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IICFIP Foundation Course

 FOUNDATION CERTIFICATE IN FORENSIC ACCOUNTING

&

 

CERTIFIED FORENSIC ACCOUNTING TECHNICIANS SCHEME

 

 FOUNDATION IN FORENSIC ACCOUNTING &

CFATS REGULATIONS

&

SYLLABUS

 

Effective Date:  February 1, 2015

 

Curriculum for Foundation Program in Forensic Accounting leading to Admission as an Associate, Certified Forensic Accounting Technician (ACFAT) of the International Institute of Forensic Investigation Professionals Inc (IICFIP)

AFFLIATED INSTITUTION FOR PROVISION OF TUTION AND CONDUCT OF EXAMINATIONS

 

York St. John School of Management Studies – Nigeria/Western Africa and we are also looking for more Colleges to run tuition in other countries.

OBJECTIVES OF THE SCHEME

The Certified Forensic Accounting Technicians Scheme (CFATS) of the International Institute of Forensic Investigation Professional is designed for the following objectives:

    1.   To provide a recognized qualification to meet the need for forensic accounting, auditing and investigation staff across various sectors of the economy be it. The public sector, the industry, commerce and in the firms of practicing accountants

   2.   To assist in meeting the need for technicians staffing of the economy especially those of various Governments and Parastatals in accounting areas and in Forensics.

    3.      To give a global recognized certification to Forensic Accounting Technicians.

    4.      To provide the route for the  Forensic Accounting Technicians to progress towards

qualification as a Certified, Forensic Investigation Professional.

POTENTIAL BENEFICIARIES OF THE SCHEME

The entire economy is better positioned to derived benefits from the increase in the number of employable, certified and well trained professionals with requisite moral and disciplined orientation provided by the Institute’s curriculum. Furthermore, the individuals who have received the training and get certified as a Forensic Accounting Technician and their employers will derive mutual benefits of competence and enhanced productivity arising from the special skills acquired from the program.

Additional beneficiaries of the Scheme include:

    1.    Supervisors in Accounting, Auditing, Procurement, value for Money Office, Anti corruption Agencies, Banking, Insurance, Oil and Gas, Professional Practice offices, Finance and Revenue Departments

     2.   Entry Level Accounting professionals or those with supervisory responsibilities for auditing, procurement, value for money, investigation and Ethical Officers in Government-owned Companies and Parastatals.

     3.    Those holding brief as Office managers and audit clerks in professional practice firms

BENEFITS OF THE SCHEME

The benefits of the scheme to the Certified Forensic Accounting Technicians include the following:

   1.  The holder of the qualification will be occupationally mobile across all types of business organizations and services within the Nigerian economy and internationally.

     2.      Possession of a recognized forensic accounting qualification

     3.      Enhances the skills competence and  career progress of those who are already in employment

     4.      Exemption from some of the Certified Forensic Investigation Professional Examination Paper

ENTRY REQUIREMENTS

1.      Entry requirements shall be the equivalent Minimum Entry Requirement to be admitted to State or Federal Polytechnics in all the member countries. In West Africa Sub-Region, this shall be Minimum of five (5) Credit Passes in WASC/GCE O’Level, including English and Mathematics.

2.      Mature Candidate who are above 22 years and do not possess the minimum entry requirement as stated above may be considered for admission into the program provided they have a minimum of 3 year working experience.

 REGISTRATION FOR STUDENT MEMBERSHIP

1.      Candidates who wish to write the CFATS examinations must first register for the Foundation Course in Forensic Accounting of the IICFIP

2.      The  Application for registration must be made on the prescribed form and received by the Affiliated Institution in each country for eligibility to  begin to receive tuition and enter for subsequent examinations

PRACTICAL EXPERIENCE

It is the expectation of the Institute that the students enrolled in the Diploma in Forensic Accounting of the IICFIP will acquire experience with the Accounting or Auditing Department of an established institution in Public Sector, Industry or Commerce.

 

MEMBERSHIP

On successful completion of CFATS examinations, graduates of the scheme shall be awarded Foundation Certificates of the IICFIP and be inducted as Associate, Certified Forensic Accounting Technician and designated ACFAT. Each qualified individual will be qualified to use the designation  “ACFAT” after their name.

TRANSFERING TO THE PROFESSIONAL CADRE (CFIP)

Candidates who have completed the examinations under the scheme may register for the

Professional Examinations IICFIP and shall be granted exemption in line with the exemption policy of the Institute.

EXAMINATION

Examination Date

The CFATS examination will be taken in twice yearly in the month of April and October. The registration for The April Examination closes on 30th December of the preceding year. The October Examination closes on 30th June of the same year. The examination will be opened to the student who have completed their registration and are issued their student membership number of the IICFIP. The Examinations shall be in three parts made up of four papers in each part. It is the examination rule of the institute that the papers for each part must be taken  all at the same time and shall follow the sequential order of Part I, Part II and Part III. No candidate shall be allowed to proceed to the next part without completing the previous part of the examination

Examination Rules on Credit and Referral System

Part I & II

It is the rule of the examination that the Candidates are to attempt all the four papers in Parts I at once. The same rule holds for all the four subjects in Part II. In both Part I and Part II, candidates shall be credited with any paper passed. The Institute shall also give credits for any of the outstanding papers as they are passed.

Part III

It is the rule of the examination that the candidates are to attempt all the four papers in this part at once and pass at least two subjects for them to receive credit for the papers passed. The Institute shall give credit to any of the two remaining papers that the candidates passed at the subsequent sittings provided that all the four papers have been passed within three consecutive years or six consecutive examinations. If all the four papers are not passed within this timeframe, the candidates shall forfeit all the credits granted and shall sit for all the four papers afresh.

Centres

The CFATS examinations will be held at the centres to be selected by the Affiliated Institution in member countries. The IICFIP Council however, reserves the discretion to arrange examinations at other centers and locations.

PUBLICATIONS

It is the policy of the IICFIP to produce publications to enhance the learning experience of the candidates. Such publications to be produced include:

      1.      CFATS Past Questions and Answers

      2.      Members Journals

      3.      Newsletter for the Students, and

      4.      Pilot Questions and Answers, each time the syllabus is reviewed

THE STRUCTURE OF THE SYLLABUS

Level I

FAT-101         Introduction to Accounting and Economics

FAT-102         Information Technology

FAT-103         Business Communication in English

FAT-104         Business Law

Level II

FAT-201         Fundamentals of Financial Accounting

FAT-202         Essentials of Public Sector Accounting

FAT-203         Financial Mathematics and Economics

FAT-204         Fundamentals of Taxation and Tax Returns

Level III

FAT-301         Principles of Auditing

FAT-302         Digital Forensics

FAT-303         Investigation Law

FAT-304         Fraud Auditing & Forensic Accounting

ABSENCE FROM AN EXAMINATION

It is not the Rule of the Examination to allow withdrawal of examination entries after the closing date in any circumstance and as such any fees paid with respect to the examination entries cannot be refunded or transferred to subsequent examinations.

MISCONDUCT IN AN EXAMINATION

The Rules relating to the misconduct in the examination are as indicated hereunder:

      1.      No student shall be in possession of any books, notes or other materials while in the examination room other than the materials required for writing the examination as indicated in the examination docket

      2.      No student shall receive aid from another candidate in the examination room or be involved in similar conduct thereof

      3.      No student shall refuse to listen to or obey the instruction of the Examination Invigilators or the Examination Supervisor.

      4.      The Institute Rules on Examination hereby empowers Examination Supervisor to discontinue the Examination in the event of any misconduct of any candidate and to expel the candidate from the examination room.

It is obligatory that each candidate strictly adhere to the rules of the examination and failure to observe these regulations shall attract stiff penalties as the CFATS Council may determine.

EXAMINATION RESULTS

The CFATS shall communicate the result of the examination where practicable to the candidates by post. The result will also be made available on the website of the Affiliated Institution and the website of the CFATS and IICFIP. The Institute shall not entertain any further correspondence as regards individual results.

EXEMPTION GUIDELINES

EXEMPTIONS IN THE ACFAT SYLLABUS ARE AS OUTLINED BELOW:              

 

NO

QUALIFICATION

EXEMPTION

i

ND (Accountancy)

All Subjects in Part I and II

ii

ND (Financial Studies)

All Subjects in Part I and Fundamentals of Financials Accounting in Part II

iii

NCE (Accountancy)

All Subjects in Part I and II

iv

ND Business Admin/Studies

All Subjects in Part I excepts Fundamentals of Business Law

v

AAT (UK)/CAT(UK),

All Subjects in Part I and Part II except Fundamentals of Business Law, Public Sector Accounting and Fundamentals of Taxation and Tax Returns. Exemption will also be granted in Principles of Auditing in Part III

vi

ATSWA

All Subjects in part I and II and Principles of Auditing in Part III

vii

HND in Accounting

All Subjects in Part I and Part II and Principles of Auditing in Part III

viii

University Diploma in Accountancy from recognized Institution

All Subjects in Part I Only

ix

ACIB, ACIIN, NIMARK,CIPM and other recognized professional qualifications

Subject for Subject Exemption in Part I and II only

x

Non Accounting HND from recognized institution

Subject for Subject exemption in Part I and Part II only

xi.

Non Accounting Degrees in Management Studies

Subject for Subject exemption in Part I and Part II depending on the Degree transcripts

xii

Other Non-Accounting and Non Management Degrees

Subject for subject exemption in Part I

 

DETAILS OF THE SYLABUS

PART I

PAPER 1: FAT-101:

Introduction to Accounting and Economics

AIMS:

The aim of this paper is to help the candidates understand the significant role of accounting information and to develop the candidates ability to be able to prepare final accounts for sole proprietorship with full comprehension of the key knowledge of the basic concepts, methods and procedure of financial record keeping. Further objective is to help the candidate understand the basic economic principles that is required of a Certified Forensic Accounting Technician in an Organization.            

CORE OBJECTIVES:

 On completion of this paper, candidates should be able to:

     1.      Understand the strategic role of accounting in organizational management

     2.      Understand the double entry principles

     3.      Understand how to post accounting transactions to the appropriate ledger

     4.      Understand principles of evidence and how they relate to the books of original entry

     5.      Understand the errors in book keeping, the accounting process of correction of the errors and how to balance off ledger accounts and extract the trial balance

     6.      Understand how to keep petty cash books and main cash book

     7.      Understand how to prepare bank reconciliation statements and how to prepare explanatory notes to the management

     8.      Understand the preparation and the use of control accounts

     9.      Understand the differences between capital and revenue items and explain the necessity for the differentiation

   10.  Understand the process of collection and collation of information for preparation of final accounts of sole traders.

   11.  Understand how make needed adjustments in the profit and loss account and balance sheet.

   12.  Understand the preparation, recording and administration of payroll transactions.

   13.  Understand the process of book keeping for nonprofit organization and how to record income and expenditures transactions.

   14.  Understand how to prepare the Income and Expenditure Accounts and the Balance Sheet  of not-for-profit organizations with necessary adjustments.

   15.  Understand basic economic concepts and principles in the analysis of economic issues

   16.  Understand the features of the general economic environment in which individual, firm, government and other economic units operate  basis for rational economic decisions

STRUCTURE OF PAPER:

The paper will be a three-hour paper divided into two sections:

Section A (55 Marks): This shall consist of 55 compulsory questions made up of 35

multiple choice questions and 20 short attempt questions and it shall cover the whole syllabus

Section B (45 Marks): This shall consist of five questions, out of which candidates are expected to attempt any three, at 15 marks each.

CONTENTS:

1. Nature and Significance of Accounting

This section covers Brief historical development of accounting, Purpose of accounting, Users of financial statements and their information needs, Types of Accounting Services  

2. Forms and Structures of Business Organizations

This section covers Sole Proprietorship; Characteristics, advantages and disadvantages, Partnership; Characteristics, forms, advantages and disadvantages, Limited Liability Companies; Characteristics and types (incl. prov. and reserves), Public Enterprises; Characteristics, advantages and disadvantages

3. Accounting Concepts and Conventions

[A] The distinction between the entity and its owner (Entity Concept)

[B] Historical cost convention

[C] Other concepts covering: Going concern, Money measurement, Consistency, Conservatism/prudence, Materiality, Accrual/matching, Objectivity/fairness, Realisation, Periodicity/Time Interval 

4. Accounting Processes

[A] Main accounting source documents and their uses e.g. quotation, sales and purchase

orders, delivery note, invoice and pro-forma invoice, credit note, debit note, remittance

advice, receipt, payslip, payment voucher, etc.

[B] Books of original (prime) entries or Day Books covering: Purchases Day Book, Sales Day Book, Purchases Returns or Returns Outward Book, Sales Returns or Returns Inwards, Cash Book (single, two-column and three –column), General Journal

[C] Uses of the Journal Proper

[D] Principles and practice of double entry bookkeeping covering: Ledgers and their classifications, Postings by means of double entry, Balancing-off ledger accounts 

[E] The Trial Balance covering Purpose of extracting a trial balance, Errors not affecting the agreement of the trial balance, Errors that affect the agreement of the trial balance, Use of suspense Accounts  

[F]  Debtors and Creditors Statements

[G]  Accounting for fixed assets covering: Types and characteristics of fixed assets, Classification of expenditure into capital and Revenue and the importance of their distinction, Accounting for depreciation and disposal of fixed assets; straight-line and reducing     balance methods only.

 

[H] Simple adjustments affecting final accounts covering: Provision for bad and doubtful debts, Provision for discounts, Accruals and prepayments, Drawings account, Discounts allowed and received, Distinction between current and long-term liabilities

5. Control Accounts

This section covers: Sales (Debtors) and Purchases  (creditors) Control Accounts, Different types of errors, Correction of errors (including journals), Reconciliation of control account with ledger, Sales ledger; purchase ledger.

6. Banking Transactions

[A] Types of bank accounts

[B]Banking monies received covering:banking documentation, e.g. paying-in slip, credit and debit card documentation, Methods of handling and storing money, including security aspects, Interbank transfer and settlements, e.g. clearing rules, etc.

[C] Correction of cash book errors,

[D] Preparation of bank reconciliation statement  

 7.  Payroll Accounting

[A] Simple payroll procedures covering: documentation, authorization and approval, payment methods, e.g cash, cheques and automated payments

[B] Calculation of gross earnings, deductions and net payments

[C] Basic Employee Records

[D]  Recording of payroll transactions; journal preparation and postings to nominal ledger

8.   Accounting for Cash Transactions

 [A] Cash handling

 [B] Petty cash operations; imprest  and non-imprest system

[C] Cash security

[D] Keeping of a  Petty cash book

9. Preparation of Simple Financial Statements

[A] Trading profit and loss account and balance sheet of sole traders with simple adjustments 

[B] Simple manufacturing accounts

[C] Accounts of not-for-profit organizations

10.  Use of Computer Application Packages in

[A] Sales and purchase ledger

[B] Control accounts

[C] Payroll administration and accounting

[D] Stock Control

[E] Bank Reconciliation 

11.  An introduction to Economics and Economy

[A] Definition and scope of Economics

[B] Basic economic concepts: Scarcity, choice, scale of preference, opportunity cost and

       production possibility curve (PPC)

[C] Main branches of Economics which cover: Microeconomics, Macroeconomics

[D] Basic economic problems of society

[E] Types, features and functions of economic systems

[F] The methodology of Economics

12. Theory of Value

[A] The concepts of demand and supply: Laws of demand and supply

[B] Determinants of demand and supply: Demand and supply functions

[C] Determination of consumer and producer surplus using demand and supply diagrams

[D] Distinction between changes in quantity demanded/supplied and changes in

      demand/supply

[E] Determination of equilibrium price

[F] Changes in demand and supply and their effects on the market situation

[G] Exceptions to the laws of demand and supply

[H]] Application of demand – supply diagram: Price control and minimum wage legislation

[I] Elasticity of demand and supply: Determinants, numerical evaluation, interpretation

     and application of : Price elasticity of demand and supply, Income elasticity of demand, Cross-price elasticity of demand

13. Theory of Consumer Behavior

[A] The marginal utility theory

[B]The indifference curve theory

14. Theory of Production

[A] Meaning, types and factors of production

[B] Rewards to factors of production covering: Wages, rent, interest and profits, The concepts of economic rent, quasi rent and transfer earnings

[C] Short-run and long-run in production analysis

[D] Product concepts: total product, average product and marginal product

[E] Law of diminishing returns

[F] Law of returns to scale

[G] Economies and diseconomies of scales/predominance of small firms

[H] Cost concepts: total cost, average cost and marginal cost – their behaviours and

relationships

[I] Revenue concepts: total revenue, average revenue and marginal revenue

[J] Division of labour: meaning, advantages, disadvantages and limitations

[K] Location of industry: meaning and factors influencing location of industry   with appropriate examples from the West African Sub-region

[L] Localisation of industries: meaning, advantages and disadvantages

[M]) Business organisation: types, features, advantages and disadvantages 

[N] Privatisation, Commercialisation, Nationalisation and Deregulation.

15. Market Structures

[A] The concept of market

[B] Distinction between perfect and imperfect markets

[C] Meaning and features of perfect competition, monopoly, monopolistic competition,

       monophony, oligopoly and duopoly

[D] Price and output determination in the short-run and long-run under the conditions of

       perfect competition, monopoly and monopolistic competition

[E] Product differentiation and price discrimination

[F] Sources and control of monopoly power

[G] Mergers and acquisitions, their advantages and disadvantages

RECOMMENDED TEXTS

     1.      IICFIP Study Pack on Principles of Accounting and Economics

     2.      Ajileye J. O. and O. Adetifa Get Your Financial Accounting Right, Books 1 and 2, Hadlley  Lagos.

     3.      O. Akinduko  Basic Accounting, Spetin Akure, Nigeria

     4.      Appiah-Mensah, K.B  Principles of Accounting                                                       

     5.      Anao A. R  An introduction to Financial Accounting,  Longman

     6.      Adebayo, Ademola (1988), Economics: A Simplified Approch, Lagos: African International Publishing Ltd, Volume 1 and 2

PAPER 2: FAT-102

Information Technology (I.T.)

AIM:

The aim of this paper is to develop a practical knowledge and understanding of the role of information and communication technologies in forensic investigations and accounting functions. Furthermore, the candidates will acquire the needed skills at the technician levels in the field of digital forensics.

STRUCTURE OF THE PAPER

The paper will be a three-hour paper divided into two sections:

Section A (40 Marks): This shall consist of 40 compulsory questions made up of 50

multiple choice questions covering the entire syllabus.   

Section B (60 Marks): Six questions, out of which candidates are expected to answer

three, each attracting 20 marks.

CONTENTS:

1.   Information:  Basic Concepts

                         i.       Definition of data and information.

                        ii.       Distinction between data and information.

                      iii.    Meaning of each of the following data concepts and their relationship: Bit, Byte, Field, 

Record, File, database.   

                      iv.      Data representation, number base system (only bases 2, 4, 8, 10, 16) and their manipulations.

                      v.        Role of information in the accounting environment

                     vi.       General characteristics of information

2.  Computer Systems

                       i.          Evolution of computers (Hardware only)

                     ii.          Classification of computers: analog, digital, hybrid

                    iii.          Characteristics of digital general purpose computers with special reference to

                    iv.          Microcomputers

           - Advantages and disadvantages of using computers

           - Types of microcomputers

3   Hardware Fundamentals

                         i.        Block diagram of basic components of a computer system showing input, CPU,

Output, secondary storage. 

                        ii.       Input devices: Types and their appropriate uses.

                       iii.      Output devices: types and their appropriate uses.

                       iv.        Storage Media types: magnetic and optical discs, and their uses.

                       v.        Central Processing Unit (CPU): composition, functions and processing powers.

4    System Software Fundamentals

                        i.         Systems software: definition, examples and functions of: operating systems (OS),

utility programs, language processors, editors.

                        ii.       Operating Environments: single-user, multi-user, networking and window- based

environment

                       iii.        Types of operating systems used for: single-user, multi-user and networking

5  Application Software

                         i.     Definition

                       ii.     Criteria for selecting application packages

                      iii.     Sources of application packages

                      iv.     Software Suite and Integrated packages (e.g. database, word processing, spreadsheet, PowerPoint, etc):  Features, advantages and disadvantages.

                       v.      Principles of programming in relation to business problems: Program flowchart, structured pseudocode, decision tables, decision tree. 

                      vi.     Characteristics of computer programming Languages

                    vii.      Distinction among computer programming languages including Fourth Generation Languages (4GL)

6.  Information Processing Techniques 

                        i.        Processing Methods:  Centralized, decentralized, Batch, On-line, Real-time distributed

and time sharing.

                       ii.       Advantages and disadvantages of processing methods.

                      iii.       Multiprocessing, Multitasking, Multiprogramming  

7.  Interacting with MS Windows

                        i.       Functions of mouse, Graphic use interface, desktop, Task bar, Title bar, Menu bar

Tools bar, etc.

                       ii.       Start Bolton, my computer, my Document, Control Panel, windows explorer 

8. Data Communication and Computer Networks

                        i.      Definition: Networking, Local Area Network (LAN). Wide Area Network (WAN),

                       ii.       Metropolitan Area Network (MAN), Remote Job Entry (RJE), Intranet, Extranet,  Internet  

                     iii.       Network topologies: Star, Ring, Bus, Fully connected/Mesh.

                     iv.       Data transmission media: Definitions and examples

                     v.        Modes of transmission: Simplex, half duplex, duplex, synchronous and  asynchronous

                    vi.       Data transmission equipment: MODEM, Multiplexors, etc

                   vii.       Protocols, OSI - 7 layer model

9.   Systems Developments

                        i.          Approaches to Systems Development: Traditional Systems Development life Cycle

(SDLC), Prototyping, End-user developments.

                       ii.         Systems development cycle (in outline only): Linking systems development to

identification of a problem, feasibility studies, systems investigation and specifications,

systems design, acquisition, implementation, maintenance and review.

10.  Computer Services

The role of micro computers in the accounting environment, role of users department.

                          i.         Information centre: Staffing, services provided

                         ii.         Computer bureau: Services provided reasons for using a bureau, advantages and

            disadvantages.

11.   Some Issues in Management of Information Technology (I.T.)

                            i.           Security:  Hardware, Software and work place securities.

                          ii.           Computer Crimes: Examples and preventions

                          iii.           Computer virus: Definition, causes and preventions

                          iv.           Standard Health Implications.

12.   Recent Developments in I.T.

                          i.           Office Automation: Hardware and Software requirement

                        ii.            Internet: Definition, Uses, advantages and disadvantages. Hardware and software  

requirements,Websites. Interacting with the Internet through browsing, downloading, etc

                        iii.         Application areas: Electronic mail, teleconferencing and telecommuting.

                         iv.         Definition of Forensic computing, Cloud computing.   

RECOMMENDED TEXTS

1. IICFIP Study Pack on Information Technology and Digital Forensic

2. Gerald V. Post and Andersen David L. (2000); Management Information Systems:

Solving Business Problems with Information Technology. London: Irwin McGraw-

Hill.

PAPER 3: FAT-103

COMMUNICATION SKILLS

AIM:

The aim of this paper is to build the candidate skills in communication in the official language of the country. In the case of Anglophone West Africa States, the language of examination is English. This paper intends to test the level of competence of the candidate in both the written and spoken English. This is important to ensure that the graduate of the scheme can communicate effectively and present the report of their investigations before appropriate authorities and even in the courts of law.

STRUCTURE OF THE PAPER

The paper will be a three-hour paper, divided into three sections:

SECTION A: (50 marks) This shall consist of 50 compulsory questions made up of 40 multiple questions covering the entire syllabus.                                      

SECTION B: (20 marks) The only question in this section shall be compulsory and will be based on either summary or comprehension.

SECTION C: (30 marks) This shall consist of 5 questions, out of which candidates  are expected to answer any 3 at 10 marks each.

CONTENTS

1.   Introduction to Communication

[A] Communication Systems, Models and Networks Covering: Definition of communication, Elements of the communication process, Differences among oral, written and non-verbal communication, Formal communication system: vertical, horizontal and diagonal; semi-formal and informal communication systems, Barriers and limitations to effective communication, Communication ethics in conflict resolution, mediation and negotiation, Interpretation of technical and non-technical information.

[B} Basic Language Skills in Communication Covering (i) Listening including Definition, Types, Barriers to effective listening, How to listen effectively, etc;  (ii) Speaking including principles of effective speaking, Preparation of speeches, Delivery of formal and informal peeches, etc; (iii) Reading including Definition, Bad reading habits, Types of reading: scanning and skimming, Reading methods: SQ3R, OK4R, PQRST, etc; (iv) Writing including Legibility, Clarity, Use of abbreviations, etc.

2. Language Use

[A] Vocabulary covering Identification of minimal pairs, Homophones, Homonyms, Synonyms and Antonyms, etc.

[B] Word classes including Meaning, Form and Usage

[C] Phrases including Types and Functions

[D] Clauses including Types, Functions and Analysis

 [E] Sentences covering (i) Classification by: Structure, e.g. simple, compound, complex, etc. Intention, e.g. declarative, imperative, interrogative, etc and (ii) Problems associated with sentence construction, e.g. split infinitive dangling modifiers  faulty parallelism, etc.

[F] Tense distinction

[G] Concord:  Grammatical,   Notional proximity, etc.

[H] Mechanics covering  Paragraphing,  Punctuation marks,  Spellings, etc.

[I] Direct and reported speeches

[J] Common errors

[K} Pronunciation covering Word stress, Sentence stress and Intonation, etc.

[L] Figurative expression covering the Figures of speech, Idioms, Parables and  Proverbs, etc.

3. Application of Language Skills

[A] Comprehension and summary

[B] Essay writing: Covering Narrative, Descriptive,  Argumentative, etc.

[C] Speech making: appropriate formats for different speeches.

[D] Correspondence including Letters, Memoranda, Circulars,  Newsletters, etc.

[E] Meetings including Types: formal and informal, Statutory documents: notice, agenda,  minutes, Relevant terms: quorum, motion, resolution, proxy, etc.

[F] Report writing including Types, Format, Forms of presentation, etc.

[G] Advertisements including Types, Advertising media and Target audience, etc.

RECOMMENDED TEXTS

1. IICFIP Study Pack on Business Communication in English

2. Ajayi, A and Idakwo, V (2006): Communication in English,Ilaro:  Marvel Books.

3. Erasmus-Kritzinger, L. E., Bowler, A and Goliath D.(2001): Effective Communication, Western

    Cape:Afritech

4. Little, Peter : Communication in Business, London:  Longman

5.  Eyre, E. C. (1979): Effective Communication Made Simple, London:  W. H. Allen

PAPER 4:  FAT -104

Business & Investigation Law

AIMS:

The aim of this paper is to examine the knowledge and understanding of the candidates on the legal environment in of the forensic accounting profession and the industries in general and their understanding of the legal implications of business relationships and its relevance to the business sector, commerce and industry.

OBJECTIVES:

On completion of this paper, candidates should:

     1.      Understand the structure, jurisdiction and functions of the legal systems and the rules applicable to them.

     2.      Understand the general principles of contract to aid their daily accounting activities.

     3.      Understand the legal rules governing specific contracts.

     4.      Understand the difference between the various forms of business associations and be conversant with the main rules governing their operations.

     5.     Understand and appreciate the respective duties of bankers and customers and recognize the nature of negotiable instruments as may be suitable for use as appropriate in their daily activities as Forensic Accounting Technicians.

     6.      Understand the application of the principles of law to simple case studies.

STRUCTURE OF THE PAPER

The paper will be a three-hour paper divided into two sections:

Section A (40 Marks): The Part A  shall consist of 40 compulsory questions made up of 40

short answer questions covering the entire syllabus.   

Section B (60 Marks): Six questions, out of which candidates are expected to answer any three, at 20 marks each.

SECTION ONE: BUSINESS LAW

1. The Legal System

 [A] Sources of Law:  Common law, equity and statutes of general application; Judicial Precedent, Legislation, Customary Law and   International treaties.

[B] The Court System:  An outline of the structure and hierarchy of courts; Qualification of judges; composition and jurisdiction of the various courts.  Special courts.

[C] Forms of Legal Liability:Distinction between criminal and civil liability

[D] Professional Ethics: Negligent misstatements

2. Law of Contract

Nature and essential elements of a valid contract: offer, acceptance, consideration, intention to

Create legal relations, capacity and consent. Conditions, warranties and exemption clauses.

Illegal contracts and contracts in restraint of trade, vitiating factors. Discharge of contracts and remedies for breach of contract.

3. Special Contracts

 [A] Agency: covering, Creation and types; authority of agents; rights and duties of principals and agents and termination of agency

[B] Sales of Goods covering Meaning and Types of goods.  Implied terms.  The Caveat Emptor Doctrine.  Transfer of title, passing of risk and the Nemo Dat Quod Non Habet rule.  Breach of contract for sale of goods and remedies of the parties.

[C]  Hire Purchase and  Equipment Leasing covering  Meaning Formalities under the Common Law and the Hire Purchase Act.  Implied and Void terms.  Rights and Obligations of the parties.  Termination. Operating and Finance Leasing.

[D] Contract of Employment covering,  Nature and formation.  Rights and Duties of the parties.  Termination and Dismissal, Remedies for breach of contract.  Redundancy.

(D)  Insurance covering, Meaning and Classification.  Share capital.  Meaning and features of the following concepts and principles – insurable interest, premium, indemnity, utmost good faith,

conditions and warranties,  subrogation and contribution.

4.  Law of Business Associations

[A]   Partnership covering Types and determination of existence.  Authority of partners.  Rights and duties of partners interse.  Partners and third parties.  Dissolution of partnership.

[B] Companies covering Nature and functions of the Corporate Affairs Commission.  Types of companies.  Process of incorporation.  Company securities (shares and debentures), directors, company meetings.  Majority Rule and Minority protection.  Winding-up or liquidation. 

[C] Others covering Business Names, Incorporated Trustees and Unit trusts. 

5.   Banking and Negotiable Instruments

[A]  The legal relationship between banker and customer and their respective duties.

 [B] Meaning and characteristics of Negotiable Instruments.  Bills of exchange, Cheques and

       Promissory notes.  Crossing of cheques.

[C]    Holder, Holder for value and holder-in- due-course.

[D]    Rights and Duties of the parties.

RECOMMENDED TEXTS

1. IICFIP Study Pack on Information Business and Investigation Law

2. Obilade, A.O. The Nigerian Legal System, Spectrum Books.

 Level II

PAPER 5

FAT-201   Fundamentals of Financial Accounting

AIM

The aim of this paper is to examine the understanding of the candidates on the application of  accounting techniques for the collection and collation of accounting information for the proper keeping of accounting and financial records.

 STRUCTURE OF PAPER

The paper will be a three-hour paper divided into two sections:

Section A (50 Marks): This shall consist of 50 compulsory questions made up of 50 multiple choice questions covering the entire syllabus.   

Section B (50 Marks): Six questions, out of which candidates are expected to answer two, each at 25 marks.

CONTENT

1.  Accounting Processes

This section covers preparation of accounts from incomplete records including receipts and payment account,   Income and expenditure,  Extraction and adjustment of extended trial balance to include accrual prepayment, provision for depreciation and doubtful debt (e.t.c), Accounting for value added tax and Accounting treatment of fixed assets

2.  Theory of Accounting Standards and Guidelines

 This section covers the roles of bodies which set accounting standards (e.g.) IASB; The need for accounting standards and the provisions of the following standards (1) Preparation of financial statement (IAS 1), (2) Information to be disclosed in financial statements IAS 1, (3) Accounting for property, plant and equipment IAS 16, (4) Accounting for stock; IAS 2, (5) Extra-ordinary, exceptional and prior-year adjustment; IAS 8 and (6) Accounting for property, plant and equipment IAS 16

3.  Partnership Accounts and Accounts for-not-for profit organizations

This section covers the preparation of final accounts for non-profit organizations, Partnership, accounts, Entries on the formation of a partnership, Appropriation of partnership profit,   Preparation of partners‟ current and capital accounts, Partnership and company compared an contracted as forms of business structure, Partnership accounts to include change of partners, dissolution and sales of conversion to a company.

4.  Accounts of Limited Liability Companies

This section covers such topics as the preparation of manufacturing, trading, profit and loss appropriation accounts and balance sheet for companies. Accounting entries in relation to issue of shares, debentures and loan transactions, Simple published accounts and financial statement (including Value Added Statement and Cash Flow Statement) and Use of simple ratio analyses to interpret financial statements

5.  Accounting for Special Transactions

This section covers topics around branch accounts excluding foreign branches, Hire purchase transactions, Consignment accounts, Goods on sales or return, Royalties, Containers‟ accounts,   Farmers‟ accounts,  Joint venture accounts, Accounting for stock losses and defalcations,  Accounting for the effect of cut-off point on stock valuations, Simple lease account transaction, Contract account

RECOMMENDED TEXTS

1.    IICFIP Study Pack on Fundamentals of Financial Accounting

2.    A. O. Akinduko -     Basic Accounting, Spetin Akure, Nigeria

PAPER 6

FAT-202   Essentials of Public Sector Accounting

AIM:

The aim of this paper is to test the   knowledge and understanding of Government Accounting (at the three-tier levels: Federal, State and Local Governments) and the necessary skills and knowledge to generate and prepare accounting information and stewardship of Parastatals and Government Departments.

STRUCTURE OF THE PAPER:

The paper will be a three-hour paper divided into two sections:

Section A (50 Marks): This shall consist of 50 compulsory questions made up of 50 multiple choice questions covering the entire syllabus.   

Section B (50 Marks): Six questions, out of which candidates are expected to answer any two attracting 25 marks.

CONTENTS:

1.  The Constitutional, Legal And Administrative Framework of Government    

 Accounting In Nigeria        

This section covers The Regulatory and Constitutional provisions guiding revenue collections and disbursement of Government Funds at the Federal, State and Local Government Levels; The stipulations of the Finance (Control and Management) Act, 1958 as amended by CAP A15 LFN 2004); The provisions of Audit Act 1956 (as amended)

2 Government Accounting Theory and Processes:

This section covers the Accounting methods, concepts, bases and principles applicable to Government accounting; Pronouncements and recommendations made on government accounting by the International Federation of Accountants (IFAC), International Public Sector

Accounting Standards Board, United Nations Organization and Chartered Institute of Public  Finance and Accountancy (CIPFA); The Financial Regulations of the Federal and State Governments; Federal Treasury Account Manual  (Policy and Procedure); The Annual Appropriation Law; Fiscal Responsibility Act 2007; Public Procurement Act 2007; The Financial Memoranda for Local Government; Investments and Securities Act; Public Enterprises (Privatization & Commercialization) Act; The Pension Act number 102 and 103 of 1979, and Pension Reform Act No. 2 of 2004; The Annual supplementary Appropriation Laws; Treasury Circulars; Ministry of Finance Incorporated (MoFI) Act of 1959; Public Service Manuals; Bye-Laws of Local Government; Synchronization of the reporting formats of the Federal, State and Local Governments (Central, Districts and Local Government). 

3. The Constitutional and Financial responsibilities of Principal Officers of

Government:

This section covers the Minister of Finance; Auditor General for the Federation/of the Republic; Auditor-General for the State; Auditor-General of the Federation/Republic; Auditor-General for Local Government; Accountant General of the Federation/Republic;  Accountants-General of the State; Treasurer of the Local Government 

4. Managing Finance of Government:

This section covers Institutional Background such as the Roles and responsibilities of the National, State and Local Government Assemblies; Financial Control Institutions (Presidency;  Due Process: Planning and Budget Directorate in the Ministry of Finance.  Treasury Department in the Accountant General’s office:  Expenditure Control Unit in the Ministries).   Roles of Various Government Committees such as Public Account Committees, Tender Board, Finance and General Purpose Committee Audit Committee, Parliamentary Audit Committee Parliamentary Finance Committee); Planning and Budgeting: Planning – long run, medium run or short run, Budgeting in Government. Methods of Budgeting such as: Incremental or Line-Item Budgeting, Rolling Plan and Budgeting, Zero Base Budgeting (ZBB).Planning, Programming and Budgeting System (PPBS). Perspective Planning: Preparation, Evaluation and Control of Budgets: Internal control procedures over revenue collections and disbursement of funds,    Fund Accounting, Sources of Government Revenues, Authorization of Government Expenditures and Operation of Warrants, Operation of Departmental Vote Books and Authority– to – Incure Expenditure, Expenditure Control in Government, Legislative Control, Executive Control,    Control by the Minister of Finance, Treasury Control, Departmental Control, Accounting Records of Government include: Treasury Cash Books, Imprest Cash Book, Payment Voucher,   Adjustment Voucher, Method of payment, E-payment, E-Receipt/Ticketing 

5 Ministerial Accounting System & Sub Ministerial Accounting System

This section covers Self, Limited self  and non-self Accounting unit, Preparation and Extraction of monthly transcripts/ATRRS. (Automated Transaction Recording and Reporting System);   Preparation and posting of monthly payroll  - IPPIS (Integrated Personnel & Payroll Information System); Extraction of Variation Control Reports; Sub-Ministerial Accounting System covering the Schools Accounting System, Domestic Account, Boarding Account, PTA Account System and Foundation and Trust Account

6. Stores and Stores Accounting

7. Boards of Survey and Boards of Enquiry

8. Treasury Final Accounts:

This section covers Preparation of  Statutory Financial Statements, Responsibility for Financial Statements (by the Accountant General), Auditor General’s Certificate, Cash Flow Statement,    - Statement of Assets and Liabilities, Statement of Revenue and Expenditure 

9   Pension and Gratuity Accounting:

This section covers Pensions, Contributory Pension Scheme and Fixed Term Terminal benefit scheme 

10  Ethical Considerations in Government Accounting

This section covers Management of Economic Crimes: Establishment of Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission, Security Exchange and Investments Tribunal, Code of Conduct Bureau, Security Exchange and Investment Commission, Public Complain Commission, Money laundry Act 2007, Fiscal Responsibility Commission

RECOMMENDED TEXTS:

1) IICFIP  Study Pack on Public Sector Accounting

2) Financial Memoranda for Local Governments 1998: State and Local Government

Affairs office, The Presidency, Abuja

3) Management and Control of public funds – G.K Scott

PAPER 7

FAT-203   Financial Mathematics and Economics

AIM

The aim of this paper is to help the candidate acquire a solid foundation in financial mathematics and quantitative techniques so that the could understand the process for the decision making in practice. This knowledge is central to the performance of the functions expected of a forensic accounting technician. This subject will also help the forensic accounting technician to be able to be able to apply the knowledge gained in problems solving and in making rational business decisions

STRUCTURE OF PAPER:

The paper will be a three-hour paper divided into two sections.

Section A (40 Marks): This shall consist of 50 compulsory questions made up of 40 multiple choice questions covering the entire syllabus.

Section B (60 marks) six questions out of which candidates are expected to answer only four, each at 15 marks.

CONTENTS:

1. STATISTICS

[A]   Handling Statistical Data covering (i) Collection of Statistical Data including:  primary and secondary data, discrete and continuous data, sources of secondary data: advantages and disadvantages, internal and external sources of data, mail questionnaire, interview, observation, telephone: advantages and disadvantages of each method. (ii) Sampling Methods including   purpose of sampling, methods of sampling: simple, random, stratified, systematic, quota, multistage, cluster, advantages and disadvantages of each method. (iii) Errors and approximations, errors, level of accuracy and approximations, types of errors: absolute, relative, biased and unbiased, laws of error including simple calculations of errors in sum, difference, product and quotient. (iv) Tabulation and Classification of Data including tabulation of data including guidelines for constructing tables. (v)  Data Presentation including frequency table construction and cross tabulation, charts: bar charts (simple, component, percentage component and multiple), pie chart, Z- chart and Gantt chart,  graphs: histogram, polygon, Ogives, Lorenz curve

[B]  Measures of Location covering (i)  Measures of Central Tendency including  arithmetic mean, median, mode, geometric and harmonic means, characteristic features of each measure.

(ii)  Measures of partition including  percentiles, deciles and quartiles

[C] Measures of Variation/Spread/Dispersion including range, mean deviation, variation, standard deviation, coefficient of variation, quartile deviation and skewness (all both grouped and ungrouped data) estimation of quartiles and percentiles from Ogives

[D]  Measures of Relationships covering (i)  Correlation (Linear) including Meaning and usefulness of correlation, scatter diagrams, nature of correlation (positive, zero, Negative),   meaning of correlation coefficient and its determination and interpretation, rank correlation such as Spearman’s rank correlation coefficient, Pearson product moment correlation. (ii)  Regression Analysis (Linear) including normal equations/least squares method and the determination of the regression line, interpretation of regression constant and regression coefficients, use of regression line for estimation purposes

[E] Time Series covering (i) Meaning of time series, (ii)  Basic components and the two models

(iii) Methods for measuring trend i.e. graphical, moving averages, least squares, semi-averages

(iv) Methods of determining seasonal indices i.e. average percentage, moving average, link

relative, ratio to trend and smoothening

[F] Index Numbers covering (i) meaning, (ii) problems associated with the construction of index numbers, (iii) unweighted index i.e. sample aggregative index, mean of price, relatives.

(iv) Weighted index numbers e.g. use Laspeyre, Paasche, Fisher and Marshall Edgeworth.

[G]  Probability covering (i)  Definition of probability, (ii)  Measurement (addition and multiplication laws applied to mutually exclusive, independent and conditional events), (iii) Mathematics expectation

[H]  Estimation and Significance Testing covering (i)  Interval Estimation including confidence interval concept and meaning,  confidence interval for single population mean and single population proportions,  point estimation for mean, proportion and standard error. (ii) Hypothesis including Concept and meaning,  types (Null and alternative), (iii) Type I and type II errors; level of significance, (iv) Testing of hypothesis about single population mean and single proportions for small and large samples, and (v)  Sampling distribution of sample means and single proportions including their standard errors.

2.  BUSINESS MATHEMATICS

[A]  Functional Relationships covering (i)  definition of a function, (ii)  types of functions: linear, quadratic, logarithmic, exponential and their solutions including graphical treatment, (iii)  applications involving cost, revenue and profit functions, (iv)  break-even analysis, (v)  determination of break-even point in quantity and value, significance of break-even Point, (vi) simple linear inequalities not more than two variables including graphical approach.

[B]  Mathematics of Finance covering (i)  Sequences and series (limited to arithmetic and geometric progressions), sum to infinity of a geometric progression (business applications), (ii)  simple and compound interests including present value of simple amount,  present value of a compound amount, (iii) Annuities including types of annuities e.g. ordinary and annuity due,   sum of an ordinary annuity (sinking funds), present value of an annuity, (iv) Net Present Value (NPV), (v)  Internal Rate of Return (IRR)

[C] Differentiation covering (i)  meaning of slope or gradient or derivative, (ii)  rules for differentiating the following functions: power (e.g. y=axn), product, quotient, function of function, exponential, implicit and logarithmic functions, (iii) applications of a differential e.g. funding marginals, elasticity, maximum and minimum values, (iv) simple partial differentiation

[D] Integration covering (i)  rules for integrating simple functions only, (ii)  applications of integration in business e.g. finding total functions from marginal functions, determination of consumers and producers surpluses

3. MACROECONOMICS

 [A] National Income

This section covers (a) Basic national income accounting concepts: Gross Domestic Product (GDP), Gross National Product (GNP), Net National Product (NNP), National Income (NI), Personal Income (PI)and Personal Disposable Income (PDI) ; (b) Methods of computing National Income covering (i) Income approach, (ii) Output or product approach,  (iii) Expenditure approach; (c) The concept of circular flow of income; (d) Problems of measuring national income; (e) Uses and limitations of national income statistics,  (f) Factors determining the size of national income, (g) The concepts of consumption, savings and investments within the framework of Keynesian macroeconomic setting, (h) Determination of equilibrium national income and the concept of multiplier, (i) The accelerator theory

[B]. Money and Banking

This section covers (a) Money – Definition, evoluation, functions, characteristics, types and nature, (b) The supply of and demand for money, (c) The quantity theory of money, (d) The banking system including  (i) Commercial and Merchant Banks,  (ii) Universal banking concept

 (iii) The Central Bank  - Conventional and developmental functions, (iv) Development banks, Deposit  Insurance Corporation, Insurance Companies and other Financial Institutions; (e) The money and capital markets: institutions and instruments, (f) Monetary policy: Meaning, targets and instruments.

[C] Fundamentals of Public Finance

This section covers (a) The concept of public finance, (b) Sources of government revenue and pattern of government expenditure, (c) Taxation: Forms, principles and uses, (d) National Budget including  (i)  Types and its role in the economy,  (ii) Sources of finance for a deficit budget,

(e) Public Debt: Meaning , types and its roles in the economy , (f) Fiscal Policy: Meaning , targets and instruments

[D] Inflation and Unemployment

This section covers (a) Inflation: concepts, types, causes, effects and control, (b) Unemployment: concepts, types, causes, effects and control, (c) Inflation and unemployment problems in West Africa and efforts to control them

[E]. International Trade and Finance

This section covers (a) Distinction between Internal and International trade, (b) Reasons for International Trade. (c) Theory of comparative cost advantage, (d) Advantages and disadvantages of International Trade, (e) Terms of trade, balance of trade and balance of payments, (f) Trade barriers and the case for and against protectionism, (g) The concepts of foreign exchange, foreign exchange rate, foreign exchange markets and foreign exchange regimes – fixed and floating exchange rate regimes, (h) Currency devaluation, revaluation, depreciation and appreciation, and their implications for the economy, (i) Globalisation and developing countries

[F]. International and Regional Organizations

This section covers (a) Functions of: (i) The World Bank Group including International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), International Development Guarantee Agency (MIGA), (ii) International Monetary Fund (IMF), (iii) The African Development Bank (ADB) Group, African Development Bank (ADB), African Development Fund (ADF), The Nigerian Trust Fund (NTF); (b) Economic Integration including

(i) Meaning and levels, (ii) The Economic Community of West African States (ECOWAS); (c) Organisation of Petroleum Exporting Countries (OPEC); (d) United Nations Conference on Trade and Development (UNCTAD); and (e) World Trade Organisation (WTO)

[G] Economic Growth and Development

This section covers (a) Concept and determinants of economic growth, (b) Concept of economic development, (c) Common characteristics of developing countries, (d) Development planning: Concepts, objectives, types and problems

RECOMMENDED TEXTS:

1. IICFIP Study Pack on Financial Mathematics and Economics

2.  Adebayo, Ademola (1988), Economics: A Simplified Approch, Lagos: African International

Publishing Ltd, Volume 1 and 2

PAPER 8

FAT-204   Fundamentals of Taxation and Tax Returns

AIMS:

The paper aim to examine candidates’ knowledge and understanding of: the meaning of taxation and various aspects of tax system (tax policy, tax law and tax administration) of the ABWA member countries, tax computations for individuals and businesses resident in member countries for the purpose of Personal Income Tax, Corporate Tax, Capital Gain Tax, Value-Added Tax and Education Tax as applicable to member countries including all issues relating to filing of returns to appropriate tax authorities of (ABWA) member countries. 

OBJECTIVES:

It is expected that on successful completion of this paper, candidates should be able to have a clearer understanding of the subject of tax and be able to: Prepare adjusted profit or loss computation for trade and vocations, Compute Pay As You Earn (PAYE) tax as it relates to employees, Prepare direct assessment on individuals, Prepare Companies Income Tax, Compute Capital Gain Tax, Compute Value Added Tax and Stamp Duties, Compute Tax on property and investment income, File the necessary returns to the appropriate tax authorities and Attend to the queries from the State Internal Revenue Service and Federal Inland Revenue Service as applicable in Nigeria.

STRUCTURE OF PAPER:

The paper will be a three-hour paper divided into two sections:

Section A (60 Marks): This shall consist of 50 compulsory questions made up of 60 multiple choice questions covering the entire syllabus.   

Section B (40 Marks): Six questions, out of which candidates are expected to answer four, each at 10 marks

CONTENTS:

1. Background to Income Tax

This section covers Definition and objectives of Taxation, Principles of Taxation, Classifications of Taxes, and Sources of Nigerian Tax Laws

2. Administration of Income Tax

This section covers Composition, Powers and Duties of: Joint Tax Board ,Federal Board of Inland Revenue, State Board of Internal Revenue, Technical Committees of the Boards, Body of Appeal Commissioners, Practical Procedures for Registration of Tax Payers, Knowledge of documents necessary for filing returns for taxes and dealing with the relevant tax authorities. Returns including Individual Tax payer Returns, Corporate Tax payer Returns, Timing of filing of Returns. Types of Assessment including Self Assessment Scheme – nature and benefits,    Provisional Assessment, Best of Judgment Assessment (BOJ), Turnover Assessment , Terms of payment, Failure and Penalties for late payment, Pre-operation Levy, Introduction to ethical issues- confidentiality and conflict of interest, Distinction between Tax Avoidance and Tax Evasion and  Tax Clearance Certificate-nature, relevance and problems

3. Personal Income Tax

This section covers: Imposition of Tax, Taxable Persons, Income Chargeable, General Provisions as to Valuation of Benefits, Valuation as to living accommodation, Allowable and Non-Allowable Deductions,  Relevant Tax Authority, Reliefs and Allowances, Taxable Income of Partnership, Basis for computing Assessable Income, Old/New trades, Cessation of trades,  Change of Accounting Date, Ascertainment of Assessable Income from Employment,  Collection and Recoveries, Objection and Appeals, Offences and Penalties  

4. Companies Income Tax

This section covers: the Basis for computing Assessable Profits, Commencement of Business,  Cessation of Trade or Business, Reconstruction and Investment Allowance, Payment of Minimum Tax, Rural Investment Allowance, Export Processing Zone Allowance, Local Plants and Fabrication of Spare Parts, Capital Allowances – Types of Allowances and conditions for granting allowances, Chargeable Profits And Tax Liability, Exempted Incomes, Allowable and Non- Allowable Deductions,  Education Tax- Assessment, Collection, Rates and Payment 

5. Withholding Tax

This section covers: the Relevant Tax Authority, Deduction of Tax at Source, Withholding Tax on Rent, Interest Royalty, Dividends, Directors Fee, Professional, Fees, Technical and Management fee and Contract of supplies, Withholding Tax Rates, Exemption from Withholding Tax , Remittance to Tax Authorities, Treatment of Withholding Tax Receipts 

6. Capital Gains Tax

This section covers the Relevant Tax Authority, Administration, Computation of Chargeable Gain, Artificial and Fictitious Transactions, Exemptions and Reliefs

7. Value Added Tax (VAT) and Stamp Duties

This section covers the Value Added Tax Administration, Registration, Taxable Persons, Activities and Services, Input and Output, Exempted Goods and Services, VAT Records and Returns, Output VAT Records, Recovery, Zero Rated Supplies, Offences and Penalties and VAT Tribunal, This section should also examine the tax matters in relation to Stamp Duties including  Nature and objectives, Forms of stamp duties and computation, Methods of stamping  and adjudication  

8. Education Tax 

This section covers Assessment and Collection of education tax, Rate and Payment, Offences and Penalties, Management and Administration of the Education Tax Fund

RECOMMENDED TEXTS

1. IICFIP Study Pack on Fundamentals of Taxation and Tax Returns

2.  Ariwodola J.A. - Personal Taxation in Nigeria including Capital Gain Tax A.A. Nigeria Ltd,

Lagos.

LEVEL III

PAPER 9

FAT-301   Principles of Auditing

AIMS:

The aim of this paper is to examine the understanding and appreciation of the candidates from audit planning stage to the reporting stage. Essentially, the candidates will be able to understand: the audit risk, the nature and extent of the audit risk, audit in a computerized environment, regulatory framework and ethical issues, and communication of audit findings.

STRUCTURE OF THE PAPER

The paper will be a three-hour paper divided into two Sections:

Section A: (50 Marks)- This shall consist of 60 compulsory questions made up of 50 Multiple

Choice Questions covering the entire syllabus.

Section B: (50 Marks) - This consists Four Questions out of which candidates are expected to

answer any Two.  Each of the questions attracts 25 marks

CONTENT

1. Auditing Principles and Theory

 (i) Basic principles and concepts in auditing.

(ii) Differences between auditing and accounting.

(iii) Auditing and other services.

(iv) Impact of Law and Accounting Standards on audit.

(v) Concepts of “true and fair view”, materiality, judgment and audit risks.

2. Rights, Duties and Responsibilities of Auditors

(i) Appointment, removal and independence of auditors.

(ii) Auditors’ qualification.

(iii) Auditors’ responsibilities for objectivity, integrity, confidentiality, skill, care, and

competence.

3. Regulatory Framework and Ethical Issues in Auditing

(i) Scope of audit function under the Companies and Allied Matters Act Cap C20 Laws of

the Federation of Nigeria, 2004;  Banks and Other Financial Institutions Act 1991;

Insurance Act 2003.

(ii) Audit Implications of Professional Pronouncements and Guidelines.

(iii) Conflicts of interest, beneficial holding and personal financial relationships.

Candidates are advised to refer to Acts, Legislations and Regulations, etc. that are         

relevant to their home countries. For example, Nigerian candidates should refer to Acts

peculiar to Nigeria.

4. Professional Ethics

(i) Fundamental principles of IICFIP Code of Ethics and Conduct.

(ii) Detailed requirements and application of professional ethics in the conduct of auditor’s                                                                            

independence, objectivity and integrity as set out in IICFIP’s Code of Ethics and

Conduct. 

(iii)   Auditors’ responsibilities with regard to confidentiality as set out in IICFIP’s code of                         

Ethics and Conduct.

5. Auditor’s Liability

(i) Definition and sources of Auditor’s liability.

(ii) Auditor’s liability for negligence under common law, statute, civil and criminal law.

6. Internal Control

(i)    Objectives of an internal control system.

(ii)    Types of internal control.

(iii)   Inherent limitations of internal control system.

(iv)    Importance of internal control to auditors.

(v) Control procedures to meet specified objectives for each of the following functional   

areas: purchases and trade creditors, sales and trade debtors, wages and salaries,

tangible/ fixed assets, stocks, bank receipts and payments, and cash receipts and

payments.

(vi) Application controls and general controls in computer-based systems and identification

of      the objectives of each control type.

(vii) Typical control problems encountered in small computer-based systems.

(viii) Techniques used by auditors to record and evaluate manual and computer-based

accounting systems.

(ix) Format and contents of Internal Control Questionnaire (ICQ’s) and internal Control                   

Evaluation Questionnaires  (ICEQ’s)

(x)    Purpose of tests of control.

(xi)    Tests of control and substantive procedures.

7. Audit Tests and Sampling Techniques

(i) Relevance of sampling to the auditor.

(ii) In-depth tests, graphing tests and sampling techniques.

(iii) Testing of the system of internal controls.

(iv) Compliance test, walk through test and substantive tests.

(v) Sampling selection methods – random, systematic and haphazard selection.

(vi) Main factors affecting sample size.

8. Audit Planning, Evidence and Verification Procedures

(i) Physical examination.

(ii) Third party confirmation.

(iii) Audit programmes to meet specific audit objectives with regard to the following    

balance sheet items: fixed assets, investments, trade debtors, prepayments, bank and

cash, trade creditors, accruals, long-term liabilities and provisions.

(iv) Types of audit tests.

(v) Importance of evidential material in the audit process.

(vi) Factors that influence the reliability of audit evidence.

(vii) Vouching process.

(viii) Audit observations and Management representation.

(ix) Internal Control Report/ Letter of Weaknesses.

(x) Verification of Current Assets and Liabilities.

(xi) Audit of intangible assets, such as goodwill, patents, trademarks, copyrights, franchise

etc.

(xii) Quality control and peer review.

9. Audit Practice

(i) Preparation, control, maintenance of audit files and working papers.

(ii) Evaluation of audited accounting systems using Internal Control Questionnaires, and  

checklist. 

(iii) Verification of Balance Sheet items.  

10. Audit of Computerized Systems

 (i)    Approach to computer audit – audit through the computer/audit round the computer

(ii)    Audit Trail.

(iii)   Computer Assisted Audit Techniques (CAAT).

(iv)    Security and computer crimes; prevention and control.

11. Introduction to Public Sector Audit

(i) Auditor General of the Federation, State and Local Government – appointment, powers      

and functions.

(ii) Auditing for compliance with legislative and related authorities.

(iii) Public Accounts Committee.

(iv) Internal Audit function in public sector.

(v) Due Process and the Public Procurement Act, 2007.

12. Assurance Reporting

(i) Subsequent events review.

(ii) Evaluation of going – concern status.

(i) Management Representations Appraisal.

(ii) Truth and fairness assessment of financial statements.

(iii) Audit Committee – composition and functions.

13. Audit Report 

(i) Standard audit report.

(ii) Qualification in audit reports.

(iii) Forms and content of auditors’ report with an unqualified opinion on the financial     

     statements of a company.

(iv) Circumstances which may warrant the auditor to issue a report with:

- A Qualified opinion.

- An Adverse opinion.

- A disclaimer of opinion.

14. Audit Completion

Purpose and nature of carrying out an overall review of the financial statements prior to

expressing an audit opinion and outline the purpose and nature of:

(i) Application of analytical procedures.

(ii) A review of opening balances and comparatives.

(iii) A review of events after the end of the reporting period.

(iv) An evaluation of going concern.

RECOMMENDED TEXTS

1.IICFIP Study PackPrinciples of Auditing

2. Aguolu Osita -  Fundamentals of Auditing, Rex Charles & Patrick Ltd, Nimo, Anambra

State, Nigeria.

OTHER REFERENCE BOOK

1.   Woolf E. -  Auditing Today, Prentice-Hall International

PAPER 10

FAT 302

INVESTIGATION LAW

This section covers sixteen major topics bordering on legal issues involving investigations:

     1.     Introduction to Law related to investigations,

     2.     The law of evidence,

     3.      Search warrants/court orders,

     4.     Bankruptcy and Insolvency law,

     5.     Protection of privacy,

     6.     The judicial system and court procedures,

     7.     Criminal justice system,

     8.    Cross border operations and their challenges.

     9.    Learning and making use of laws in different Jurisdictions,

    10.  Preparation for trial and expert witnessing,

    11.  International anti-corruption practices,

    12.  Anti-Money Laundering laws,

    13.  Investigation best practices,

    14.  International divorce law practices,

    15.  Disputes resolutions,

    16.  Tracing hidden assets and the use of public records.

PAPER 11

FAT-303  

DIGITAL FORENSIC

Lesson 1-        Computer Forensics Profession

Lesson 2-        Computer Forensic Tools & Techniques

Lesson 3-        Digital Evidence Control: evidence collection and preservation

Lesson 4-         Data  Mining and Acquisition

Lesson 5-        Computer Forensic Analysis

Lesson 6-         E-mail Investigation

Lesson 7-        File Recovery: Process and tools

Lesson 8-         Formal Forensic Report Writing

Lesson 9-        Forensic Network Investigations

a. Network Computer Components 

b. Working with Network Administrators

c. Search Warrant Issues Related to Network Centers 

 Lesson 10       - Investigative Methods Framework

a.  Cybercrime Methodologies e.g. social engineering

b. Structure of Cybercrime Investigations

c. Case Management – Pursue or Drop 

 Lesson 11-  Linux for Forensic Analysis 

a.  Introduction of Linux Operating Systems

b. Various Types of Linux

c. Unix Networks

d. Linux Forensic Tools 

 Lesson 12-  Access Data – Password Recovery Tool Kit Software

a.  Password Recovery Issues / Investigations 

b.  Profile of the Suspect / Password Database

c.  Password Recovery Toolkit

d.  Distributed Network Attack Software

Lesson 13 - Website Investigations

Lesson 14- Computer Forensic Analysis Tools 

Lesson 15 - Computer Forensic Investigations Process

PAPER 12

FAT-304   Fraud Audit and Forensic Accounting

This covers 28 Topics which is the totality of the knowledge required for clearer understanding of fraud audit and forensic accounting.

Lesson 1   -Economics of Crime

Lesson 2   - Financial Crimes

Lesson 3   - Offshore Activities - General

Lesson 4   - Evidence - General

Lesson 5   - Net worth Approach

Lesson 6   - Expenditure Approach 

Lesson 7   - Scenario Case

Lesson 8   - RICO Net Worth Solution

Lesson 9   - Tax Net Worth Solution

Lesson 10 - RICO Expenditure Solution

Lesson 11 - Tax Expenditure Solution

Lesson 12 - Organized Crimes

Lesson 13 – Preparing to give expert testimony

Lesson 14 – Forensic Audit Techniques

Lesson 15 - Sources of Investigative Information

Lesson 16 - Wagering and Gambling

Lesson 17 - Fraud Prevention

Lesson 18 - Fraud Prevention as it relates to business

Lesson 19 - Money Laundering

Lesson 20 – Interviewing suspects and witnesses

Lesson 21 – Financial Institutions

Lesson 22 – Reports and Case Files

Lesson 23 - Audit programs

Lesson 24 - Seizures and Forfeitures

Lesson 25 – Understanding Judicial System

Lesson 26 – Criminology

Lesson 27 - Physical Security

Lesson 28 - Search Warrants

PROGRESSION FROM CFATS TO CFIP CHARTER HOLDER

The CFATS Qualification will qualify you for exemption from four papers out of the eight papers of the CFIP Qualifying Examinations. The Papers are:

      1.      Principles and Practice of Accounting,  

      2.      Investigation Law,

      3.      Computer and Digital Forensic, and

4.      Fraud Auditing and Forensic Accounting

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