A Look at the Certified Fraud Examiners Exam

Salvatore J. Armao is an experienced accountant and entrepreneur who possesses nearly three decades of experience in the financial sector. Currently, Salvatore J. Armao serves as managing partner at Armao LLP in Garden City, New York, overseeing client services and firm operations. 

At his firm, Mr. Armao draws upon extensive credentials including certification as a financial planner (CFP) and fraud examiner (CFE), among others. The Association of Certified Fraud Examiners (ACFE) administers the latter credential, which recognizes excellence in the prevention, detection, and deterrence of fraud.

Those interested in obtaining the CFE credential must first become a member of the ACFE. Members can then prepare for the CFE Exam by completing an exam review prep course, or a self study program. 

The CFE exam itself focuses on four areas within the fraud examination body of knowledge. These include fraud prevention and deterrence, financial transactions and fraud schemes, and investigation concepts. Moreover, the exam covers the legal elements of fraud examinations in the criminal and civil arenas. For additional information, visit www.acfe.com.

NYSSCPA Advocates for Bill A8973

New York-based Certified Public Accountant and Chartered Global Management Accountant Salvatore J. Armao provides auditing and reporting services for organizations and firms of all sizes. Over the course of his career, Mr. Armao has received recognition for his contributions to the accounting industry and the local community, such as a Certificate of Merit from Senator Martin J. Golden. Salvatore J. Armao is also a member of the New York State Society of Certified Public Accountants (NYSSCPA), which advocates for legislation that benefits CPAs and the accounting industry. 

NYSSCPA supports Assembly Bill A8973, which would allow non-CPA professionals, such as analysts, IT experts, and regulatory specialists, to obtain minority ownership in CPA firms. This type of legislation has been passed in most other states, and it enables CPA firms to offer meaningful incentives to retain highly qualified and diverse staff members. 

As of 2018, New York State law mandates that CPA firms must be wholly owned by licensed shareholders. Proponents of the bill suggest that this creates a ceiling for many non-CPA professionals, who must go outside of the state for better career prospects.

AICPA Looks to the Future of Auditing

Salvatore J. Armao is a certified public accountant and the managing partner at Armao, LLP, in Garden City, New York, where he is in charge of the firm’s administration, client services, and operations. In an effort to better serve his New York-based clients, Salvatore J. Armao stays abreast of current trends through membership in professional groups such as the American Institute of CPAs (AICPA).

In October 2018, the AICPA announced that it has begun working with leading accounting firms nationwide to create new, disruptive technology that will completely re-imagine how auditing is performed. Altogether, the organizations have put forward $50 million to develop a Dynamic Auditing Solution, which will be developed by CaseWare International, the AICPA’s technology partner. CaseWare is also investing money of its own to expand its cloud infrastructure in order to support the new auditing platform. 

In his comments, AICPA president and CEO Barry C. Melancon, CPA, CGMA, said that his organization has chosen to embrace the impact that cloud technology can have on the auditing space, rather than approach the technology from a cautious perspective. Aligning with his vision, approximately 40 percent of the organization’s Major Firms Group have contributed financial backing to the Dynamic Audit Solution project.

AICPA Examines Global Digital Tax Policy

Salvatore J. Armao is the managing partner of New York-based Armao, LLP, where he works with labor unions, nonprofit groups, and other businesses, providing auditing, reporting, and consulting services. Apart from his work, Salvatore J. Armao is a longtime member of the American Institute of Certified Public Accountants.

The Association of International Certified Professional Accountants (AICPA), the combined voice of Chartered Institute of Management Accountants and the American Institute of Certified Public Accountants, recently took on the issue of taxation in the digital economy. The organization authored a policy paper it hopes will encourage greater discussion among the global community on how better coordination can be achieved in setting tax policy for digital transactions that take place across international borders.

While AICPA isn’t adopting a formal position on any tax policy, the paper does reference several solutions currently being considered. One is a proposed temporary 3 percent tax on gross digital sales throughout the European Union. It also looks at efforts the United Nations is considering in the digital tax arena.

The paper can be viewed for free in its entirety at aicpa.org.