MSc in Forensic Accounting (Distance Learning)

The Distance Learning Postgraduate Study Programme MSc in Forensic Accounting is a joint Inter-university Degree Study Programme between the Department of Accounting and Finance of University of Western Macedonia (GR)and the Department of Accounting and Finance of Neapolis University Pafos.

Students and graduates of the joint programme in Forensic Accounting are eligible to apply and get the certificate CICA (Certified Internal Control Auditor) from the Institute of Internal Controls – IIC ( through the Greek branch ELINESEE.


Joint Inter-university Distance Learning Postgraduate Study Programme of Neapolis University Pafos and University of Western Macedonia (Gr)








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.



CodeCourse titleCourse typeECTS
FRE510Financial Transactions and Fraud SchemesCompulsory7.5
INA510Internal Audit EssentialsCompulsory7.5
MBA550Accounting and Financial Statement AnalysisCompulsory7.5


CodeCourse titleCourse typeECTS
MBA500Research Methods and Data AnalysisCompulsory7.5
FRE540Fraud Prevention and DeterrenceCompulsory7.5
INA530Business Knowledge for Internal AuditingElective7.5
INA520Practice of Internal AuditElective7.5
LLM575European Banking LawElective7.5


CodeCourse titleCourse typeECTS


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.


Register your interest and one of our admissions consultants will contact you with guidance and additional information.


Andreas Hadjixenophontos

Associate Professor in Accounting and Finance

Head of the Department of Accounting and Finance

Coordinator of the BSc Accounting, Banking and Finance and MSc Accounting and Finance

Dr. Andreas Hadjixenophontos is an Associate Professor in Accounting and Finance. He graduated in 1985 from the Department of Accounting and Finance of the London School of Economics...

Artemis Savvidou

Assistant Professor in Criminal Law and Criminal Procedure

Coordinator in Cypriot Law

Dr. Artemis D. Savvidou is a Lecturer in Criminal Law and Criminal Procedure of Law School in NEAPOLIS University, Paphos since September 2013.....

Demetra Demetriou

Lecturer in Accounting and Finance

Dr. Demetra Demetriou is a graduate of the Department of Banking and Financial Management of the University of Piraeus. She gained a Master’s degree in Banking and Financial Studies and a PhD in Finance (Financial Modelling) from Heriot-Watt University in Edinburgh,,,
Panagiotis Kyriakogonas

Panagiotis Kyriakogonas

Assistant Professor in Managerial Accounting

Dr. Panagiotis Kyriakogonas is a member of the International Institute of Internal Auditors. He is Certified Internal Auditor (C.I.A.), Certified Government Auditing Professional (C.G.A.P.) and Certified in Control Self-Assessment (C.C.S.A.).,,,

Christos Papademetriou

Assistant Professor in Management - Human Resources Management

Coordinator of the Distance Master in Business Administration (DMBA)

Christos Papademetriou holds a doctorate (PhD) in Social Science from the University of Leicester, UK. The title of his thesis is “Investigating the Impact of Sequential Cross-Cultural Training on the Level of Sociocultural and Psychological Adjustment of Expatriate Mangers”...

George Demetriades

Assistant Professor in Law

Coordinator of the Master (MA) in Financial Crime and Criminal Justice

Dr. George Demetriades graduated with a law degree (LLB Law) from the University of Leicester in 2007. Later on, he joined the College of Law (Birmingham) for the Bar Vocational Course...

George Stylianou

Visiting Lecturer – Special Teaching Staff

George Stylianou graduated from Roosevelt University in the United States. He holds a Bachelor’s degree in Business Administration with a major in accounting and a Master’s Degree in Business Administration...
Thrasos Mallourides

Thrasos Mallourides

Visiting Lecturer

He obtained his bachelor’s degree in Accounting and Finance from Warwick University in 2003 and subsequently trained with KPMG and qualified as a member of the Chartered Institute of Certified Accountants....