Forensic Accounting – A Career in Numbers and Investigation
|
By :
Darius H Clements
Submitted
2012-02-06 09:45:43 |
A Career in Numbers and Investigation
Not many people have ever heard of Forensic Accounting; however, it has been around for many years.
As the business world grows in complexity the need for accounting investigation grows in proportion.
This article will discuss a career in forensic accounting—what courses are needed, the nature of the career, how much it pays and the opportunities available.
What is Forensic Accounting?
Forensic Accounting combines the skills of accounting, auditing and investigation.
Webster’s Dictionary defines forensic as “belonging to, used in or suitable to courts or public discussion and debate.” When combined with accounting, the definition becomes, “providing an accounting audit report to the courts in order to provide evidence in litigation.”
Another important part of Forensic Accounting is the ability to report investigative findings to the courts in a clear and concise manner understandable to those who are not accountants.
Forensic accountants are trained to see the business being investigated beyond the numbers in its finances.
Forensic accounting includes investigative accounting and litigation support. Investigative accounting includes criminal investigations into allegations such as employee theft, insurance fraud, securities fraud and kickbacks.
Litigation support provides financial expertise in determining financial loss due to a breach of contract and other financial reports.
What May the Forensic Accountant Be Asked to Do?
There are a variety of steps a forensic accountant does to make a thorough report of financial matters in a business to determine if a crime has been committed.
The forensic accountant may perform the following:
· Investigate and analyze financial evidence
· Develop computer applications to analyze and present financial evidence
· Communicate their findings through written reports, exhibits and documents
· Testify as an expert witness during court proceedings and make presentations if required
A forensic accountant is just as knowledgeable about court proceedings as s/he is in financial matters.
Educational Requirements
Forensic accountants earn a bachelor or master’s degree in accounting or a forensic accounting degree.
They go on to earn certification as a Certified Public Accountant or as a Certified Fraud Examiner.
Salary of a Forensic Accountant
The average of salary of a forensic accountant is $74,000 in the United States.
Locality determines salaries. Salaries can be as high as $102,665 in New York compared to $56,071 in Orlando. With several years of experience the forensic accountant can reach a salary of around $150,000 per year.
Many work as independent contractors and may travel 10 to 15 percent of the time.
Job Outlook
The need for accountants and auditors is expected to increase by 22 percent from the year 2008 to 2018.
This is considered to be faster than most other occupations.
Skills and Personality Traits Needed
This career is suitable for anyone who enjoys working with finances and is good at investigating and drawing conclusions.
Good written and oral communication skills are needed along with excellent reporting and presentation skills. Knowledge of legal litigation procedures are needed in order to present evidence.
In Conclusion
A career as a forensic accountant offers variety, interesting assignments and a good salary.
You have the opportunity to work within an accounting environment, through a government agency or as an independent contractor.
The job outlook is very favorable through 2018.
Forensic Accounting – A Career in Numbers and Investigation By Darius H Clements
Get Financially Smarter - Read these money saving financial tips:
101 tips to save money
Common Money Mistakes
Money Myths
Dealing With Bankruptcy
Carpet Care Tips
Honesty In Business
Saving Money on Food
|
More:
Searched Terms:
forensic accounting, forensic accountant, forensic accounting degree,What is Forensic Accounting
|
|
Article From Article Flame |
|
|
|
|
