Syllabus For CCFA Qualifying Exam

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)
The International Institute Of Certified Forensic Accountants, Inc. IICFA, USA Page 0
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ACCOUNTANTS, INC., USA
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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
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info@iicfaglobal.com
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

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
Overview of Forensic Profession
Accounting 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 a. Explain the Accounting information system
System and Fraud b. Identify major users of forensic accounting information
Schemes 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 a. State Explain the role that Forensic Accountants play in the
Qualification of legal system
Forensic Accountants 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, a. Define evidence and identify the basic forms of evidence
and Evaluating Non- b. Evaluate Burden of Proof in civil litigation and criminal
Financial Evidence 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 a. State and Explain management responsibilities for the
Management quality, integrity, reliability and internal control of the
Responsibilities 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
weightings below.
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

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
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
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.
The examination will be a three-hour paper of five compulsory questions.
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)

a. Narrate how and when taxation was introduced.
b. Differentiate between direct and indirect taxes.
c. Examine the advantages and disadvantages of each system.
Tax Administration 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).
c. Explain the concept of Value Added Tax.
d. Identify when a business could or should register for VAT and
Indirect Taxes 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.
a. Define the concepts of income and income tax.
b. Enumerate and explain the various sources of income.
Direct Taxes 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.
a. Explain double taxation and state the need for having double
Double Taxation 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.
a. Identify chargeable assets under the capital gains tax.
b. Define and explain realization.
c. Define consideration received and cost base.
Capital Gains Tax 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.
a. Define taxable gifts.
b. Determination of the value of a gift.
Gift Tax 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.
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.)
weightings below.
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 a. Define and explain the scope of accounting, financial
Framework of accounting, book-keeping, cost and management accounting, and
Accounting 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 a. Specify why an entity maintains financial records and prepares
Financial Records 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 a. Understand and apply the accounting equation.
Entry and Books of b. Identify the elements of financial statements:
Prime Entry  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
1.3 Principles of Double entry (cash books, the sales day book and the sales ledger, the
Entry and Books of purchases day book and the purchases ledger) and understand
Prime Entry. Cont’d
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 a. Identify and explain the types of errors that can affect trial
Accounting Records and balance and its effects on financial statements.
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- a. Describe the accounting treatment for property, plant and
Current Assets 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 a. Prepare and present income statement and balance sheet of a
Financial Statement of a sole trader:
Partnership Firm i Manufacturing Account
ii Trading Account
iii Profit and Loss Account
iv Balance Sheet
3.1 Preparation of a. Describe the procedure for forming a partnership.

Financial Statement of a b. Prepare final accounts of partnership:
Sole Trader  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 a. Distinguish between.
Financial Statements of - Ordinary Share and Preference Share.
a Company - 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 a. Identify the type of entity that is a non-profit making
Financial Statements for organization.
Not-for-Profit b. Identify the purpose of such organizations.
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 Prepare Income statement and balance sheet of an entity from
Financial Statements incomplete records.
from Incomplete
Records
5. Accounting for a. Explain joint venture.
Specialized b. Distinguish between joint venture and partnership.
Transactions; Joint c. Explain how to make entries in the accounts of a joint venture.
Venture; Investments; d. Explain investments accounts, and how they are used.
Royalties; Branch 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 a. Calculate basic financial ratios from given income
Financial Statement statement and/or balance sheet:
Analysis - 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

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.
weightings below.
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

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.
Introduction to c. Explain the roles of management.
Management Studies 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.
a. Define and differentiate between the following key
terminologies:
 Planning
 Forecasting
Planning and  Objective setting
Decision Making  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.
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.
Organizing 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.
a. Define leadership.
b. Explain the major sources of a leader’s power.
c. Explain the following leadership theories:
 Traits theory
 Behavioral theory
Leadership  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
a. Explain the theories of motivation.
b. Describe the role of behavioral aspect of motivation.
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.
a. Explain the nature and importance of organizational control.
Controlling b. Describe the control process.
c. Discuss the different organizational control process.
d. Explain the different control methods.
a. Explain the meaning and role of communication in modern
organizations.
b. Explain the main forms of communication.
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.
a. Define and analyze the concept of management groups, inter or
intra-group relations and how motivation influences
Groups and group/managerial behavior.
Teamwork 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.
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
Human Resource relationship.
Management 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.
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.
Marketing d. Explain segmentation and targeting of markets and positioning
Management 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 a .Explain the following types of production process:
Management  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.
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
The examination will be a three-hour paper of five (5) questions. Candidates will be required
to answer all five (5) questions.
weightings below.
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

a. Define Forensic Criminology and Identify five
(5) Major roles that Forensic Criminologist play
Introduction to Forensic in the administration of justice
Criminology 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
e. Discuss Classical Criminology and identify its
major components
Theories of Crime Causation 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
a. Differentiate between the following;
 Pleadings
 Discovery
The Civil and Criminal Justice  Trial and
System  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
a. State and Explain the Rights and Obligations
under Civil and Criminal Law
Individual Rights 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
a. Outline the Sources of Laws in your country;
Constitution, Acts of Parliament, Subsidiary
Legislation, Common Law, Equity and
The Legal System 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
a. Define White Collar Crime and discuss a brief
history of White Collar Crime
b. Describe Crimes of the Middle Classes
White Collar Crime 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
a. Define Evidence and Identify its major forms
b. Differentiate between Direct and Circumstantial
evidence
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
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
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
weightings below.
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

a. Explain Organizational Crime
b. Discuss the effect of Organizational Crime on the
Organizational Crime 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.
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
Theft of Intellectual Property 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.
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
Occupational Fraud employee theft
d. Measure the cost of Occupational Fraud
e. State and explain the techniques of preventing
occupational fraud
a. State the reasons for organizations having effective
Internal Control and systems of control.
Evaluation of Control Risks 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.).
a. Define and explain the types of audit evidence.
b. Describe the qualities of audit evidence —
Evidence Gathering 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 a. Explain internal audit and review, and their
Review 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.
a. Design audit programmes.
Conduct of Audit and b. Conduct test of controls and transactions.
Assurance 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.
a. Explain the purpose and describe the contents of
management letter.
Reporting Framework 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.
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
weightings below.
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

Introduction to Financial a. Define Financial Statement Fraud
Statement Fraud b. Outline the Causes of Financial Statement Fraud
c. Account for the trends in Financial Statement Fraud
Financial Statement Fraud a. State and Explain the major financial statement fraud
Schemes 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 a. Identify the Various Red flags associated with the
Red flags following classes of financial statement fraud;
 Fictitious Revenue
 Timing Differences
 Improper Assets Valuation
 Concealed Liabilities and Expense
 Improper Disclosures
Financial Statement Analysis a. Define Financial Statement Analysis
and Prevention 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 a. Define Cheque Fraud
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 a. Outline the history of the Basel Committee
Banking Supervision 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
2. Financial Statement Fraud, Gerard M. Zack, CFE, CPA, CIA, CCEP, 2013
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.
weightings below.
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

a. The International Accounting Standards Board
(IASB)
 The role of the International Accounting Standards
The Regulatory and Financial Board (IASB)
Reporting Framework  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.
a. Explain changes in the constitution of partnership in
Partnership Accounting 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).
a. Explain the accounting treatment of the issue,

redemption, forfeiture of shares and debentures.
b. Explain and record rights and bonus issues in ledger
Limited Liability Companies 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 a. Explain the objective of consolidated financial
Statement 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
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 a. Explain the types of analyses.
Financial Statements 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.
a. Explain and record hire purchase, lease and other
Accounting for Lease and Hire credit sale transactions.
Purchase, Accounting for b. Explain and record foreign currency transactions
Foreign Branch Operations (excluding those relating to groups) in accordance
with IAS 21.
c. Prepare branch accounts including foreign branches.
a. Identify and recommend accounting treatments for
items in financial statements.
Application of International  Accounting Policies, Changes in Accounting
Reporting Standards 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
weightings below.
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

Introduction to Forensic a. Define Forensic Investigation
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 a. Distinguish between data analysis and data
Tools 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.
a. Describe the various techniques in investigating
the following;
 Financial Statement Fraud
Investigation Techniques and Case  Assets Misappropriation
Management  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

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.
weightings below.
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

Nature, Purpose and Scope a. Explain the purpose and scope of Cost Accounting.
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 a. Define cost and explain the need for classifying costs
Classification 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, a. Define Job, batch and contract costing.
Contract and Process b. Explain the features and preparation of job costing.
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 a. Define and explain budget and budgetary control.
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 a. Explain the elements of absorption costing and
(Absorption and Managerial marginal costing.
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 a. Explain the principles underlying the design of ABC
(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 a. Explain the principles underlying the design of ABC
Variance Analysis 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 a. Define responsibility accounting and state types of
Control of Responsibility responsibility centers.
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.
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
weightings below.

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

Computer Forensic Investigation, a. Define Computer Forensics and Explain the
Digital Evidence Collection and evolution of Computer Forensics
Incident Handling 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 a. Define Cyber Crime
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
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.
weightings below.
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

a. Define finance and its three main areas:
 Corporate financial management
The finance function and  Investment
environment  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 a. Evaluate the sources on funds available to a firm.
and Capital market 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 a. Explain financial analysis.
working capital b. Compute and interpret financial ratios.
management 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 a. Calculate the incremental after tax cash flow for a
decision/appraisal 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 a. Describe the typical features of banks.
and loans 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, a. Prepare valuation of business interests.
mergers and acquisitions 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, a. Describe the markets for derivatives.
forwards, futures and b. Distinguish among swaps, forwards, futures and
options 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 a. Examine the effect of the following on the financial
economic policy 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
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
weightings below.
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

a. Define Money Laundering and Identify the process
of money laundering
b. Identify the Major Money Laundering Countries in
Anti-Money Laundering Laws 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 a. Distinguish between administrative and Criminal
Crime 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
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
weightings below.
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

Introduction to Expert a. Define Expert witnessing
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 a. Discuss the legal qualification of the Forensic Accountant
Expert Witness 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 a. Describe the role Forensic Accountants play during expert
as an Expert Witness 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 a. Define Ethics
Accountant Expert b. Distinguish between ethics and morals
Witness 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

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
weightings below.
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

a. Differentiate between forensic accounting, forensic
investigation and forensic audit.
b. Apply forensic accounting (e.g. fraud, negligence, insurance
Forensic Accounting 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 a. State and explain the criteria for revenue recognition under
Financial Fraud ISA 18
Schemes 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 a. Define assets based financial fraud schemes
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 a. Discuss the omissions and underreporting of liabilities;
Fraudulent Schemes  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 a. Discuss fraudulent reporting involving consolidations and
Reporting Fraud business combinations
Schemes 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 a. Discuss the motives behind financial statement fraud
Prevention of b. Discuss fraud risk indicators
Advanced Financed c. Discuss internal control indicators
Financial Crime d. Apply the following analytical techniques to detect financial
statement fraud;
 Horizontal Analysis
 Vertical Analysis
 Ratio Analysis
 Budget Variance Analysis
a. Apply the following detection techniques to investigate

Other Prevention financial fraud;
Strategies  Multiple ratios
 Non financial data
 Testing of journals
 Understandability of financial statement disclosures
b. Discuss fraud or Honest mistake
Tracing Hidden a. Discuss the methods of hiding assets
Assets b. Describe the procedures for tracing hidden assets
2. Financial Statement Fraud, Gerard M. Zack, CFE, CPA, CIA, CCEP, 2013
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.
weightings below.
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

a. Define and explain strategy and management.
b. Describe the phases of the strategic
management process.
Nature of Strategy 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 a. Discuss the concept and scope of corporate
of Corporate Governance and governance.
Management Code of Best Practice b. Explain global focus on corporate governance.
in Corporate Governance Directors c. Describe the role of regulators in corporate
and Officers The Role of Internal governance
Control in Corporate Governance d. Describe the role of government in corporate
Legislation Relating to Fraud 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.
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.
weightings below.
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

Overview of International Financial Explain and apply all extant IFRSs published by IASB
Reporting Standards
a. Explain the principles of acquisition
accounting.
b. Preparation of group financial statements —
consolidated balance sheet; consolidated
Advanced Group Financial income statement.
Statements Accounting for c. Describe the measurement principles relating
Associates and Joint Ventures to fair values of the consideration and net
Preparation of Group Cash Flow assets acquired.
Statements 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.
a. List and explain the concepts and alternative
approaches to income measurement.
b. Analyze the problems associated with income
Income and Value Measurement and value measurement.
and Accounting for Price Level c. Explain the concepts of capital maintenance
Changes 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.
a. Explain and apply earnings based valuation
methods including:
Share and Business Valuation  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 a. Construct a scheme for reduction of capital.
Reduction b. Explain and apply statutory regulations
/Reconstruction Scheme 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.
a. Prepare a statement analyzing the changes in:
 revenues and expenses in comparative profit
and loss accounts
Interpretation of Financial  assets and liabilities in comparative balance
Information 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.

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.
weightings below.
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

Concept of Auditing Legal a. Analyze the concept of true and fair view.
and Professional b. Apply the concept of materiality in the planning and
Environment 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
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.
Planning Audit and c. Explain why it is important to have a knowledge and
Assurance Engagements 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
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
Reporting on Audit and auditor's report issued in accordance with Auditing
Assurance Engagements
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 a. Explain and discuss Audit process under the following:
Statements  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
 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.
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
Performance of Audit 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 a. The Overall Computer Environment:
Computerized  Distinguish and explain computerized systems vs.
Environment 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.
a. Discuss the statutory position regarding form and
content of group financial statements.
b. Discuss the responsibilities of the parent company
auditor.
Sundry and Specialized c. Explain the relationships with subsidiary auditors.
Audit 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.
a. Explain how the auditor deals with the following:
 Contingencies and commitments: Auditor
responsibilities and work required.
Completion Procedures  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.
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.
Professional Practice 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:
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.
weightings below.
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

Importance and a. Why Doing the Right Thing Matters
Foundation of Compliance b. Dealing With Ethical Challenges
Management 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 a. Oversight and a Culture of Compliance
Compliance Management 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 a. International Compliance
Compliance with Various 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 a. Essence, Determinants and Consequences of Ethics in
Interface 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
a. Content, Structure and Function of Attitude
b. Attitude Influence and Relation with Thought and
Behavior
c. Moral and Political Attitudes
Attitude d. Social Influence and Persuasion
a. Aptitude and Functional Values for Civil Service
b. Integrity, Impartiality and Non-Partisanship
c. Objectivity, Dedication to Public Service
Aptitude
d. Empathy, Tolerance and Compassion Towards the
Weaker Sessions.
Ethical Decision Making: a. A Decision Making Process for Ethics
Personal and Professional b. When Ethical Decision Making Goes Wrong: Why Do
Context ‘Good’ People Engage in ‘Bad’ Acts
c. Ethical Decision Making in Managerial Roles
Ethical Decision Making: a. Professional Duties and Conflict of Interest
Corporate Governance, b. The Sarbanes-Oxley Act of 2002
Accounting and Finance 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 a. Status and Problems
and Ethics and Public b. Ethical Concerns and Dilemmas in Government and
Administration 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
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
Registered Office
16192 Coastal Highway
Lewes, DE 19958
Sussex, Delaware
USA
Administrative Office
LBV 73 Community 17 Lashibi
Adjacent UBI Filling Station
Tema, Ghana
P.O. Box NG 515
Nungua – Accra
Tel: +233(0)303931477
Mobile: +233(0)244709741/+233 (0) 504422455
info@iicfaglobal.com
www.iicfaglobal.com

Syllabus For CCFA Qualifying Exam

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Syllabus For CCFA Qualifying Exam

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INTERNATIONAL INSTITUTE OF CERTIFIED

FORENSIC ACCOUNTANTS, INC. IICFA, USA

Syllabus for CCFA

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

All rights reserved.

INTERNATIONAL INSTITUTE OF CERTIFIED FORENSIC ACCOUNTANTS, INC USA

Board of Regents, BoR

Global Council of Regional Directors, GCRD

Education and Research Committee, ECR

Ethics and Professional Standards Committee, EPSC

Corporate Membership – These are Practicing Chartered Certified Forensic Accounting

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

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

 Increased emphasis on business forensic investigation advisory skills at the final

 Five (5) foundation papers

 Five (5) technical core papers

 Five (5) core papers

 Five (5) core papers

Results and Interpretation

1. OBJECTIVES AND LEARNING OUTCOME

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

 Define and explain basic Forensic Accounting Concepts

3. SYLLABUS WEIGHTING GRID

Accounting Information System and Fraud Schemes 20

The Legal Role and Qualification of Forensic

Gathering, Obtaining and Evaluating non – financial

Auditors’ and Management Responsibilities 20

Principles of Forensic Accounting, Cont’d

MAIN TOPIC SYLLABUS CONTENT

1. OBJECTIVES AND LEARNING OUTCOME

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

 Understand basic fraud examination concepts

3. SYLLABUS WEIGHTING GRID

Principles of Fraud Examination, Cont’d

MAIN TOPIC SYLLABUS CONTENT

4. OBJECTIVES AND LEARNING OUTCOME

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

 Understand tax administration in respect of Internal Revenue Service (IRS), Value

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

6. SYLLABUS WEIGHTING GRID

Capital Gains Tax 10

Principles of Taxation (Cont’d)

MAIN TOPIC SYLLABUS CONTENT

a. Differentiate between Customs and Excise duties

1. OBJECTIVES AND LEARNING OUTCOME

 Demonstrate sound knowledge and understanding of accounting principles, concepts

3. SYLLABUS WEIGHTING GRID

SYLLABUS COVERAGE WEIGHTING (%)

Conceptual Framework of Accounting, Maintaining

Adjustments to Accounting Records and Financial

Preparation of Financial Statements including

Preparation of Financial Statements for

Accounting for specialized transactions 15

Introduction to financial statements analysis 10

Financial Accounting Foundation (Cont’d)

MAIN TOPIC SYLLABUS CONTENT

3.1 Preparation of a. Describe the procedure for forming a partnership.

1. IICFA Study Manual

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;

3. SYLLABUS WEIGHTING GRID

Syllabus Coverage Weighting (%)