• Maintain their knowledge and stay abreast of developments in control self-assessment. CERTIFIED INFORMATION SYSTEMS AUDITOR (CISA) Certified Information Systems Auditor (CISA) certification is administered by the Information Systems Audit and Control Association, a professional association dedicated to the audit control and security of information systems. Applicants for the CISA designation must: • Pass the CISA examination. • Meet work experience of minimum five years in information systems auditing, control or security. The experience must have been gained within 10 years preceding the application for certification or within five years after passing the CISA exam. • Abide by the CISA’s Code of Professional Ethics. • Obtain 120 hours of continuing education credits in a three-year period. The CISA examination consists of five sections or “domains.” Domain 1 tests the candidate’s knowledge of information systems (IS) audit standards, statements and control practices; Domain 2 tests the ability to analyze and evaluate IS strategies, policies and procedures; Domain 3 deals with IS processes, hardware and software platforms, network and telecommunications infrastructure, and utilization of IS resources; Domain 4 deals with data validation, processing controls and the IS audit testing process; Domain 5 deals with IS development, acquisition and maintenance. CERTIFIED FINANCIAL FORENSICS ACCOUNTANT (CFF) AND ACCREDITED IN BUSINESS VALUATION (ABV) CFF and ABV certifications are offered by the Forensic and Valuation Services (FVS) section of AICPA as specialty designations for CPAs involved in forensics, valuation and related consulting. To be able to obtain the certificate, the applicant must: • Have a CPA certificate in good standing. • Successfully complete the CFF or ABV examinations. • Meet the continuing education requirements. Both exams are computer based and consist of discrete multiple choice and case study questions. The CFF exam has three major areas: Professional responsibilities and practice management, fundamental Today’sCPA
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forensic knowledge (e.g., laws, courts and dispute resolution, reporting, experts and testimony), and specialized forensic knowledge (e.g., bankruptcy, insolvency and reorganization, computer forensic analysis). The CFF certification requires the applicant to meet the professional experience requirements. The ABV exam has three major areas: Qualitative and quantitative analysis (e.g., economic and industry data analysis, etc.), valuation analysis (e.g., valuation approaches, discounts and premiums, reconciliations), related topics (e.g., engagement, litigation services, FLP, LLC, ESOPs). The ABV certification does not require specific training or experience. CERTIFIED FRAUD EXAMINER (CFE) Certified Fraud Examiner (CFE) is a professional certification awarded by the Association of Certified Fraud Examiners, an organization dedicated to fighting fraud and white-collar crime. CFEs gather evidence, take statements, write reports, and assist in investigating fraud in its varied forms. Most major corporations and government agencies have CFEs on staff. CFE certificate holders must: • Complete a bachelor’s degree from an accredited institution. • Have two or more years of professional experience in the detection or deterrence of fraud. The experience requirement can be met in several ways, including being an internal or external auditor, a corporate security director or consultant, or a federal, state or local law enforcement agent who investigates civil or criminal fraud or white-collar crime. • Pass the CFE examination with a score of at least 75 percent on each of the four sections. • Earn a minimum average of 20 hours of continuing professional education annually or 60 hours over three years. The computerized Uniform CFE exam is available upon request any time during the year and consists of objective questions equally divided among the four sections. The Fraudulent Financial Transactions section deals with types of fraudulent financial transactions; the Legal Elements of Fraud section tests knowledge of the legal ramifications of conducting a fraud examination, including rules of evidence, rights of the accused, and expert witness matters; the Fraud Investigation section tests the ability to conduct a fraud investigation, including interviewing, taking statements and report writing; and the Criminology and Ethics section tests
knowledge of criminological concepts and understanding of ethics. Credits for completed sections are retained for two years from the initial attempt, and will be eliminated after three attempts. CERTIFIED INFORMATION TECHNOLOGY PROFESSIONAL (CITP) CITP certification is administered by AICPA as a specialty designation for CPAs dealing with information technology. To be able to obtain the certificate, the applicant must: • Have a CPA certificate in good standing. • Successfully complete the CITP examination. • Meet the professional experience requirements. • Meet the continuing education requirements. The computer-based exam consists of multiple choice questions to test the following areas: Risk assessment (1015 percent), fraud considerations (5-10 percent), internal controls and information technology controls (25-30 percent), evaluate, test and report (15-20 percent), and information management and business intelligence (35-40 percent). CHARTERED FINANCIAL ANALYST (CFA) The Chartered Financial Analyst (CFA) program is a graduate level, self-study program offered by the CFA Institute to investment professionals aspiring to become portfolio managers and financial analysts. To become a CFA charter holder, the candidate must: • Have a bachelor’s degree (or equivalent) from an accredited institution. • Have four years of qualified work experience (or a combination of education and work experience acceptable to the CFA Institute). • Complete the CFA program by passing three six-hour examinations. • Become a member of the CFA Institute and a local CFA member society. • Adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct. CHARTERED GLOBAL MANAGEMENT ACCOUNTANT (CGMA) CGMA certification is the newest certification administered by AICPA as a specialty designation for CPAs involved in management accounting. To obtain the certificate, the applicant must: continued on next page
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