Financial Forensics Helping in Detecting Crimes Related to Finance

Forensic accountants are basically those people who use their knowledge of accounting in supporting litigation and investigative acts. They are in high demand today, especially due to the varieties of fraudulent activities increasing in the world today. There are many firms today that are increasingly interested in employing these people.

How has this profession become popular?

A Certified Forensic Accountant is generally hired by the forensic department of a public accounting firm. They are required for risk consultation and forensic accounting services. Moreover, they are also in great demand with lawyers, government organizations, law enforcement agencies, insurance companies and financial institutions. These accountants must have CFE credential, so that they can prove that they have the technical knowledge to take part in investigations. These accountants are different from auditors, because they need to determine the areas, functions and people of the organization that need their help and support. This credential proves that these accountants have proper knowledge about data analysis techniques and fraud schemes.

What do we know about forensic in matters of finance?

Financial Forensics is a different branch of study today. It combines criminal investigation with the skills of an auditor, so that they can help trace criminal financial activities taking place both inside and outside an organization. This study helps in detection, prevention and recovery activities so that investigations can be done for criminal activities and even acts of terrorism. This way, one can easily access an organization’s vulnerability to illegal activities, providing an oversight of the various under-hand activities taking place in both government and private sector organizations. Thus, they are in a lot of ways similar to forensic accounting.

No dearth of employment for these professionals

Certified Forensic Accountants are today found in many parts of the country. The demand for this branch of study and this profession is increasing, with people and government taking more interest in the various corrupt financial activities going around. Since, the demand for these professionals has increased today, many study centers have also emerged. The different areas where we can find the involvement of these accountants are employee fraud investigations, insurance claims, check kiting, GAAP violations, telemarketing fraud etc.

Importance of this study

The Institute of Certified-Forensic Accountants is a place which has been generating qualified forensic accountants over the years. Certified Forensic Accounting can be learnt from such institutes as they are committed to the development of a profession of forensic accounting which will comprise of multiple disciplines. Thus, those people who are involved in this field and requires giving forensic advice and guidance would be greatly benefitted if they take course from such private organizations. It is not an easy area of study, but its importance is soaring today. Multi-tasking has become an inseparable part of every profession and so, this filed is no exception.

What types of services are performed by them?

A Forensic Accountant can be part of fraud cases in every department and they will also be able to perform functions like computer application design, financial data analysis etc.

Lester J. Schwartz is an author of this article who writes about Certified Forensic Accountant and Forensic CPA. He has also writes about the importance of Financial Forensics and Forensic Accounting.