Forensic Accounting

Some of the most prevalent disadvantages to an occupation in this field are the hours necessary. As a CPA with a large accounting firm I would expect a typical work week of 40 to 50 hours. But, during the tax season, January through April, it could be as many as 70 hours per week (S. Westfield, personal interview, August 1, 2008). Since I have already been employed within the accounting industry for some time now, my family and I are used to the long hours and fluctuation during busy times.

Many people have no clue how their finances work or how they are managed. Most people just know that someone they pay does it for them. But who are these unsung heros of the financial world? Accounting is a very broad and large field of study where a person with a degree has many career options. Many people’s ideal job in the accounting field would be forensic accounting for the FBI. Accountants are the people who prepare and examine financial records, ensure taxes are paid and filed properly, and help businesses run their finances smoothly. Forensic accounting is a more specific job where they looking for fraud or money laundering in a company. Forensic accountants need to not only be good with numbers and money, but should also be able to quickly spot abnormalities in the numbers.

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:

Sonya Fuentaz, an IRS-enrolled agent, has been contracted for preparing an annual income tax return for Carlito Alverez. Sonya is a little apprehensive about the engagement because she’s heard rumors that Carlito is a major drug trafficker with roots in Colombia. Sonia visits his home to discuss the details of his return and she’s shocked by the opulence she sees because the house is on 2 acres of land just west of the Intracoastal Waterway in Miami Beach. The land is completely surrounded by canals and connected to the rest of the city only via a narrow bridge that has small guardhouse and a security team protecting the entrance to the driveway. She sees other uniformed security guards walking

What is forensic accounting one might ask? It has been on the rise lately and has been talked about for years, but do people really know what it is. Well look no more; you came to the right place. This paper will discuss the ends and outs of forensic accounting. For example, the certifications required to become one, the history of forensic accounting and many different types of crimes that forensic accounts handle.

The first step is to understand exactly what it is. This is where many people struggle, they often confuse accounting and finance. After there is a clear understanding, you can then look into the different areas of accounting. After reading this section, I am most interested in the forensic area. I am looking forward to continuing my education in this

Forensic Accountants typically are involved in investigating, analyzing, and presenting financial evidence that supports the company or organization they work for. Being intuitive, analytical, detail oriented, and ethical are essential traits and characteristics of a Forensic Accountant and also essential in all accounting careers. My Skills Test scores were high in the areas of management, technical, computer, mathematical, and financial operations, which firmly established that my career choice was certainly appropriate. Another positive for me in this career path is that the accounting field in general is so diversified it will allow me multiple options in my future. Having balance, happiness, security, and strength in my life is very important to me.

For over 50 years forensic accountants have exist. In the most recent years the need for them has increase due to the creativity of white collar crime and the use of technology. Forensic accountants are specialists who work with financial information such as business records, bank statements, and tax returns for the purpose of finding valid data. This data is used to prepare their reports. The report is prepared in a manner that will be easily understood by the attorneys to use in research, negotiations or court proceedings.

“Accounting is widely regarded as the language of business” (McMullen and Sanchez, 2010, pg.1). As such, the need for basic accounting skills is self-evident, for a forensic accountant to be able to review financial reports and other source documents he needs to have an understanding of basic accounting. Without that understanding, the forensic accountant couldn’t determine if the entries in the

TOPIC: CRITICALLY DISCUSS THE VALUE OF FORENSIC AUDIT PROCESS IN THE DETECTION AND PREVENTION OF ASSET MISAPPROPRIATION FRAUD

Forensic accounting is defined as "the action of identifying, recording, settling, extracting, sorting, reporting, and verifying past financial data or other accounting activities for settling current or prospective legal disputes or using such past financial data for projecting future financial data to settle legal disputes". Forensic accountant are very important part of the business for the expert services, legal system such as financial statement analysis on securities and exchange tax, fraud schemes and bankruptcy. However forensic accounting is used for the investigation and prosecution of fraud. (Curtis, 2008) Said, that accounting curriculum needs to be upgraded because accounting professionals or accountants are key player in account management and financial management. Accountants are involved in accounting practices and fraudulent activities therefore there is need for forensic accounting curriculum. Curriculum plays a major role in accountant 's professional life because what they learn during their studies, they execute it as well.

The field of Forensic Accounting has seen a remarkable growth in the last decade. This growth is due in part to the many high profile accounting scandals like Enron, Arthur Anderson, and Bernie Madoff investments (Shinde & Poznic, 2010, p. 1). This paper intends to highlight the effect that forensic accountants has on fraud cases, specifically securities fraud. According to the Merriam Webster dictionary fraud is defined as “an act of deceiving or misrepresenting.” This paper is meant to address how the ineffectiveness of forensic accountants can lead to them being held legally liable for their client’s

Accounting is all about the way in which corporations record their revenues and assets over a certain period of time. Although the notion may exist that accounting is merely a recording function, this is not entirely true. Rather, accountants also analyze the cost structure of certain transactions and play a strong role in the strategy formulation of mergers & acquisitions, for example. Other responsibilities of accountants include such activities as managing information systems, tracking financial performance, and assessing tax strategies. Accounting is an exciting career path that affords various opportunities in terms of career direction. One can enter the field of auditing, progress into taxation, or transition into management

The field of accounting goes deeper than the general business field and requires specialized actions. Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. This system can contain various steps, procedures, and processes that led you to your final results. Some of these various types of accounting include tax, managerial, financial, governmental, private, and forensic accounting. So as you can see, even in this extremely specialized field you can participate and work in various accounting sectors. Today, we will focus on the topic of forensic accounting which is not only a newer field of accounting but has very intriguing concepts and reasons to why it was created. So while exploring the many facets of forensic accounting we will study multiple topics such as: what is forensic accounting and how it was created, and what individuals or groups use this type of accounting. We will even discover the history of forensic accounting, skills need to work in this field, and the industries served through this process. Finally, a better understanding of this topic will come from examining U.S. cases and investigations, and also how the federal government can choose to intervene in forensic accounting.

Since employee and management fraud, theft, embezzlement, and other financial crimes are increasing, accounting and auditing personnel must have training and skills to recognize these crimes. In addition, high profile corporate scandals, such as Enron, demonstrate the need to better prepare accounting graduates in the area of fraud prevention, deterrence, detection, investigation, and remediation. Forensic accounting involves the application of special skills in accounting, auditing, finance, quantitative methods, law and research. It also requires investigative skills to collect, analyze, and evaluate financial evidence as well as the ability to interpret and communicate findings. Forensic accounting is the intersection between accounting, investigation, and the law. Fraud examination is a methodology for resolving fraud allegations from inception to disposition, including obtaining evidence, interviewing, writing reports, and testifying (Crumbley, Heitger, & Smith, Forensic and Investigative Accounting, 2005).