBR.

Entry Requirement for The Ch.D

1. A Chartered Member of any recognized Professional Body with a minimum of three

(3) years Professional Experience

2. Ch.M, MBA, Msc, ACA, ACCA, CPA, CFIPA, etc with a minimum of six (5) years

professional Experience

3. Publish an original book in your field of specialization

Other Chartered Degrees;

Ch.M – Chartered Masters

Ch.B – Chartered Bachelors


Ch.Dip – Chartered Diploma

Benefits of Membership

1. Gain global recognition with your CCFA designation

2. Increases your earning potential with the CCFA designation

3. Demonstrate leadership, Integrity Transparency and competency to your employers

and clients with the CCFA designation

4. Opportunity to be elected to any leadership position in IICFA

5. Opportunity to represent IICFA, USA and your country in the global forensic

accounting roundtable discussions and brainstorming

6. Consulting contract and or job referrals

7. The right to use the designation CCFA against your name

8. Career progression to a Ph.D., DBA or Ch.D Level.

9. Opportunity to run a CCFA Accredited Tuition Centre or Prep Provider for the CCFA

exams at no extra charges

10. Access to the members’ only session of IICFA

11. Free Forensic Accounting resources including but not limited to CPD courses,

webinars, videos, etc

12. Opportunity to be nominated for any of IICFA’s awards

13. Opportunity to publish your articles in the Forensic Accounting Journal

14. Opportunity to be elected to the IICFA hall of Fame

15. Opportunity for your profile to appear in all IICFA’s media and publications.

16. Opportunity to share your experiences on IICFA’s blog

17. Gain practical skills transfer and career advice from experienced members

18. Opportunity to participate in the Global Forensic Accounting Debate

19. Discount on all IICFA’s programs and products

20. Practicing license for those who desire to enter public practice

21. Recognition by various courts of competent jurisdictions as expert witnesses globally.

IICFA Hall of Fame

The IICFA Hall Fame Award is reserved for only CCFA’s who have contributed extra-

ordinarily in promoting IICFA’s objectives in his/her respective country or organization.

Categories for selection

1. The IICFA Hall of Fame is awarded to the first five (5) Members to become CCFA’s

either through direct membership or through examination in their country.

2. Any CCFA that recruits at least twenty (20) other members


3. Author a CPD course or a Forensic Accounting book

Benefits of becoming an IICFA Hall of Fame

1. Free one month publication of IICFA Hall of Fame member’s profile on all IICFA’s

media channel and an exclusive interview granted and included in IICFA news

2. Free membership annual subscription waiver for three (3) years

3. Up to 50% scholarship to any qualified individual nominated by the Hall of Fame

member to study for the CCFA program.


A PUBLICATION OF THE INTERNATIONAL INSTITUTE OF CERTIFIED FORENSIC

ACCOUNTANTS, IICFA, USA

Copyright © International Institute of Certified Forensic Accountants, IICFA, USA, 2014

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without prior Permission from the Institute of Chartered Certified Forensic Accountants. INTERNATIONAL INSTITUTE OF CERTIFIED FORENSIC ACCOUNTANTS, INC USA

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