Forensic Accounting in Practice

Assignment 3: Forensic Accounting in Practice

Business 508

Contemporary Business

Crystal Young

Forensic accounting is accounting performed in preparation for legal review. The word "forensic" means with relation to lawyers or law courts'. Forensic accounting is the specialty practice area of accountancy that denotes engagements which results from real or anticipated disputes and litigation. Forensic accountants help resolve problems involving complex financial information by taking a skeptical view, investigating below the surface of an organization's accounting system to find out what actually happened. They are often called upon as expert courtroom witnesses if a case goes to trial. Forensic Accountants use accounting principles to support or contest claims being made in a case. This career requires a bachelor's degree in accounting and CPA certification, with further training in investigative techniques for certification as certified fraud examiner or a certified forensic accountant.

During the course of this research paper, I will determine the five most important skills that a forensic accountant needs to possess and describe the role of a forensic accountant within a courtroom environment. I will also analyze the legal responsibility a forensic accountant has while providing service to a business, reveal the findings from my research and summarize two cases where forensic accountants have played a vital role.

Skills

Forensic accountants require certain skills in order to function in their field. A questionnaire was designed to gain insight, from practitioners, educators and consumers of forensic accounting services, about the characteristics and skills important to the success or level of effectiveness in the forensic accounting field. The education and training of forensic accountants is affected by an understanding of the essential traits, characteristics and core skills necessary. Enhanced skills also affect the education and training for...