Forensic Accountants

Forensic Accountants: “Fraud Busters”

What is Forensic Accounting

Forensic accounting, sometimes referred to as investigative accounting, is a unique career field that combines accounting with information technology. A forensic accountant uses sophisticated computer programs to analyze financial data and find evidence that would be legally valid during a court proceeding. Forensic Accounting utilizes accounting, auditing, and investigative skills to conduct an examination into a company's financial statements. A forensic accounting professional typically has a bachelors or master’s degree in accounting supplemented by additional courses in forensic accounting. However, as the field continues to grow in popularity, many colleges and universities are redesigning their accounting programs to provide additional education for students interested in forensic accounting careers (Owojori, A. A., & Asaolu, T. O. (2009).

Before the latest economic downturn, the accounting profession had already undergone radical changes as a result of the Enron and WorldCom disaster, as well as other accounting scandals. With the spotlight on the accounting profession, a new market with a new breed of accountants/forensic accountants has emerged. Many forensic accounting professionals are asked to testify in court cases as expert witnesses for either the prosecution or the defense. Forensic accountants can work in both civil and criminal court cases. In a civil case, a forensic accounting professional may be asked to calculate economic damages that occurred as the result of a breach of contract or provide insight into a case based on a claim of professional negligence. In a criminal case, a forensic accountant may be asked to present evidence of insurance fraud, identity theft, money laundering, embezzlement, price fixing, stock market manipulation, or other related offenses. The job outlooks for Forensic Accountants are in high demand and expected to grow 16% before 2020. This has...