Career In Forensic Accounting

Dive in Careerkarts & come up with a better solution

Shiza Sana
Post Category : Science

5/17/2019 4:17:25 PM

6345

Career In Forensic Accounting

As the name suggest forensic science accountants works with the criminal cases related to money. Their functions include auditing, accounting and finance. They analyse and evaluate evidential matter and interpret through the findings as to what might have led to the crime. These specialised accountants examine tax and business records to identify irregularities that can impact major criminal and civil cases.

They engage in various fields for e.g. post-acquisition disputes, bankruptcy, tax fraud, money laundering etc. They are expected to present evidence at the time of trials.

 

Forensic accounting encompasses two areas:

  • LITIGATION: It presents factual data of economic issues related to existing or pending litigation. Here the forensic accountant can assist in resolving the disputes before going to the court by quantifying the damage sustained by the parties.

 

  • INVESTIGATION: It is done in criminal cases to determine the cause of the crime such as security fraud, theft, identity theft, insurance fraud etc. It can also be done in civil matters like divorce to search for hidden assets.

A forensic accountant is usually hired by an organisation after the crime unlike fraud auditors who control the situation before it occurs.

 

DUTIES OF A FORENSIC ACCOUNTANT

  • Forensic accountants conduct auditing
  • Identify indiscripancies in funds of an organisation
  • Prepare expert witness testimony for civil and criminal cases etc.
  • Perform forensic research to trace funds and identify assets for recovery
  • Prepare accounting reports from financial findings.
 

 

SKILLS REQUIRED:

 

  • Must have good communication skills, as they will be working with different agencies and are required to give detailed account for their discoveries in the case, or during court room testimonies if they are called.
  • Other important skill a forensic accountant must possess is an eye for details. While inspecting an evidence you along with your team must be able to look closely to every possible aspect of the case.
  • To become a forensic accountant you must have critical and sharp thinking skills.
  • Leadership and team building and managing skills
  • Should be highly analytical to determine accurate findings
  • Patient, effective and focused under pressure and long working hours
  • Must have knowledge about money laundering, insurance claims, telemarketing fraud, bankruptcy, embezzlement, accounting procedures, asset misappropriation etc.
 

 

ELIGIBILITY FOR FORENSIC ACCOUNTANT COURSES:

  • 10+2 or equivalent from a recognised board with Physics, chemistry, biology or Maths as main subjects.
  • Some universities conduct their own entrance exams.
  • A minimum aggregate of 55%.
  • Forensic Accountant requires a Bachelor’s degree in accounting or a Diploma or Certificate course in Forensic Accounting.

 

COLLEGES FOR FORENSIC SCIENCE COURSES: