A forensic accountant is nothing short of a detective, as he or she solves white-collar crimes in companies. These sleuths use their knowledge of the financial world to solve cases filled with deceit. Like for instance, in a company if there are people who are using their positions for wrong ends or are stealing money from their offices, then a forensic accountant will be called to investigate the matter.
There is never a dull moment for forensic accountants as their day is filled with cases of bankruptcy, divorce, capital crime and fraud. They analyze financial evidence to resolve disputes between companies and clients. Forensic accountants may even be called as witnesses in trials to present financial evidence regarding a dispute.
If you are looking to delve into the world of forensic accounting, you must have a degree in accounting and a Certified Public Accounting (CPA) certification. You must also complete 30 semester hours. To start out with you should opt to become a CrFA (Certified Forensic Accountant) or a CFE (Certified Fraud Examiner).
As a forensic accountant, you will be considered as a part of the larger pool of auditors and accountants and will be paid likewise. For 2014-2104, the average annual salary in the United States, for this pool of accountants and auditors is $63,550. However, your actual salary will depend on what your experience, what you specialize in and location.
As a forensic accountant, you are expected not just to look at numbers but also to be able to see the business reality of a situation. You must also gain an understanding of legal norms and concepts and should be able analyze, summarize, investigate and present both financial and legal concepts.
If you are curious and persistent, it will help you in a career as a forensic accountant. You must also pay attention to details and think creatively while analyzing a situation. Good communication skills also go a long way in this field.
As a forensic accountant, you will work in firms and corporations that deal in investigate accounting. As part of these firms, you will have to help companies solve fraudulent cases or suspected fraudulent cases. You may also work with government organizations like the FBI or police department to solve cases.
Law firms may also employ you to work with lawyers and other legal enforcement officials to solve cases of embezzlement.
As a sleuth of the financial world, you will be required to look into and interpret financial evidence, develop computer applications to help examine and present the evidence and create reports and exhibits. You can also help recover assets by coordinating with other experts.
You will also have to help lawyers with their proceedings by standing as expert trial witnesses or provide visual aids as evidence.
As a forensic accountant, you will be darting around from one place to another as you analyze cases that span different industries. The following are some assignments you will be required to handle as a forensic accountant:
· Criminal Analysis- You will be required to work with police forces and may be retained by the R.C.M.P or O.P.P and the law society to analyze criminal matters.
· Partnerships and shareholders disputes- You help solve disputes between shareholders or partners by looking into past records of accounts.
· Motor Vehicle Accidents- As a foreign accountant, you will be required to determine the financial losses after an accident and must know all the legalities involved.
· Insurance Claims- You may be employed by either the insured or insurer to solve property losses, business interpretations and employee fidelity claims. You will have to analyze insurance policies and prepare a detailed report about coverage and any losses incurred.
· Employee Fraudulent cases- This involves analyzing whether any fraud has been committed by an employee with access to funds as well as identifying and recovering assets and gathering forensic evidence.
· Matrimonial disputes- This involves analyzing business, property or other assets and tracing them.
· Economic losses- You will have to solve contract disputes, liability claims, patent infringements, construction claims and much more.
· Negligence at work- In this kind of an assignment you will be required to quantify losses and analyze breaches in accounting and auditing standards and principles.
· Arbitration- You will have to learn about legal procedures and concepts in order to mediate and arbitrate in dispute cases, in a timely fashion.
So, go ahead find a good forensic accounting program and became a mega sleuth in the world of finance to ensure that white-collar criminals are punished.
Cheryl Panattoni Forensic Accounting and Tax Inc