MSc in Forensic Accounting

The course focuses on two interrelated areas a) fraud deterrence, avoidance and examination and b) internal audit.

The fraud cases, both internal and external, are common and they have a negative impact on businesses; institutions; employees and the wider community. Contrary to the perception that fraud concerns more the major institutions, based on the global studies the truth seems to be substantially different.

The Institute of Internal Auditors defines fraud as «a knowing misrepresentation of truth or concealment of a material fact to induce another to act to or her detriment», while the association of the Certified Fraud Examiners defines it as «any illegal act characterized by deceit, concealment or violation of trust».

Frauds are distinguished to internal and external frauds from which internal frauds are far more dangerous. The association of the Certified Fraud Examiners defines the occupational/ internal fraud as «the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the organization’s resources or assets». Even though there are many different definitions, the substance is the same. Internal fraud is an attack from within, committed by persons that organizations have trusted.

Despite the fact that the exact financial loss of occupational fraud cannot be estimated precisely due the fact that many frauds remain undetected or undisclosed, ACFE estimates that companies in the US, lose 5% of their total revenue to occupational fraud and abuse, while the most vulnerable organizations seem to be the smaller organisations rather than multinational companies. Taking into consideration that a) the great majority of companies in an economy are small and medium size, and b) the financial impact of fraud on these companies is much more significant than in the case of their large competitors, the need for fraud awareness and fraud risk management is obvious.

As far as the second main area covered by the programme, that of internal audit, its importance in the current business structure is so apparent that in many instances the establishment of internal audit function is mandatory by the Law or regulation. The most common examples are listed companies while many other non-listed companies establish internal audit function voluntarily.

Based on the Institute of Internal Auditors’ definition, the internal audit is «an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes».

The innovative design of the program and its market led curriculum equips students with relevant, up to date, skills and knowledge in the areas of forensic accounting & internal audit. The goal of the curriculum is to give students the analytical and conceptual foundations and the necessary skills for future high-level financial executive positions in any country in the world. The program combines the theoretical rigor of fraud examination and internal audit with empirical, real-world aspects. The emphasis on the practical aspects of the course explains the need to use instructors with relevant professional qualifications and relevant experience in the fields of fraud and internal audit. Whilst the program provides students with a robust grounding in those areas, the curriculum also encourages critical thinking, fosters skills of research, analysis, synthesis, creativity, and ethical behaviour.

The teaching method in the program is participatory and interactive, so that students can develop their interpersonal skills through active participation in the learning process. For example, class teaching and video presentations will be followed by critical discussions in groups. Also, through group projects the skills of working in a team will be developed. Moreover, recent research papers will be discussed in a panel format activity with a coordinator and discussants.

The plan is achieved through a curriculum of seven core courses covering fraud examination and internal audit, one elective and a dissertation.

Intended learning outcomes:

After completing the program participants should be able to:

1. Design and develop internal control mechanisms in order to prevent or detect fraud in a timely manner, even in industries characterised with a high degree of complexity such as financial institutions and insurance companies.
2. Identify and investigate financial statements frauds, asset misappropriations, bribery, and corruption schemes.
3. Apply internal audit skills and fulfil the advisory and assurance role of the internal audit function.
4. Demonstrate the ability to be prepare written reports, appropriate to the circumstances.
5. Ensure compliance with the relevant Law and the code of Ethics.
6. Apply information technology skills in planning, collecting and analysing evidence.
7. Apply the techniques and methods of finance, investment, and banking to conduct independent research projects.
8. Work collaboratively, exercise team leadership, demonstrate the ability to manage group conflict and produce team outcomes.

Academic year (3 academic semesters) The Master program will be offered full-time and the program’s normal duration is 1½ years (18 months). Master students must complete 90 ECTS to fulfil the degree requirements. The first-year core program consists of eight integrated thirteen-week modules, totalling 60 ECTS. Master students must also complete a 30 ECTS Dissertation to fulfil the degree requirements. The program will be delivered within three (3) academic semesters. During the 1st semester, a student has to take four (4) compulsory modules, totaling 30 ECTS and during the 2nd semester another three (3) compulsory modules will be provided and one (1) elective out of three (3), totaling 30 ECTS. After completing their first year in the Master program (60 ECTS), students shall take a compulsory Master Dissertation, corresponding to 30 ECTS.

Furthermore, in accordance with the relevant announcements made by the Agency of Quality Assurance and Accreditation in Higher Education, students have the opportunity to complete their postgraduate studies in two academic semesters as long as they start their Master’s Dissertation during the first or second semester of their studies, including the summer period. In this case, the completion of the Master’s Dissertation may be prolonged during the summer period, for one or two months. In any case, the total ECTS remain 90.

The University reserves its right to define the electives offered on an academic year basis.

The programme structure may change without prior notice, as a result of quality assurance procedures or/and programme recertification.