If you listen to the news regarding the increase in criminal activity in accounting, you will see that there is an emerging field in the accounting industry for which there are many possibilities of employment. As a forensic accountant, you will be somewhat of a private detective as you sift through financial records to find where corrupt activity has taken place. The word forensic refers to being acceptable in a court of law and that is what you look for in your accounting duties. The information you provide will help law enforcement law enforcement officials in court and you may have to testify as to your findings as an expert in the case.
A forensic accountant is involved in three main areas of the law enforcement related to the cases. The first is investigating the claims of wrongdoing. You will carefully scrutinize all the financial data or an organization to determine if there are any inconsistencies that constitute fraud. This could include such things as investigation of identity theft, securities fraud, employee theft, insurance fraud or falsifying important documents. You can also make recommendations to a company to help minimize the chances of such events occurring in the future. This investigative work is not limited to organizations or businesses as it is also important in divorce cases and civil suits where there may be hidden assets you are called upon to find.
In litigation support, a forensic accountant will present the facts and information surrounding the results of an investigation. You may have to determine the amount of damages sustained by the defendant in the case and you may even be able to bring about a resolution without the case going to court. Dispute resolution means that you will look for solutions acceptable to all parties involved without involving the courts.
In order to become a forensic accountant you must have a Bachelor’s degree from an accredited university. There are both four and five-year programs available as well as online degrees in accounting. There are also degrees available in forensic accounting. The four-year program is the standard one that will give you the qualifications to start off as a junior accountant with a firm. With a five-year program, you have the extra ten courses you need to be eligible to write the CPA exam. Then all you need to focus on is gaining the work experience and studying for the exam itself. You do need CPA certification before you can go any further in the world of forensic accounting. This means that you won’t be able to launch into this field as soon as you graduate.
You can become certified as a forensic accountant or a fraud examiner. There are also advanced degrees, such as Master’s of Forensic Accounting, which will definitely give you the skills you need to advance in this accounting field. The Certified Forensic Accountant designation is a new certification and not all forensic accountants have this certification. Since the job outlook for this area is so good, you can really prepare yourself for an exciting career in which you have all the credentials as a professional.
