Forensic Accounting Essay

Accountants are responsible in analyzing and assessing the revenue, expenses, reporting financial matters and giving advice about the financial health of their employer. They help their client to know the best way to run a business by tracking and analyzing where does the money of the business go. They also give suggestions on where money could be made and advice in budgeting the money in the business.

Certified Public Accountants handle a variety of jobs and task. They can offer tax income tax preparation and advise to range of clients including individuals, small businesses, and corporations. Some might choose to work as a forensic accountant to investigate accounting fraud that requires reviewing accounting reports, records and systems to expose any evidence of criminal activities. Other might choose a different path like consultation service, because they rather assist in financial matters with a private clients, not-for-profit organizations, government institutions and financial firms.

The profession of accounting is a one that is highly regulated, due to the knowledge and power each accountant possesses. Although an accountants duties differ from one position to the next, the main sectors that accountants pursue are auditing or taxation. Auditing is ensuring the public that the information listed on the financial statements of public companies is free of material misstatements. While taxation is helping people or companies file their tax returns to the federal government or offering tax advice. In the world of auditing, you either follow the Public Company Accounting Oversight Board (PCAOB), for public company audits, or the American Institute of Certified Public Accountants (AICPA), for other entities

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

They may be brought in to evaluate a defendant’s psychological state at the time they committed the offence. In addition, psychologists may be needed to judge the validity of a confession. Forensics can also work in the area of consulting, in which they may help a lawyer select jury for a trial or assist death investigators clarify unclear death determinations.

They deal with cases in such a way that is beneficial for their clients. Clients should help their appointed attorneys by providing them with all the necessary information. The client should not hide anything from the attorney that is related to the case. The attorney knows what information is important for the case and what should be kept out of the case. They will present anything that happened in such a way so that it will not hurt their client. So, you should not hide anything from your attorney because whatever you think is unimportant might be of dire importance to your attorney.

Provided Case 09-3, we, Group 7 have dutifully researched the topic, using resources at our disposal to formulate a consistent, clear and legal response. The following submission outlines the case, our conclusions with supporting evidence and the accounting issues present in the subject.

The career of interest that I will focus my report on is a career in forensic psychology. Specialties within forensic psychology include knowledge in the clinical and legal career fields. Two other occupations that do similar work are, of course, the two specialty areas of clinical psychology and law. Other careers I would consider if I did not decide to pursue a career in forensic psychology would be careers in clinical psychology, industrial and organizational psychology, and the legal system. Daily tasks and activities of a forensic psychologist include assessing offenders for risks, probability of re-offending, possible mental disorders, and self-harm.

In the present day forensic accounting plays a huge role in many of the court cases publicized by the media. With the spotlight on the profession, this is a good opportunity to discuss the following topics:

There are specific traits or skills that make a good forensic accountant. According to the U.S. Bureau of Labor and Statistics website there are 5 important skills you must have:

Merry-Go-Round (MGR) is a clothing retailer that was founded in 1968. The company’s locations were in malls that targeted the youth and teen market. In the late 1980s, the company was listed by Forbes magazine as one of the top 25 companies. By the early 1990s, sales fell due to stiff competition from other retailers. Facing bankruptcy, the company hired turnaround specialists from Ernst and Young (E&Y) to help overcome the financial crisis. However, the company filed for Chapter 11 reorganization and due to that a group of 9,000 creditors filed a lawsuit against E&Y saying they were the main reason for MGR’s decline.

1. A brief history of the two organisations, and their objectives, in as far as they

There are four main fields of accounting and auditing listed by the Bureau of Labor Statistics: "public accounting, management accounting, government accounting, and internal auditing." CPAs are not limited to a narrow list of activities, in fact public accountants typically work with a "broad range of accounting, auditing, tax, and consulting

Forensic accountant’s role in investigations is to provide police and district attorneys with assistance. According to financialaccounting.com, accountants assist with the protection and recovery of assets, and coordinate people such as private investigators, forensic document examiners, and consulting engineers. Accountants also provide valuable insight into course of action for the chief investigators.

Forensic accounting covers two broad areas: litigation support and investigative accounting. The AICPA describes litigation service as "any professional assistance non-lawyers provide to lawyers in the litigation process." Forensic science may be defined as the application of the laws of nature to the laws of man. Forensic accounting is accounting that is suitable for legal review, offering the highest level of assurance, and is of a scientific nature. Forensic accounting should be sufficiently thorough and complete so that an accountant, in his/her considered independent