Forensic Accounting
There are many different avenues that one could take in the field of accounting. It is a lucrative career with many areas of interest to be followed. I have chosen Forensic Accounting to further review and research. This paper will define forensic accounting, describe what it takes to be a forensic accountant, give some statistics about forensic accounting, and give my feedback on this potential career path.
Forensic accounting is the use of investigative and analytical skills for the purpose of resolving financial issues in a court of law. Forensic accountants need skills in accounting, auditing, finance, quantitative methods, certain areas of laws, research and investigative skills to collect, analyze and evaluate evidential matter and to interpret and communicate their findings (Hopwood, Leiner, & Young, 2008). They are essentially the cast of CSI in the accounting world. They work alongside lawyers in white collar cases, as lawyers might not have financial backgrounds. It can be thought of as a “technical puzzle that is filled with numbers and that sometimes requires a reconstruction of the pieces, and fluctuates between calm periods of routine tasks and unpredictable shifts into ‘emergency mode’ in order to meet an attorney’s quickly approaching deadline” (Warshavsky, 2013). Warshavsky compares the financial accountants sleuthing mentality to Arthur Conan-Doyle’s legendary detective Sherlock Holmes. The must their skills to “follow the money”. It can be a very exciting, yet stressful job.
There are many kinds of cases that a forensic accountant can work in. They can be a part of criminal investigations, personal injury claims, fraud investigations, matrimonial disputes, professional negligenc...
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...t in my life I do not want to put in the effort for that much education and training. My goals are to seek the minimal education possible to still get a good accounting job and be able to have quality time with my family. Forensic accounting seems more suited for the career driven types.
In conclusion, forensic accounting is the auditing and investigative side of accounting. The number one trait a forensic accountant must have is communication skills, so that they can share their findings clearly and intelligibly in a court of law. The benefits are excellent and the field is growing by leaps and bounds as white collar crime is increasing in our society. While that particular job title isn’t common locally, there are many opportunities in larger metropolitan areas. Forensic accounting is well suited for someone looking for an exciting and challenging career.
When faced with the varying career options of today, Forensic Science was a field of interest. This is a field that offers many similar kinds of jobs ranging from Criminalist to Fingerprint Examiners to DNA Analyst. One of the jobs that stood out the most was a Forensic Science Technician. This is because while the job is related to Forensic Science, it is more related to analyzing data from crime scenes than it is about analyzing crime scenes themselves.
In the forensic psychology field you will have the options of pursuing areas of mental health and social services. The federal, government and state agencies look to hire a psychologist to work within the social welfare at the hospitals and local clinics. Some other careers of interest would be social workers, social service manager, mental health counselor and behavior analysis
The stereotypical image correlated to the account mirrors that of a public accountant. An individual working as a public accountant can expect to work as an independent third party to a multitude of companies. As this third party it is their duty to oversee financial transactions to ensure that the statements of not only the company, but also its’ supporting companies, correctly correspond and match up to the position, results and cash-flow of the clientele. This general quota outlining a public accountants job description is not the same for a private accountant. The main difference between a public and private accountant is that unlike the public and its handle on a multitude of accounts, a private accountant specializes with a certain company or field. With this specialization, a private accountant tackles setting up a system that records the transactions within the business. The recordation of the transactions is then generated into statem...
to seek justice, a Forensic Accountant can be utilized to help with recovering the damages caused
Many people base their beliefs of forensic science off of what they see in the media, but that is far from reality. While forensic shows can be entertaining, one should not base their career choice off of it. Forensic science is not only used in criminal justice, but in everyday life as well, however lack of ethics, grueling work hours, poor working conditions, and psychological stress make the forensic sciences a daunting career path.
Forensic Psychology is the interaction of the practice or study of psychology and the law. This field of work is unique, it incorporates
middle of paper ... ... he text (Genge). Forensic science is a fascinating subject and one that offers a broad range of careers, including evidence custodians, criminalists, document examiners, firearms/toolmark examiners, forensic laboratory technicians, latent print examiners, and photo technicians—just to name a few (Genge 276). Some jobs require extensive college classes, while others offer the opportunity to learn on the job.
Accounting ethics has been difficult to control as accountants and auditors must keep in mind the interest of the public while that they remain employed by the company they are auditing. The accountants should take into account how to best apply accounting standards when company faces issues related financial loss. The role of accountant is crucial to society. They serve as financial reporters to owe their primary constraint to public interest. The information provided is critical in aiding managers, investors and others in making crucial economic decisions. An accountant is responsible for any fraudulent financial reporting. Some examples of fraudulent reporting are:
When I hear the word ‘Forensic’ the idea and image of a homicide investigation in which evidence gathered is analyzed at a laboratory to determine ‘who done it’. Shows like CSI, Bones, Law and Order depicts the forensic aspect in their broadcast. Being a registered nurse, another thought comes to mind when hearing the term ‘forensic’. I like to watch Dr. G medical examiner on the Discovery channel. That is a reality show regarding investigative research on how a person died. This is done by performing an autopsy and analyzing the pathological reason for a death to determine if foul play was involved. However, I rarely placed the thought that accounting can have a forensic aspect, too. I was always under the impression that auditors were the forensic accountants. Internal Revenue Agents to audit income tax filings to make sure all income are reported, and deductions have receipts as supporting evidence. Certified Internal Auditors to look at business operations and financial statements within a corporation to make sure internal controls are in place, financial statements are properly recorded, and government regulations have been met. External auditors perform audits for SEC compliance and to attest that the company is in good standings to ensure protection of the public interest. These auditors, in essence, would be able to detect fraud in their job when reviewing audit trails and documentations. Needless to say, I my conception have been construed. There is a whole new field of accounting that is on the rise, which specifically deals with fraud detection. This is called Forensic Accounting. This area sparked my interest.
A forensic scientist analyzes different types of evidence from scenes or incidents, writes reports, and testifies in court as an expert witness. Being a forensic scientist is a very detailed oriented profession and they usually work some sort of a lab setting. Occasionally they may visit crime scenes or numerous accidents to help revamp the crime, gather evidence, or preserve data, but this is a very small part of their duties and is usually saved for a crime scene examiner. Forensic scientist may work for the federal or local government, forensic labs, police departments, hospitals, universities or as an independent forensic science consultant. Some specialist in Forensics Sciences are; Forensic Scientist, Forensic Pathologist, Forensic Anthropologist, Forensic Entomologist,
... associated to civil disputes. Forensic accountants are also identified as fraud investigators, investigative accountants, forensic auditors or fraud auditors.Forensic accountants are also increasingly playing more proactive risk reduction roles by devising and performing extended procedures as part of the statutory audit, acting as consultants to audit committees fraud deterrence engagements, and aiding in investment analyst research.
ABSTRACT: The quantity of accounting fraud cases keeps on rising. Fraud is a consistent thing that will reliably be around, and in a bigger number of routes than just a single. An extensive apportionment of organizations out there fighting fraud, either from within the organization, or from outside the organization. Knowing how to manage this is essential for an organization to be productive over an extended period of time. The investigation regarding the matter of accounting fraud will utilize sources from the web and the DeVry School Library.
At a glance, accounting might appear as a repetitive cycle of preparing and examining financial statements. However, a brief exposure to accounting has taught me how chaotic it can be for accountants. An accountant captures and represents the information of businesses. By reviewing financial operations, an accountant helps a business run efficiently. This profession can be intellectually stimulating and rewarding. After learning about accounting, I cannot help but be interested and desire to work toward a degree in accountancy. In my studies, I have learned accountants require a plethora of qualities to be successful. And to mature from a student to a professional, I must resolve to strengthen my weaknesses. There is much I must learn and achieve, but a degree in accounting is well worth the time spent.
Auditing has been the backbone of the complicated business world and has always changed with the times. As the business world grew strong, auditors’ roles grew more important. The auditors’ job became more difficult as the accounting principles changed. It also became easier with the use of internal controls, which introduced the need for testing, not a complete audit. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. Computers played an important role of changing the way audits were performed and also brought along some difficulties.
Accountants are becoming a needed job in the business industry and play a very important role in the success of many businesses. This job usually requires at least a bachelor’s degree in accounting and sometimes even a CPA (Certified Public Accountant). There are many other things that are needed to be considered before choosing this career. The job environment, education, skills, and benefits are just some of the many things that need to be thought through before considering this career.