Certified Insolvency And Restructuring Accountant (CIRA) Definition
Forensic accountants who wish to be certified as professionals can apply to earn the Certified Insolvency And Restructuring Accountant (CIRA) designation. CIRA is a professional certification awarded to individuals who have shown competence in the field of forensic accounting. By training, forensic accountants focus on fraud detection, fraud investigation and settlement of fraud related cases in organizations. In the legal scenario, forensic accountants provide explanation and evidence to the occurrence of a financial crime such as embezzlement, fraud and mismanagement.
A Little More on What is a Certified Insolvency And Restructuring Accountant (CIRA)
A Certified Insolvency And Restructuring Accountant (CIRA) is an individual with expertise in forensic accounting. Individuals earn CIRA certification after undergoing a tedious training program coupled with a drilling examination. Prior experience in fraud detections, professional forensic accounting is required from applicants for the CIRA designation. There are three parts of the exam that applicants take before they earn the designation. They are;
- Financial reporting and taxes
- Management of bankruptcies and turnarounds
- Plan development and accounting.
The Association of Insolvency and Restructuring Advisors (AIRA) issues the CIRA certification to individuals who met their requirements and pass the exam. The training program improves the knowledge, skill and proficiency of applicants in issues relating to insolvency in organizations and the role of forensic accountants in stabilizing such situations. The Certified Insolvency and Restructuring Advisor program started in 1992 and it runs through accounting operations, taxation, finance, business bankruptcy, business insolvency and few others.
AIRA lists the following requirements for the certification:
Holders of the Certified Insolvency And Restructuring Accountant certification must maintain the ethics, codes and conduct of the discipline. There are certain bylaws that holders are exposed to and they are expected to live by them. The examination is divided into three parts, applicants can only take this exam after going through the curse study which is also segmented into three parts. Maximum of three years is required for the completion of the course and exam.
Below are the requirements for the CIRA certification;
- Five years of experience in finance or accounting (Applicants can complete it after starting the program).
- Candidates must have 4,00 hours of specialized experience with the period 8 years.
- Professional references from three referees who vouch for the experience, character and expertise of the candidate.