The Institute of Forensic Accountants (IFA) is the leading professional institution for training of qualified Forensic Accountants in Nigeria. IFA develops and promotes the science of Forensic Accountancy, which is a unique blend of education and experience in applying Accounting, Auditing and Investigative Skills to Uncover Truth, Form Legal Opinions and to Assist in Litigation Support. IFA Members provides assistance on cases which are primarily related to calculation and estimation of Economic Damages and Related Issues including White-collar Crimes. Forensic Accounting is the latest additional profile to the accountant’s business portfolio. There is an increasing demand for Forensic Accountant’s services and our experience has shown that this demand needs Qualified Forensic Accountants that are developed at a Professional Level and made available to the public.
Forensic Accountants often assist in professional negligence claims where they are assess and comment on the work of other professionals. Forensic Accountants are also engaged in marital disputes by analyzing lifestyle for spousal support purposes, determining income available for child support and equitable distribution of finance. Engagements relating to criminal matters typically arise in the aftermath of fraud and Forensic Accountants are frequently involved in the assessment of accounting systems, policies and accounts presentation—in essence, to assess professionally whether if the numbers reflect the reality.
Our trained forensic accountants specialized in forensic analytic s which is the procurement and analysis of electronic data to reconstruct, detect, or otherwise support a claim of financial fraud. The main steps in forensic analytic s are: (a) data collection, (b) data preparation, (c) data analysis, and (d) reporting. For example, forensic analytic s may be used to review an employee’s purchasing card activities in order to assess whether any of the purchases were diverted for personal use. Our members handle cases related to litigation support, business failure causation, personal injury claims, fraud, construction claims, intellectual property damages, patent infringement damages, post-acquisition disputes, royalty audits, etc.
Forensic accounting engagements may fall into several categories. For examples:
- Economic damages calculations, whether suffered through tort or breach of contract;
- Litigation support ;
- Business/Employee fraud investigations ;
- Financial/Securities frauds;
- Business interruptions/Business failures;
- Computer forensics/e-discovery ;
- Discovery of hidden assets ;
- Professional negligence ;
- Matrimonial disputes
- One of the prominent institutional member of IFA, Nigeria is the Awheela Forensic Accounting Consultants – AFAC (www.awheelaforensic.org.ng).