Forensic Accounting - 1628 Words

FORENSIC ACCOUNTING MORE THAN JUST NUMBERS The field of accounting is no longer just for those who enjoy crunching numbers. Preparing financial statements, internal auditing, and tax accounting are only the tip of the iceberg. In today s society of the money hungry, the sue happy, and the financially unfit, a new breed of accountant; the Forensic Accountant has emerged. Although Investigative Accounting has been around for years, it has only recently begun to transform into the science of accounting, hence Forensic Accounting. Forensic accountants are unique, looking beyond the numbers, digging deep to uncover fraud, hidden assets, and the like. The word forensic is defined in Merriam Webster s dictionary as relating to†¦show more content†¦Uncovering these minute irregularities requires superior interviewing skills as well as the ability to dissect the information obtained. Technical knowledge is also a plus; the increase in the use of computers, personal data assistants, and cell phone technologies have (in s ome cases) eliminated the hard copy paper trails of years past. Keeping up-to-date in the advancement of these and other technological products is imperative. Work experience requirements vary from company to company and depend largely upon the type of case work performed. Some forensic accountants enter the field of accounting as Certified Public Accountants; then at some point in their careers are placed in an investigative role using the knowledge gained in their CPA practice to further their careers as forensic accountants. Others start their career paths in seemingly totally unrelated fields, e.g., law enforcement, using the knowledge gained through those careers to further their careers in Forensic Accounting. In any case, the minimum two years work experience in some aspect of the accounting field is required. Most forensic accountants work from a base office as would any other accountant; however the actual working conditions vary greatly depending upon the stage of the specific case or the magnitude of the specific case. During the investigative stage; a forensic accountant may spend many hoursShow MoreRelatedForensic Accounting Essay1771 Words   |  8 PagesForensic Accounting in Practice: Forensic Accountants: Fraud Busters A forensic accountant is part investigator, part auditor, part attorney, and part accountant (Levanti, T.). Due to the increase in high-profile cases of companies and individuals, forensic accounting is a growing and popular field in the business and forensic subjects. A forensic accountant is someone who is often retained to analyze, interpret, summarize, interviews and present complex financial and business related issues inRead MoreForensics Accounting : Kessler International1612 Words   |  7 Pagesleaders in forensics accounting and investigations. With its headquarters in New York City, the small company was able to grow. This firm is renowned in many countries around the world. Its dedicated accountants and analysists work very hard to catch people suspected of committing crimes involving money. Due to fraud and other forms of dishonest business behavior, Kessler International steps in to investigate. They offer a wide variety of services ranging from Forensic Accounting, Di gital Forensics, IntellectualRead MoreForensic Accounting : The Energy Company Enron1765 Words   |  8 Pagesinvolved in one of the biggest corporate accounting scandals of the 21st century. The company had covered up large amounts of debt to make their financial statements look more appealing to investors; consequently, after the fraud was discovered, many people lost their investments and many employees lost their jobs, including the corporation’s CEOs. 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This system can contain various steps, procedures, and processes that led you to your final results. Some of these various types of accounting include tax, managerial, financial, governmental, private, and forensic acco unting. So as you can see, even in this extremely specialized field youRead MoreForensic Accounting1872 Words   |  8 PagesAlverez makes Sonya to accept the offer because she needed the money. If Sonya accepts the offer by Carlito Alverez, there are potential that Sonya might against the code of ethics as tax practitioners and could be finalized on her wrong doings. FORENSIC APPROACH âž ¢ THE ENGGAGEMENT PROCESS Fraud investigation engagement process consist of six steps that the investor need to go through. 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