Essay Bus 508 Assignment 3

2011 Words Aug 31st, 2013 9 Pages
FORENSIC ACCOUNTING IN PRACTICE
AYESHA KAPOOR
DR. MARGARET BUCKMAN
BUS-508-CONTEMPORARY BUSINESS
18TH AUGUST 2013

The most important five skills that a forensic accountant needs to possess and the need for each skill. Forensic accountants are a breed of accountants who play a role of accountants, auditors and investigators of possible fraudulent cases in a company. Forensic accountants work towards looking into the financial statements of the company and helping them prevent fraudulent cases by straightening their accounts. They work in the investigations and at times appear in the court as a witness in the fraud cases. Forensic accountants play a vital role in identifying malpractices by the managers in the company. (James,
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Forensic accountants are basically charged with the job to unravel any cases of fraud in the financial sector. The main role of a forensic accountant in a courtroom is to act as a vital witness to fraudulent practices. As accountants by profession, forensics have a basic and deep knowledge of accounting and hence they can be trusted to analyze the malpractices and inconsistencies in the financial records of the company. Hence they are valued as witness to the fraud acts within a company and hence required present in a courtroom to vertify the results and give more information if required on the investigation. Forensic accountants help in providing an expert advice and proof as a information in the case for further investigation by the attorney, judges or lawyers ( Stuart, 2006). Forensic accountants also work towards calculating the loss or damages in business. This helps in evaluating the claims from insurance companies.
Forensic accountants in the court proceedings help the case by providing information and breaking in common man language for the solicitors to understand. The opinion of forensic accountants is expected to be fair to both sides of the case and should not be favoring any one side. This kind of results from forensics are accepted as true, reliable and certified to the findings on the case. Though the role of forensic accountants is different depending on different cases, the expertise and the experience