| With the increase in white collar crimes in | | | | prevention. The frauds which these professionals |
| securities fraud, banking and investment | | | | are looking for is usually one of these two general |
| misappropriations, comes the increase demand for | | | | types: financial statement fraud or theft of |
| forensic accountants with strong knowledge of | | | | assets. To uncover financial statement fraud, |
| accounting procedures and financial experience | | | | detail analyzations are carried out on the financial |
| coupled with strong analytic and investigative skills. | | | | statements by using ratio analysis and data-mining |
| According to U.S. World and News Report, | | | | techniques such as Benford's Law. Other |
| forensic accounting is one of the most secured | | | | procedures performed include inspection of |
| job opportunities for the future. | | | | documents and records and conduct interviews |
| Forensic Accountants work in major accounting | | | | with witnesses and suspects. |
| firms. Their skills and expertise are in high demand | | | | Divorce attorneys may call on forensic |
| for investigating on mergers and acquisitions, tax | | | | accountants to evaluate whether assets are being |
| investigations, economic crime investigations, civil | | | | understated or liabilities are overstated. In addition, |
| litigation support, specialized audits, and terrorist | | | | forensic accountants may be asked to determine |
| investigations. Forensic Accountants work | | | | the amount of the loss sustained by victims, |
| throughout the business world, in public accounting, | | | | testify in court as an expert witness and assist in |
| and in government agencies such as FBI, Internal | | | | the preparation of visual aids and written |
| revenue, Local Law enforcement and others. | | | | summaries for use in court. To be successful, |
| Opportunities for qualified forensic accounting | | | | these accountants needs knowledge of fraud |
| professionals are abound in private companies, | | | | schemes, investigation techniques, and the law to |
| particularly with the essential need of the | | | | fulfill the expectations of his or her client or |
| Sarbanes-Oxley act (SOX). Publicly held companies | | | | employer. |
| are inviting those with these skills and knowledge | | | | This profession can earn anything from $35,000 |
| as a part of their strong internal control team, to | | | | to $60,000 a year in an entry-level position. With |
| comply with governmental and market demands | | | | experience, forensic accountants could fetch an |
| for accurate reporting. Beyond SOX, forensic | | | | annual salary of six figures. Forensic Accounting is |
| accountants help prevent and detect misuse of | | | | one of the most interesting professions currently. |
| company resources in private companies. | | | | It's very challenging and at the same time exciting |
| Recent major corporate scandals have | | | | to work with prosecutors and attorneys in court |
| encouraged business owners to turn to Forensic | | | | cases. Forensic Accounting opens the door for |
| Accountants for more proactive fraud audits and | | | | you to become a high-end forensic detective. |