PeterConaghan

Whereas traditional accounting deals in the assessment of business funds and properly conveying information to investors and management, a forensic accountant is called upon to investigate the flow of funds through a business for the purpose of evaluating the paths they take and determine whether illegal transactions have occurred

RA forensic accountant investigates a wide range of different activities related to fraud that can take place within corporate, healthcare, property , mass marketing, hedge funds, and securities trading fields to mention a few These professionals may also investigate other crimes such as contract disagreements, money laundering, bribery, and embezzlement While the duties of forensic accountants mainly lead them

There are instances in which the skills forensic accountants employ are used in more personal matters. In a dissolution of a marriage, for example, a forensic accountant will review the financial situations of both parties as well as their spending to advance the settlement process and to provide attorneys with accurate information to use in court. Forensic accountants are able to trace assets through investment accounts, and they can also identify hidden income or assets.

Importance of Forensic Accountant

As a modern discipline, forensic accounting is beginning to see many avenues for additional skills that go beyond accounting and finances. There is a greater need for knowledge of the legal process and information technology. Forensic accounting has seen increased demand because we have seen the emergence of hopeful entrepreneurs and business professionals setting up their own enterprises. Each year, half a million startup companies are established startups, many of them with the intention of operating solely online. With the current reliance on internet technologies, the role of forensic accountants has expanded accordingly. Online financial transactions give prospective lawbreakers a false sense of security because they believe that they can easily conceal their tracks; nonetheless, sophisticated individuals can use the internet to obfuscate illegal transactions, and this is when the expertise of forensic accountants is called upon. With new technology, forensic accountants can sift through countless email messages and ledgers as they look for fraudulent activity, but in many cases, they must still sort through boxes of paper files. Often, employers will encourage obtaining the Certified Fraud Examiner (CFE) credentials because of the technical knowledge it provides for carrying out investigations. With CFE credentials, forensic accountants have an advanced understanding of fraud and data analysis procedures that will aid them considerably in the search for criminal activity.