The forensics of accounting: Forensic Accounting

The forensics of accounting: Forensic Accounting   by Nasreen Haque

in Finance / Accounting    (submitted 2010-02-16)

When most people think about accounting, they think about the numbers game. What went where and how was money spent during the year? Though that is certain one part of the equation, accounting is about much more than just simply charting what has happened. There is a part of accounting that takes a look at how money was spent and digs a little bit deeper. It is investigative accounting of sorts that keeps taps on crime and makes sure that no wrongdoing is taking place. This type of accounting is known as forensic accounting, and it is one of the most important forms of accounting out there today.
Forensic accounting and the courtroom
The term forensic is applied in order to emphasize the fact that the information derived from the process can be used in a court of law. This means that a forensic accounting specialist takes all of the right legal measures when looking for information. When presented in front of a jury or a judge, this information is admissible and it can be a great help for attorneys of one side or another. There are many different types of cases where forensic accounting can come into play, most of them in the corporate realm.
What is forensic accounting used for?
The most common types of cases in which a forensic accountant might work are proceeds of crime cases. In those cases, the accountants figure out if a person benefited from a committing a crime. If it is found that this happened, then that person could be sued for the money or the court could order the person to pay a fine equal to what they gained. These cases require accountants to sort through all of the different documents and uncover evidence that makes it abundantly clear what happened in a particular case.
Forensic accounting and new technology
One of the things that makes forensic accounting such an innovative idea is the fact that many different technologies are used to make it happen. These accountants make use of computer systems and the latest IT data systems, as well. This way, they don't miss out on analyzing the data and they are better able to process large amounts of evidence. Many large companies employ teams of forensic accountants to analyze their own books and records, in order to see if someone is stealing money or putting the company in any legal danger.

Forensic Accounting: When one would need it

Forensic Accounting: When one would need it   by Nasreen Haque

in Finance / Accounting    (submitted 2010-02-16)

Forensic Accounting: When one would need it
Forensic accounting is used in a wide variety of situations. Any time that there is a suspicion that funds are being hidden or that money has been handled in an inappropriate way, forensic accountants may be called upon to review the books and business practices of a person or a company. In many cases, forensic accountants are used to look for criminal activity. However, this form of accounting is also needed in many civil court cases. Forensic accountants may also review a company's accounting procedures as part of the normal course of business when no crime has been committed and no court action is contemplated. In these situations, forensic accounting provides assurance that financial reports accurately represent the economic condition of a business or individual.
Forensic accountants are often the most significant witnesses in many federal criminal cases. Charges involving money laundering, embezzlement and fraud require expert analysis of accounting information. Corporate crimes that make the headlines are often discovered by forensic accountants who dig out information that was cleverly hidden in a company's books. This sort of white collar criminal charge has become a significant part of the investigative work of the Federal Bureau of Investigation. The FBI lists college graduates who majored in Accounting among their top priorities for recruiting.
Many civil court cases also require the use of forensic accounting. In divorce cases, accountants may be asked to search to see if one of the parties is hiding assets. Forensic accountants can be involved in determining proper levels of child and spousal support. And, in complex cases, they may determine the value of community property for the purpose of making a fair division of joint assets.
Litigants in business disputes may call upon forensic accountants to review financial information to determine if claims are true. In both business and personal injury claims, forensic accounting is used to determine the appropriate amount of damages. In a personal injury case, they use standard methods to determine the monetary value that should be placed on the loss that was suffered.
Corporations and individuals who are purchasing a business go through a process of due diligence to determine whether or not they should acquire a particular company and how much they should pay. Since some businesses may have gaps or ambiguities in their records, forensic accounting techniques may be used to find out if the company is hiding significant financial data.

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The Career Path of a Forensic Accountant

The Career Path of a Forensic Accountant   by Nasreen Haque

in Finance / Accounting    (submitted 2010-02-16)

With much of the world's financial arena in a turmoil with white collar crime rampart and embezzlement and security fraud an every day occurrence, the need for forensic accountants has never been greater. Forensic accountants deal with criminal and often complex financial dealings to determine what illegal activities have transpired. They work hand-in-hand with corporate lawyers and other law enforcement authorities while an investigation is occurring and often appear as an expert witnesses at many highly publicized trials. In addition, since the September 11 attacks at the World Trade Centers in New York City, forensic accountants have played major roles in tracking terrorists in every part of the world.
Careers in forensic accounting can be interesting as well as lucrative. There are many businesses that have added forensic accountants to their list of employees both nationally and internationally.
A forensic accountant must first obtain a bachelor's degree (in the US) in accounting. Anyone in the accounting business must have a thorough understanding of Generally Accepted Accounting Principles and laws related to them. Most accountants specializing in forensics have a few years of basic accounting training before they go on to study forensic accounting practices. To become a certified public accountant, a student must pass the CPA or Certified Public Accountant prerequisite examination. Most firms require this certification before they hire. There are also other federal and state requirements that must be met for eligibility as well as a commitment to maintain the CPA status through continuing education courses. Those who go on to become forensic accountants usually earn a master's degree in business with an emphasis on forensic accounting. Typical courses accountant students must take to fulfill forensic requirements include criminal law, business law, psychology and sociology, information systems and communications.
Forensic accounting training is provided by many organizations including the Association of Certified Fraud Examiners and the American College of Forensic Examiners International. They require that an accountant have a basic degree of experience and education in the accounting field, program participants must pass examinations given by the organizations. If the exams are successfully passed, certification is granted that proves a forensic accountant has met standards and has the necessary training to qualify to work in the field.
Regardless of the positions forensic accountants hold, they must be extremely discreet in their investigations. Whereas most accountants conduct audits for the company's benefit, forensic accountants are looking for indications that something illegal is going on. They rely on court records and other internal databases to reveal criminal activity and evidence of fraud that goes beyond simply looking at numbers. They investigate everything from credit and bank statements to e-mails and memos to put together an accurate account of an institutions or person's financial activities. They also interview those being accused as well as other who are involved to gain clues that could lead to prosecution of the guilty parties involved. Once all the information is gathered, a forensic accountant will file a report summary that includes an action plan and details surrounding the investigation. This information may have to be presented in a court of law to explain the case at hand. In these cases, a forensic accountant will use spreadsheets, charts, graphs and an oral presentation to state the facts.

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