Forensic Accountant Can Effectively Uncover Fraud in Business
Forensic accounting refers to the special investigation practice used to detect any misconduct or illegal procedures commenced in the business organization. The professionals involved in the forensic accounting investigation take all accounting standard to examine the evidence at the eventual trial. The ledger accounting firms hire such experts to investigate the matter of insurance claim, fraud, royalty audit, copy right, personal injury claims, construction etc.
This stream of accounting considers the matters of litigation support, dispute resolution and investigation. The litigation cases involve the factual presentation of financial issues of existing and pending matters. The forensic accounting experts are responsible to quantify the value of damages sustained by the parties involved in the disputes. Forensic accountant professionals utilize their skills in accounting and finance as well as company law and commercial law to execute matters as their daily routine. These experts are well equipped with all the latest development of business information, financial reporting systems, government litigation, accounting and auditing standards.
The forensic accountants are playing an important role in assisting the government as well as the public accounting records. The process is necessary to detect accounting scandals and financial crimes caused by individuals, companies and organized crime networks. Unlike financial accountants and auditors, forensic accounting investigation is needed to audit and examine the activities that caused fraud in the business. They have special skill to determine if a business activity or a financial transaction is illegal.
The minimum academic degree required for the forensic accountant is Bachelor’s degree in accounting. One can formally start practicing as a forensic accountant investigator in order to gain experience and sharpen his skill. Some are taking interest in the Masters degree in forensic accounting. Primarily, the graduate degree can serve the purpose of making career in forensic accounting investigation. Further, you can go for the certified public accountant status or pursue a certified fraud examiner accreditation from the Association of Certified Fraud Examination.
The forensic accounting is a relatively new area in the field of accounting. But it is found that most forensic accountants do not have a formal degree. You can also try the online courses of forensic accounting. Many of the institutes are facilitating correspondence courses to the candidates. These experts use a unique combination of experience and education to apply investigative skills in accounting and auditing in order to uncover the truth and assist investigations.