In this paper you will read about the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. The presentation includes discussion regarding the relationship between the skill and its application to business operations.
The paper describes the role of a forensic accountant within a courtroom environment, the legal responsibility a forensic accountant has while providing service to a business and finally, The paper also presents two (2) cases where forensics accountants have provided vital evidence in a case and summaries of the two cases and the importance of the forensic accountants’role during each case.
The most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations.
To begin with, we define forensic accounting as the specialty practice area of accountancy that designates engagements which result from real or anticipated disputes or litigation. The word Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work. Professionals working in this career of forensic accountanting have many responsibilities, and they can be of critical importance in providing the most accurate, comprehensive, and efficient breakdown of financial data (Rothberg A. F,2012). According to Rothberg they investigate white collar crimes such as business fraud, incorrect financial reporting, and illegal investment schemes. Established core competency frameworks that a forensic accountant must demonstrate include1] strategic crit...
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...alculate the values and provide evidence of the hidden assets. This findings of their analytical report and evidence presented were accepted by the judge and saved time fordecision-making.
This research has helped me gain a clearer understanding of the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill for the varied investigative matters for which they are retained. This together with the case study has presented the importance of forensic accountants in present day business world. I would like to recommend that forensic accountants be engaged by the plaintiff/prosecution, defense, or by the court to educate the judge about fraud-related matters relevant to the matter under dispute; and both private and public organizations hire the services of forensic accountants to avoid loss and fraud. .
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