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Certified Bank Forensic Accountants

By
Mayur Joshi
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0

Certified Bank Forensic Accountant (CBFA) is a banker or a banking professional or a banking consultant who has undergone training to become an expert in the banking frauds domain, forensic auditing related to banking sector, litigation support and investigative accounting. This program is one of the foremost certification focusing on the frauds in the banking and financial institutions domain.

Certified Bank Forensic Accountant (CBFA) is a designation awarded by Indiaforensic Center of Studies and moderated by the Forensic Accounting Research Foundation. The Forensic Accounting Research Foundation is a member-based Indian organisation dedicated to providing forensic accounting and forensic auditing education and training with presence in more than 7 countries including Nigeria, Oman, Qatar, UAE, Uganda and others.

Indiaforensic Center of Studies offers three certifications viz.

  • Certified Anti-Moneylaundering Expert
  • Certified Bank Forensic Accounting
  • Certified Forensic Accounting Professional

Overview of CBFA

This course was started when Forensic Accounting was in nascent stage and it was difficult to find and retain the forensic accounting professionals. Today, In India multinational banks are required to conduct the forensic audits of the distressed assets. Private sector banks have their own fraud control teams to manage credit card and other payment frauds and the need for the forensic accounting professionals in the banking sector is ever growing.
Bank Forensic Accounting is an endeavor to meet the growing demand of the forensic accountants in the banking sector. As a first step towards this initiative “Indiaforensic – Pioneers of forensic accounting education in India” has forayed into Bank Forensic Accounting. The primary reason for choosing banking sector is very simple. India have witnessed many frauds like Harshad Mehta, Ketan Parekh driven stock market frauds, CRB driven NBFC fraud and Home trade driven rogue trading fraud. In all of these major frauds banks were the ultimate victims.

Syllabus for CBFA

  1. Identify indicators of fraudulent activities
  2. Undertake forensic analysis and assessment of risk factors
  3. Predict/anticipate fraud
  4. Investigative methods
  5. Analysis of financial information
  6. Systems methodology for investigation
  7. Statistical techniques

Register online for CBFA

Please visit the website and register online for Certified Bank Forensic Accountants program offered.

CBFA – Certified Bank Forensic Accounting

 

 

CFAP is the Benchmark for Forensic Accountants

By
Mayur Joshi
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0

If you are working with a Big Four accounting firm, Riskpro reduces your pains to be a Certified Forensic Accounting Professional.

Customisable Training Material

Only structured for professionals working in audit, risk, advisory services teams of any of the global accounting firms listed below. Under this scheme the Certification can be customised to meet the requirements of the professionals from accounting firms. Accounting firm professionals may specialise in couple of different verticals including Banking, Insurance and Stock markets. You can chose for the specialisation without any additional cost.

Techno- Commercial Specialisation

Professionals working for Forensic technology teams of accounting firms listed below and working on the disk imaging, analysis can widen their scope of work by opting for CFAP with Information Technology Specialisation, which will help to build your techno commercial capabilities.

Grand fathering Option

Professionals with 8 years of experience are eligible for grandfathering option. Under the grand fathering option, for a limited period of time, professionals from accounting firms listed below can apply for the waiver of examination if he meets following criteria

  • Professional should have more than 8 years of experience in forensic technology, forensic accounting, investigations, forensic audits or risk management
  • He should provide atleast two case studies on the fraud detected or investigated without naming the client. The objective here is to ascertain the nature of experience the candidate have.
  • He should provide two reference letters from any of his colleagues from the same employer or the previous employers.
  • Final decision about granting the waiver to the applicant is with the board of Indiaforensic Center of Studies

Media Panel

Professionals at the rank of  director and above are eligible to be a part of our media panel which would be referred by various anti-fraud media companies globally.

Audit firms

Professionals from the following audit firms are eligible for the Customization in the certifications.

  1. KPMG
  2. Deloitte
  3. PricewaterHouseCoopers
  4. Ernst and Young
  5. BDO
  6. Grant Thorton
  7. Crowe Howarth

If you are interested write to us on contactus@riskpro.co.in or call us on +91-9766594401

CFAP is the forensic accounting benchmark

 

CFAP for Insurance Professionals

By
Mayur Joshi
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0

Certified Forensic Accounting Professional is the premier certification in India in the antifraud domain. Certified Forensic Accounting Professional (Insurance) is a person who has successfully completed the examination conducted by Indiaforensic Center of Studies to become an expert in the field of forensic accounting, forensic auditing, litigation support and investigative accounting with the specialisation in the Insurance domain.

Certified Forensic Accounting Professional (Insurance) is a designation awarded by Indiaforensic Center of Studies and moderated by the Forensic Accounting Research Foundation. The Forensic Accounting Research Foundation is a member-based Indian organisation dedicated to providing forensic accounting and forensic auditing education and training with presence in more than 7 countries including Nigeria, Oman, Qatar, UAE, Uganda and others. Certified Forensic Accounting Professional is the program designed to equip the Insurance professionals and the antifraud professionals to effectively fight the Insurance sector frauds. Participants will be given a broad-based introduction to the nature and purpose of forensic accounting. The scope and content of all subjects extend well beyond ‘narrow’ focus of fraud prevention and provide an opportunity to study and acquire skills in investigative techniques and the collection of data as well as the skills necessary to not only identify poor management but also unethical and fraudulent activities.

Manual on Insurance Frauds, which classifies the Insurance sector Frauds in Indian insurance companies is the key learning aspect of this program. In addition the participants also get to learn the Red flags of the various insurance fraud schemes based on the theme that frauds are committed in “Life Insurance” or “Non-life insurance”. This certification covers both these sectors of Insurance. Additionally, the study material designed for the course also discuss the methods for prevention, detection and investigation of the frauds in the Indian insurance sector

CPE Compliance:
Certified Forensic Accounting Professional degree is a certification offered by Indiaforensic Center of Studies to those professionals who have scored atleast 75% in the examinations conducted by Indiaforensic Center of Studies. All the professionals completing the examination after 31.12.2012 are governed by the CPE norms. Every CFAP needs to undergo the training of 20 hours to maintain the professional certification.

To Summarise, professional can be termed as Certified Forensic Accounting Professional:

  1. When he successfully completes the examination
  2. Abides by the by-laws and code of conduct of Indiaforensic Center of Studies
  3. Completes 20 CPE hours every year
  4. Be of a high moral character

Snapshot of Financial Performance

By
Riskpro Academy
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0

Certified Technology Banking Fraud Expert

By
Mayur Joshi
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0

Certified Technology Banking Fraud Expert (CTFE) is the part of Banking frauds certifications customised by Fraudexprss. Typically, CTFE  is a banker, ITES or banking professional or a banking or IT consultant who has undergone training to become an expert in the technology banking frauds domain, forensic auditing related to technology banking sector, litigation support and investigative accounting.

This program is one of the foremost certification focusing on the technology frauds in the banking and financial institutions domain.

This program is updated with the latest techniques of laundering with the digital currencies.

Certified Technology Banking Fraud Expert

(CTFE) is a designation awarded by Indiaforensic Center of Studies and marketed by Fraudexpress. This is a useful certification for the professionals looking to understand the technology frauds in the banking sector such as the ATM frauds, Credit card frauds and other remittance frauds. Apart from these traditional tools, the course speaks about the new age technology tools like Digital Currencies.

Syllabus for this program is

  1. Classification of ATM Schemes
  2. Categories of ATM frauds
  3. $45 Million – ATM heist
  4. How to prevent the ATM Frauds
  5. Credit Card Frauds
  6. Classification of Credit card Schemes
  7. Application frauds
  8. Transaction frauds
  9. Prevention of the card not present frauds
  10. Laundering with Digital Currencies

For more information on this certification program please contact us on +91-8149133389 or write to us on himanshu.kulkarni@indiaforensic.com

 

Forensic Rating Model to identify creative accounting

By
Mayur Joshi
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0

Financial Statement Frauds are becoming rampant in India. Satyam accounting scandal exposed the extent to which the management can go to manipulate the numbers in financial statements. Satyam scandal also revealed the methods used in manipulations of financial statements. The Forensic Rating Model is built on the J-Score obtained after analyzing the early warning signals of corporate frauds.

In the wake of growing incidences of the financial statements frauds, Indiaforensic designed a model whereby it becomes easier for the stakeholders of the financial statements to understand the risks involved in the financial statements.

The Forensic Rating Model

We term the financial forensic model as J-Score, which is a mathematical model that uses multiple financial ratios to ascertain the financial irregularities. These ratios are weighted by coefficients to identify the nature of irregularities. It is authored by CA Mayur Joshi in the year 2011. J-score which is named after Mayur Joshi, surmises that companies are incentivised to manipulate financial statements when they have high sales growth, deteriorating gross margins, rising operating expenses and rising leverage. However, the J-score is built on the presumption that it is difficult to manipulate the cash flows.

“You can pretend to be rich but its hard to pretend that you are cash rich”

They are likely to manipulate profits by accelerating sales recognition, increasing cost deferrals, raising accruals and reducing depreciation.

History of Forensic Rating Model

In 2008, Indiaforensic started a research in association with one of the accounting bodies to identify the early warning signals of corporate frauds. This study resulted into a finding that more than 1200 companies in India could be indulging into creative accounting practices. In the year 2020, when we reviewed these companies many of them which were classified as high risk have been out of business and most of them are trading below Rs.10. The J-Score model is helpful in identification of potential red flags in the financial statements.

After the Satyam Scandal broke, this research gained significant attention, as it was one of the first few studies which predicted such massive scale creative accounting practices.

The findings of this study were used to create a probability score, which was termed as the J-Score in the year 2011. This study highlighted the importance of the Cash flows and the primary foundation of the J-Score is cash flow comparison with other financial statement parameters.

Risk Rating Model

It was based on the extensive financial research of more than 800 thousand Indian companies, and millions of individuals who represent these companies. 

According to this research any business is associated with at-least thirty types of different risks in India and the rating model assesses every company on these thirty parameters. We have built our own database of High Risk Customers who fall into one of these 30 categories. This helps us to provide the rating to the companies based on their risk scores.

Financial Forensic Model + Risk Rating Model = Company Rating

Output of these two scores defines the company as High Risk, Medium Risk or Low risk.

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