Forensic Accounting : A Relatively New Field

Throughout history and in our own time, legitimate accounting methods have been utilized to fraudulently engage in manipulating activities that results in illicit gains to the perpetrators and losses to individuals and financial institutions.

| (TCO A) An AICPA committee in 1986 broke forensic accounting into two broad areas:

card fraud. In reference to money Laundering we will the complex process of how criminals

Title III in the Patriot Act is named “International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001.” This title is aimed to stop any financial support to terrorist groups, and the government has made many things to make sure to stop the smuggling and laundering of money.For example, the government makes banks check if they are suspicious of any money laundering and allows law-enforcement agencies to gather information from banks and create longer prison terms.

Curbing the supply of funds to these organizations has been a major part of past efforts to counter international terrorism. The effectiveness of existing legislations and treaties and need for and nature of further measures are issues that need to be discussed.

generally accepted accounting standards for private-sector entities, including businesses and not-for-profit organizations. A recognized expert in forensic accounting, Mr. Siegel has 17 years of experience in diverse and global industries that include technology, media, telecommunications, healthcare, retail, and insurance. Prior to his appointment to the FASB, he led the Accounting Research and Analysis team at the RiskMetrics Group in Rockville, Maryland (FASB.org, 2009f).

The USA PATRIOT ACT was formed in order to obstruct terrorist financing and inhibit money filtering. This act is also set up to ensure that any illegal funding detected by reported in order to protect the financial well-being of The United States from transnational terrorist groups. Although the intentions of this act seem principled it is not enough to impede terrorist financing. The International Convention for the Suppression of the Financing of Terrorism was embraced by the UN in 1999 (Ehrenfeld). Within this preamble members of the United Nations agreed to uphold the articles contained in order to combat terrorist financing. Other methods of opposing terrorist funding are through the use of the Office of Intelligence and Analysis (OIA), who gather intelligence and provide its details with other non-government agencies to warn them of possible pressures from extremist groups (Allgov.com). The Afghan Threat Finance Cell (ATFC) was launched in Iraq and was created in order to detect terrorism financing. Even with a vast number of agencies, organizations, and written legal documents outlining the techniques in which to combat transnational terrorism financing there is still so much illegal activity that slips

A computer forensic investigation typically includes the collection, examination, analysis, and reporting of data. These steps could have been used to extract and preserve the data in the U.S. versus AOL case. Collection involves seizing digital evidence. Examination is where techniques are applied in order to identify and extract data. Analysis is using the data and resources to prove a case (Brecht, 2015). Reporting involves presenting the documentation gathered during the investigation. Investigators use these steps to examine evidence that could be needed in a trial. Following these steps is one way to ensure that the findings are sound and admissible in court. “The purpose of a computer forensic examination is to recover data from computers seized as evidence in criminal investigations (Brecht, 2015)”. Forensic tools are used by investigators to provide their collection, indexing and detailed analysis

These businesses realize that maintaining the public’s trust is one of the keys to commercial success, so they employ investigative accountants to strategically manage the complexities of risks and threats. Investigative accountants scrutinize fraudulent activities, assist senior management with risk management and strive to mitigate potential vulnerabilities. Investigate accountants often respond to fraud allegations and reported financial irregularities. They adopt a strategic threat management approach that enables them to anticipate and respond to risks. They apply advanced technology approaches to help internal customers track and manage data activities. They employ information management principles, data analytics techniques and sophisticated technology tools to help management make well-informed

Dr. Kelly Richmond Pope is an associate professor for the School of Accountancy and MIS at DePaul University in Chicago, Illinois. In completing her collegiate career, she obtained a bachelor's degree from North Carolina A&T State University in accounting. Further, Dr. Pope received her doctorate's degree in accounting from Virginia Tech. She was employed by KPMG, LLP practicing forensic accounting. Several cases Dr. Pope has worked on included insurance fraud investigations, fraud risk management jobs, and anti-money laundering engagements. In addition, she co-authored a book, The A.B.C.’s of Behavioral Forensics: Using Psychology to Prevent, Detect, and Deter Fraud.

As laws and regulations continue to grow and become more complex, the need for forensic accountants is sure to continue growing as well. An example of how regulations have grown (mirroring the demand for forensic accountants) can be seen by comparing the scope and length of the Sarbanes-Oxley Act of 2002, at 66 pages, to the 849 page Dodd-Frank Wall Street Reform and Consumer Protection act of 2009.(Tucker, 2011) It is the environment created by such complex regulations and oversight committees that has hedged the need for accounting experts who can help demonstrate both the effects of individual companies on overall markets, as well as the opposite effects of market-happenings on individual firms. This complicated data, made comprehendible by a talented and effective forensic accountant, can serve as the determining factor in a case. Ultimately, this allows for

Every criminal investigation starts off the same way: A crime was committed, someone informs the police, law enforcement shows up, secures the crime scene and they start the investigation. There are steps taken in every investigation. Police interview witnesses, check surveillance, interrogate suspects; however, one of the most important steps is the collection and analysis of evidence. According to the Encyclopedia of Criminology (2014), forensic evidence refers to the verbal statements and physical items presented to a neutral fact-finder in the court of law that assist him or her in rendering a verdict (Vandenberg, 2014). In simple terms, it is anything offered to a court to demonstrate if the suspect on trial is guilt or innocent.

There are many different avenues that one could take in the field of accounting. It is a lucrative career with many areas of interest to be followed. I have chosen Forensic Accounting to further review and research. This paper will define forensic accounting, describe what it takes to be a forensic accountant, give some statistics about forensic accounting, and give my feedback on this potential career path.

Forensic accounting is “ an accounting analysis that is suitable to the court, which will form the basis for discussion, debate and

Accounting skills are useful for companies and individuals who are trying to maximize their profits and maintain a competitive advantage, but forensic accounting can help bring justice and peace of mind for many others by illuminating financial processes that can help explain criminal actions and behaviors. The purpose of this essay is to describe the five most important skills a forensic accountant may possess in order to become successful. This essay will describe each one of these traits and describe its application to business operations. Next the essay will describe the role of the forensic accountant within a courtroom environment and then also discuss the legal responsibilities that these professionals have to obey in the course of their work. Finally this essay will highlight two real world cases where forensic accounting provided vital evidence in a legal court case.