Forensic Accounting Is Not What You Think   by Matthew Kerridge

in Finance / Accounting    (submitted 2010-02-18)

Forensic accounting is the integration of accounting, auditing and investigative skills. Forensic accountants utilize all these fields when conducting an investigation. This provides an accounting analysis that is suitable for the courtroom.
Forensic accountants are specifically trained to look past the numbers and understand the business situation that is involved. They are retained to analyze, interpret and summarize complex business issues. They can be thought of as more detective than accountant as much of their work involves investigation.
A Forensic accountant may have their own private practice. They may also be employed by insurance companies, banks, government agencies, and other large organizations. Large accounting firms also hire forensic accountants.
Forensic accountants often assist in legal proceedings. They appear as expert witnesses and help attorneys in preparing and presenting a case. They quantify damages that have occurred to the individuals in a legal dispute and they often help to resolve these disputes. They also help prepare visual aids that may be used in court.
As investigators, they review situations and suggest possible courses of action. They can assist with the recovery of assets. They may also help coordinate other experts for a trial. In addition, they may detect whether criminal matters have occurred such as employee theft, securities fraud, identity theft, or insurance fraud. The forensic accountants may also suggest ways to minimize future loss.
There are many characteristics that serve a forensic accountant well. They should be curious, persistent, creative, and organized. They should always be ethical and use proper professional judgment in their work.
Forensic means suitable for use on a court of law. Forensic accounting is a specialty area of accounting, and is one of the fastest growing areas in this field. The main focus is on litigation support, investigation, and dispute resolution. It offers someone a field in which they can solve problems and make good money doing it