Forensic Accounting as a Career
Forensic Accounting as a Career
One of the sought after careers in finance is accounting. Crunching numbers, keeping financial records and calculating assets and liabilities are the usual responsibilities of an accountant. Because of this, an accountant’s work is usually dubbed as monotonous, boring and dull. Of course, this impression lasted until forensic accounting came into the picture.
As the world becomes more modernized, so will criminal intents, scams and schemes. These are designed to cheat monetary transactions for personal gain. This is where financial investigators come in, the contemporary detectives in the world of numbers, figures and facts.
How did Forensic Accounting Evolved?
Being one of the newest career paths in the world of finance, scandals in the business arena gave birth to forensic accounting. Heeding the call of the financial community, accountants were given a new avenue for a career change. Bringing much excitement and color to the once routinely job, forensic accountants or detectives as we may want to call them detect scams, fraudulent transactions, pyramiding and other criminal acts within a business.
They also aid the company in detecting potential bad business pursuits, find one-sided deals, and finding personnel within the business circle who are either dishonest or cunning in reaping all the benefits for themselves. Their job is to detect, establish evidence beyond refute, and testify before the court regarding the criminal act.
Being Qualified for the Job
It is not enough for you to have an impressive resume or an accounting degree to qualify for this type of job. You have to be sharp, analytical, determined and well-versed in public relations. Not only will you apply your skills in computing numbers, but you will have to study certain laws, company rules and commercial, banking and other financial transactions.
As forensic accounting involves a specialized kind of auditing, you are required to take trainings and seminars to improve your skills. A legal background would also be an edge, but this is not necessarily required. All you have to do is to know the basics in legal and evidentiary procedures.
To become an expert in this field, you will also have to be tough and competent enough not to succumb to pressure from any investigation being conducted against the business.
Detectives in the World of Finance
Armed with knowledge of the law and analyzing figures, a forensic accountant may either be an external or internal auditor. The SEC or the company from time to time demand regular auditing to make sure that everything is in order. Accountants of this academic caliber should be prepared to check and probe cases of bankruptcy, fraud and other forms of litigations. Also, they must be able to present legal and commercial documents to back up their claims in court.
A good financial detective must be convincing, credible and competent enough to serve as an expert witness as required by any court taking cognizance of the legal battle. Testamentary and documentary evidence must also be in conformity to formats required of legal documents.
Therefore, any forensic accountant must be familiar with legal terms and procedural law. His job, when testifying in court, is to pinpoint the flaws and other possible causes that might have caused the legal controversy. GP
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