Page 144 - Bankruptcy Volume 1

Chapter 18

Conclusion

The increasing complexities of bankruptcies, insolvencies, and reorganizations have created significant
challenges for debtors, creditors, equity holders, and other parties in interest; the attorneys who advocate
on their behalf and the professionals who advise them; and the courts and other branches of government
charged with adjudicating and administering matters under the Bankruptcy Code and related rules and
statutes. As a result, a high level of financial and management skill is necessary to assist these various
players in bringing the restructuring process to a successful conclusion. Accountants are highly qualified
to contribute in this regard due to their education, training, and experience. Many accounting and con-
sulting firms have recognized this important niche area of practice and have developed a specialty in
providing accounting and consulting services in bankruptcy proceedings and other insolvency and re-
structuring-related engagements. Opportunities exist for many other practitioners to expand their prac-
tices by providing these valued services.

The AICPA established the Certified in Financial Forensics (CFF) credential in 2008 for CPAs who
specialize in forensic accounting. The CFF credential is granted exclusively to CPAs, or international
equivalent, who demonstrate considerable expertise in forensic accounting through their knowledge,
skills, and experience. The CFF encompasses fundamental and specialized forensic accounting skills
that practitioners apply in a variety of service areas, including bankruptcy and insolvency; computer fo-
rensic analysis; family law; valuations; fraud prevention, detection, and response; financial statement
misrepresentation; and economic damages calculations. As such, the CFF positions the credential holder
as a premier forensic accounting service provider in the bankruptcy and reorganization arena and in-
creases opportunities for referrals from other practitioners, strategic partners, attorneys, and clients.

142 © 2020 Association of International Certified Professional Accountants