Forensic accountants are employed primarily in two areas, litigation support and investigative accounting. Investigative accounting covers not only the documents and numbers of a particular company, but the environment of the business as well. Forensic accountants look into the economic operations of a particular enterprise and also prepare information that might be put to use in a civil or criminal court case proceedings. Forensic accountants also offer investigative services or grant sustenance for litigation.
Forensic accountants often give most of their time to the business being investigated by them. Most of the analysis is completed with the help of a computer, thus, good knowledge of the software and computer skills are an essential requirement for this position. The forensic accountants also collect documentation and evidence that can be put to use in the proceedings of the court. They also prepare reports that are used for managing the company that is being investigated, agencies of law enforcement, or parties to litigation. Most often, forensic accountants are also required to state under oath in the court or give authentications in respect of their findings.
For becoming a forensic accountant, bachelor's degree in the field of accounting is necessary, and the majority of them are already CPA's. Additional assignments in the areas like criminal justice and law enforcement is normally required as well as a little bit of legal training also proves helpful. One may also want to practice accreditation as CFE which is nationally recognized just as the designation of CPA.
These days, many agencies and companies provide work for forensic accountants. Many agencies of law enforcement employ the forensic accountants in their staff for assistance in criminal investigations. These accountants often trace the money trail to help take legal action against a criminal.
Many CPA organizations also employ the forensic accountants and most of the firms specialize in forensic accounting in order to lend a hand with partnership and shareholder disputes, fraud and investigations of employee theft, business loss, and the issues of professional negligence. Further forensic accountants toil with or for insurance companies for investigating business interruptions, plus many other sorts of alleges. Forensic accountants usually work with or for the agencies of law enforcement, insurance companies, lawyers, government agencies, as well as business owners.
Around 40 percent of the topmost hundred accounting corporations in United States now have a department of forensic accounting, and it is expected that the field will be amongst the top 20 employment markets in the coming few years.
The initial salary in the field of forensic accounting is from $30,000 to $60,000, but qualified forensic accountants often make up to $100,000 in a year or even more.
Thus, if a person is finding an interesting and lucrative job with sufficient upward mobility, one should mull over forensic accounting. With nearly unlimited increase for the coming few decades, this is the only accounting post with huge potential.
