In contrast to auditors, who typically take a more consistent and standardized approach to their work, Forensic Accountants must determine which areas, people or functions of the organization require their attention. Because fraud is usually hidden, this process can be difficult and time consuming. The CFE credential ensures Forensic Accountants have advanced knowledge of typical fraud schemes and data analysis techniques so that they can perform investigations efficiently and strategically. The study also provides valuable information and comparisons helpful to all anti-fraud professionals in benchmarking their compensation levels and career growth.
Forensic Accounting is an art of investigation over accounting records, financial statements, and others related financial records. The result of investigation mostly use for legal support, and resolving conflict.
This job requires technical skill in accounting, investigation and legal. These are what drive forensic accounting become more attractive and highly paid. The investigation is cover certain areas include fraud, crime, insurance claims as well as dispute among shareholders.
The common procedures would be financial statements analysis, computer assistance, supporting document examination, investigation and interview. This engagement is engaged with the professional firms that have professional experiences, expertise in accounting standards, and legal background.
In general, Forensic Accountants are required to have knowledge and experiences in accounting and investigation skill. These are the most importance requirements. Also, to be able to perform its works efficiently and effectiveness, knowledge in those related industries that being investigate also consider to be importance.
Forensic accounting is very importance not only because they have special skill and trained in investigation, and expertise in accounting records, but also because of the evidence that found are play the very importance role in judge decision making. This job is quite different from auditor and can not substitute by them.
Their responsibility is not investigating and quantifying the fraud that happen in the company and also the evidence found in by auditor might not used by court. However, the evidence that found by forensic accounting could be used by court as expertise evidence. For example, FBI also have forensic accounting team to working for them in investigating any mater related to accounting.
Provide Litigation Support So basically, this is the popular service that provide by Forensic Accounting. The Forensic Accounting report is prepared to support the litigation in the court in certain areas.
For example, Produce the Profit and Lost report of the company. This is simply figure out how much profit or loss related to the company, project or related subject mater. The best example for this point is that, for example, there is the employee sue its employer for wrongful dismiss and the court want to figure out what are the subsequent lost of this dismissed for employee.
Investigation of breach of contract of parties. This normally happen in the daily business activities.Forensic accounting is the application of accounting skills to determine whether there has been fraud or embezzlement. We also call it forensic audit, forensic auditing, financial forensics, or forensic accountancy.
It is the use of accounting skills to analyze financial data for use in legal proceedings. Forensic accounting is the use of accounting skills to investigate fraud or embezzlement and to analyze financial information for use in legal proceedings.
Contact us today to see how we can help you solve your tax and accounting problems. Choosing Your Forensic Accounting Graduate Programs.
Whether you’re currently working in forensic accounting, working in another type of accounting, or are still launching your new career, you might be interested in studying forensic accounting at the graduate level.
A career in forensic accounting often starts with a general accounting degree, although some schools do offer a specific degree for forensic accounting. Forensic accountants assist law enforcement.
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