Exemptions/Waivers from Institute’s Examinations
Exemption/Waiver Criteria & Rules
The underlying principle in respect of granting exemptions to persons holding academic and professional educational qualifications is the predetermined equivalence of the Association’s standards with other academic and professional educational institutes/bodies in respect of examinations, courses of studies and other conditions as to professional standards etc. Based on this principle the Executive Council/Exemption Committee of the Association has listed the exemptions/waivers available to intending candidates who wish to join the Association’s examinations but nevertheless cases of exemption/waiver claimed falling outside the prescribed list are considered by the Executive Council/Exemption Committee of the Association on the basis of their respective merit. On this question the decision of the Executive Council/Exemption Committee is absolute and final.
Adhering strictly to the foregoing principle, the Executive Council/Exemption Committee of the Association has framed comprehensive rules for deciding claims for exemption/waiver from the Association’s examinations. Accordingly eligibility for exemption/waiver will be assessed/evaluated on the basis of approved academic and professional examinations having relevant and considerable knowledge content of Accounting, Auditing, Finance, Banking, Management, Law, Taxation Laws, Corporate Laws and allied subjects. Applications for exemption and student registration must be made simultaneously in the prescribed form obtainable from the office of the Institute and must accompany the prescribed exemption and registration fees.
Students are advised that applications for exemptions must be supported by attested documentary evidence of all subjects taken in the academic and professional qualifications. The Executive Council/Exemption Committee of the Association reserves the right to review and re-evaluate the equivalence criteria for exemption in respect of all or any academic and professional examinations which presently or in future have been accorded approval for equivalence with the Association’s examinations. Exemptions are granted from the Association’s examinations in subjects of other academic and professional examinations on the basis of equivalence established by The Association of Financial Forensic Experts (The AFFE).
Exemptions Allowed in Special Cases
Members of others professional Institutes/Bodies whose examinations, educational and professional standards are considered equivalent to those of the Institute may be admitted as members. The status of membership of this Institute conferrable will, however, depend upon the status of membership already held by such applicant in the others Institutes/Bodies. While the Association strictly adheres to the principles of detailed scrutiny of applications for membership and exemptions to assess the equivalence criteria, the Executive Council/Exemption Committee is also empowered to consider and grant exemptions to applicants whose educational qualifications are not covered by the conditions laid down in the exemption schedule.
Another important consideration which the Executive Council/Exemption Committee follows in granting exemptions in special cases which fall outside the existing frame-work of exemption rules, is the overall and complete set of relevant academic and practical achievements of the applicant acceptable to the Executive Council/Exemption Committee, of course, having regard to the cardinal principle of determining the professional equivalence in each case separately. The decision of the Executive Council/Exemption Committee in this behalf is absolute and final. The applicants falling in this category are, however, entitled to an opportunity to appeal and submit necessary clarifications and documentary evidence in support of their claim for exemption to the satisfaction of the Executive Council/Exemption Committee who may in its sole discretion reconsider such appeals.
Exemption Fees
Exemption fee shall be paid along with the applications for exemptions as per exemption fee schedule given below. The Institute will refund the amounts in respect of claims for exemption disallowed or adjust the amount against other dues. Payments shall be in cash direct transfer/bank pay order/bank demand draft, and crossed check in favour of The Association of Financial Forensic Experts (The AFFE).
Powers of the Executive Council/ Exemption Committee to Grant Exemptions
The powers vested in the Executive Council/Exemption Committee inter-alia also includes the scrutiny of all applications for exemptions in accordance with the prescribed criteria and rules and eventually grant or refuse exemptions. A right to appeal to the Executive Council/Exemption Committee is, however, given to every applicant for exemption to plead and justify his/her claim. The Executive Council’s/Exemption Committee’s decision in that case is absolute and final.
Tutorial Services
Tutorial services constitute part of the overall educational policy of the Association which has been generally described. However, for specific guidance of the students on the assistance available on the offered educational program of the Association, this exclusively deals with this subject under the following main headings:-
Oral Tuition
As already mentioned, the Association while following the global tradition of professional bodies, does not undertake or provide the facilities for oral tuition on its own, but it certainly makes obligatory the attendance of the tutorial program by its students and for this purpose recommends the approved tutorial institutions having suitable infrastructure to meet the prescribed standards of education aimed by this Association. All the students are, however, advised to seek guidance of the Educational Advisor or the Secretary of the Association on all matters relating to oral tuition which they intend to obtain.
Correspondence Tuition
For those students of the Association who reside in areas where approved oral tuition facilities are not available, correspondence tuition for them could be arranged. Approved correspondence courses could be supplied at the prescribed price on the request of the registered student. These courses represent effective medium of tuition for those who are employed overseas.
Powers of the Executive Council/Education Committee to review the Courses of Study and Advise on Tutorial Services
Among other functions one of the most vital role of the Executive Council/Education Committee is to review from time to time the prescribed courses of study presently in force in order to upgrade and rationalise the standard of professional education to the extent necessitated by any changes in the Forensic Accounting and its allied disciplines Laws and the socio-economic structure as far as they have a bearing on the Forensic Accounting Practice. It must be, therefore, clearly understood that the prescribed courses of study are always subject to change. On such an event the Executive Council/Education Committee will certainly have regard to the traditional practice of communicating its decision to the students much in advance to enable them to prepare and adapt themselves effectively to any change. The Executive Council/Education Committee is also vested with the power to approve and recommend to the students tutorial institutions and correspondence courses which in its opinion should be useful and helpful to the students in preparing themselves for the examinations.
Disciplinary Rules & Professional Code of Ethics
All the Financial Forensic Experts (FFEs) have a life time relationship with The Association of Financial Forensic Experts (The AFFE). They will be proud members of s growing profession, network nationally and internationally. On their part, the Financial Forensic Experts (FFEs) are committed to uphold the highest standards of professional ethics in pursuit of their professional activities. Ethics first, business next is the motto of the Financial Forensic Experts (FFEs). What develops between the Financial Forensic Experts (FFEs) and The Association of Financial Forensic Experts (The AFFE) is a life time relationship which is meaningful and valuable.
All members of The Association of Financial Forensic Experts (The AFFE) are required to adhere to the Code of Ethics and Standards of Professional Conduct as may be prescribed by the AFFE from time to time. Every Financial Forensic Expert (FFE) is provided with the Code of Ethics and the Standards of Professional Conduct. He/she is required to sign an Undertaking/Declaration Statement indicating that he/she would abide the Code of Ethics and Standards of Professional Conduct prescribed by the AFFE. The Code of Ethics adopted by the AFFE are given below:-
Integrity
A member of The AFFE shall conduct himself/herself with integrity and dignity in his/her dealings with the public clients, customers, employers, employees, professionals and fellow Financial Forensic Experts (FFE). He/she shall maintain high standard of personal conduct.
Ethical Behaviour
A member of The AFFE shall conduct himself and shall encourage others to practice Forensic Accounting profession in a professional and ethical manner that will reflect credit on himself/herself and his/her profession and his/her organization/employer where or for whom he/she is working. He/she shall maintain confidentiality of information, acquired under trust in the course of professional work.
Professional Competence
A member of The AFFE shall act with competence and shall strive to maintain and improve his/her competence and that of others in the profession. A member in practice or a member employed solely on the basis of his qualification as Financial Forensic Expert (FFE) shall accept only those assignments which he/she is qualified to undertake and will be able to satisfactorily carry out. The members already in employment before qualifying as Financial Forensic Experts (FFEs) or employed on the basis of their qualifications in other fields must try to uphold the dignity of the profession by accepting the assignments on merit.
Objectivity
A member of The AFFE shall be fair in his/her dealings and must not be biased or prejudiced. He/she shall try to maintain objectivity and impartiality towards one and all.
Professional Independence
A member of The AFFE shall use proper care and exercise independent professional judgment in all his/her professional activities.
Public Trust
A member of The AFFE shall assume the basic responsibility to place the interest of clients, prospective clients and employers ahead of his/her own. He/she shall seek to enhance public confidence in his/her profession. The AFFE has put in place a suitable mechanism to enforce the Code of Ethics and Standards of Professional Conduct.
In order to regulate the professional conduct of its members the Association has laid down strict disciplinary rules for observance, as is customary in case of all Professional Institutes/Bodies of the world. In doing so the Association has not only followed the universal tradition but has also fulfilled an important professional obligation to ensure non-occurrence of misconduct and check any contravention of professional ethics. Towards this end the rules framed are applicable to members and students according to their respective relationship with the Association, professional involvement and academic status. Each of them have been dealt with separately as follows:-
Applicable to Members
The liability of members of the Association for observance of the code of professional conduct cannot be overemphasised as is evident from the fact that while they enjoy all the privileges of membership of the Association they are at the same time expected to demonstrate, strict adherence to disciplinary rules framed by the Executive Council/Disciplinary Committee. Any breach of these rules will render a member liable to action accordingly.
Applicable to Students
Students who also enjoy the privileges of studentship of the Association, are required to observe the disciplinary rules applicable to them. These rules are intended to regulate the academic life and activities of the students of the Association with a view to inculcate in them the sense of responsibility and respect for professional decorum to which they will be eventually required to abide by. Towards this end the Executive Council/Disciplinary Committee of the Association has laid down separate disciplinary rules for observance by the students in respect of examinations and general conduct. In case of violation of these rules by a student, the Executive Council/Disciplinary Committee is empowered to take necessary disciplinary action.
Misconduct of Members
A member of the Association is deemed to be guilty of misconduct if he/she:-
- Is accused of discreditable conduct or of any act or conduct which would in the absence of satisfactory explanation be derogatory to the Association or otherwise render him unfit to remain a member.
- Refuses or neglects to give effect to any decision of the Association or of the Executive Council/Disciplinary Committee.
- Infringes any of the bye-laws or any of the rules and regulations of the Association.
- Is declared by a court of competent jurisdiction to have committed any fraud or otherwise become incompetent or is grossly negligent in the conduct of his/her professional work.
- Discloses or misuses information of his/her employer/client without the sanction of his/her employer/client except as otherwise permitted or as required by law.
Misconduct of Students
A student of the Institute is deemed to be guilty of misconduct if he/she:-
- Infringes the rules governing the examinations of the Association.
- Acts in violation of the general provisions of the Articles of Association of the Association and the rules made thereunder presently in force or framed from time to time thereafter.
- Does not comply with the directives of the Executive Council/Disciplinary Committee.
- Fails to furnish the information required or submits a false statement knowingly and wilfully with a view to deceive the Association.
- Is found to have committed an act discreditable to the Association in particular and the professional in general.
Powers of Executive Council/Disciplinary Committee In Case Of Breach Of Rules Of Conduct
The Executive Council/Disciplinary Committee of the Association is vested with the power to frame and enforce the rules of professional conduct applicable to the members and students of the Association. Therefore, in case of any act of a member or student of the Association found in violation of the rules of conduct or found guilty of any or more acts of misconduct, shall be liable to punitive by the Executive Council/Disciplinary Committee who will carry out the proceedings in accordance with the provisions of clauses of the articles of association of the Association.
Vision Statement
- To be the leading resource for developing, certifying, connecting and supporting the world’s best Financial Forensic Experts (FFEs) The AFFE is known for being the world’s best member’s services organizations.
- The AFFE will be recognised as a strong independent body of Financial Forensic Experts (FFEs) supporting business needs through its internationally recognized qualification.
- Building successful careers and organizations requires the ability to rise above shifting business landscapes. At The AFFE, we are pleased to support the journey.
Mission Statement
- The AFFE’s mission is to provide a forum for research, practice development, education, knowledge sharing, and advocacy of the highest ethical and best business practices in forensic accounting, forensic auditing, forensic investigation, fraud examination and its allied disciplines.
- The AFFE is to be recognized as a forensic accounting, forensic auditing, forensic investigation and fraud examination qualification that reflects ethics, excellence and innovation through the activities of our Association and our members.
- To maximize the share of people who want a career built on professional forensic accounting, forensic auditing, forensic investigation and fraud examination skills.
Special Role of Financial Forensic Experts (FFEs)
Resource Mapping
Forensic Accounting offers a toolset that company managers can use to help detect and investigate inefficient use of resources. The Financial Forensic Experts (FFEs) with the help of “Resource Mapping” can improve efficiency by identifying areas of waste which would lead to efficient utilization of resources.
Risk Mapping
Forensic Accounting is an important tool to manage risk. Risks are unanticipated events that may affect the organization’s ability to meet its key objectives. Thus, Financial Forensic Experts (FFEs) can apply Risk Mapping procedures to identify, analyse and quantify the risks interfering the achievement of organizational objectives. They can set action plans to improve risk management system to smooth the progress of the management.
Cost Management Techniques
The cost of fraud to businesses is very much difficult to estimate because all frauds and abuse can’t be discovered, all uncovered frauds are not reported and civil/ criminal action are not always pursued. However, legal, accounting, and increased insurance costs and loss of productivity associated with hiring and firing employees are additional factors that must be considered. To quantify and assess all these indirect costs, the Financial Forensic Experts (FFEs) can facilitate the management by suggesting innovative Cost Management Techniques.
Justification of Expenditure
Detecting hidden assets and unreported income requires an understanding of the individual’s history and current situation pertaining to their personal life and financial affairs like business, investments and employment. The nature of the business dictates the kind of expenses generally incurred. Based on the individual’s “Income and Expense Declaration”, the Financial Forensic Experts (FFEs) can develop suitable strategies to detect the magnitude of fraud.
Performance Study
Performance management applies to involve employees in accomplishing a unit’s mission and goals, improving overall unit effectiveness, increase productivity of human resources and helping employees understand the importance of their contributions. Thus Financial Forensic Experts (FFEs) can verify discrepancies through performance study of the organization.
Efficiency Study
In this context, the Financial Forensic Experts (FFEs) can analyse efficiency study on the basis of technical and allocative efficiency. They can point out imbalance of input-output ratio, thus would lead the firm to efficiently allocate resources to increase productivity and profitability in due course.
Output-Input Correlation
Since Forensic Accounting is a post-mortem approach, the Financial Forensic Experts (FFEs) have to measure output input correlation, to find out the responsible input causing faulty/non-commensurate output.
Fund Deviation Policy
The Financial Forensic Experts (FFEs) can carry out fund’s standard deviation to measure changes in price over the time and can provide valuable information about volatility and risk.
Subrogation Litigation
It involves a team effort, requiring professionals with unique training, experience and qualifications. The Financial Forensic Experts (FFEs) will be an invaluable resource for the subrogation recovery team to manage subrogation handling cost. This is how the Financial Forensic Experts (FFEs) can have an exposure in the field of Forensic Accounting/Forensic Auditing.
Internal Control Mechanism
Companies should take advantage of the residual benefits of utilizing a forensic accounting during an internal investigation as a cost effective opportunity to enhance their internal control mechanism. The Financial Forensic Experts (FFEs) can help to build-up sound internal control system through their expertise knowledge.