Forensic Accounting

What is Forensic Accounting

According to the Technical Working Group on Education in Fraud and Forensic Accounting, forensic accounting is the application of accounting principles, theories, and disciplines to facts or hypotheses at issue in a legal dispute, and encompasses every branch of accounting knowledge.

There are two major aspects within forensic accounting practice; litigation services that recognize the role of a Certified Public Accountant (CPA) as an expert or consultant and investigative services that make use of the CPA's skills, which may or may not lead to courtroom testimony.

Forensic accounting can involve the application of special skills in accounting, auditing, finance, quantitative methods, certain areas of the law and research, and investigative skills to collect, analyze, and evaluate evidential matter and to interpret and communicate findings.

Fraud Related Definitions

Fraud (sometimes referred to as the fraudulent act) is "an intentional perversion of truth for the purpose of inducing another in reliance upon it to part with some valuable thing or to surrender a legal right; a false representation of a matter of fact." (Henry Campbell).

Fraud examination is a methodology for resolving fraud allegations from inception to disposition, including obtaining evidence, interviewing, writing reports and testifying.

Fraud investigation takes place when indicators of fraud, such asmissing cash or other evidence, suggest that a fraudulent act hasoccurred and requires investigation to determine the extent of thelosses and the identity of the perpetrator.

Fraud prevention refers to creating and maintaining environmentswhere the risk of a particular fraudulent activity is minimal andopportunity is eliminated.

Fraud deterrence refers to creating environments in which people are discouraged from committing fraud. Deterrence is usually accomplished through a variety of efforts associated with internal controls and ethics programs that create a workplace of integrity and encourage employees to report potential wrongdoing. Fraud deterrence can also be achieved through the use of continuous monitoring/auditing software tools.

Fraud remediation refers to the recovery of losses through insurance, the legal system or other means and the modification of operational processes and procedures, including changes to the system of internal control deemed necessary to minimize or deter a recurrence of similar fraud in the future.

Forensic Accounting Career Information

The following link relates to accountants and auditors in general but it will be still be of use to anyone considering a forensic accounting career. Topic areas covered include:

Forensic Accounting Career

The Forensic Accounting Degree Directory

The forensic accounting degree directory is designed to help anybody thinking about becoming a certified forensic accountant obtain information relating to forensic accounting degree programs and study options.

All the programs listed include details of the type of forensic accounting degree on offer, along with a direct link to the department offering the course in question. You can access the forensic accounting degree directory via the following link.

Forensic Accounting Degree Directory

Forensic Accounting Online

Showcasing the best forensic accounting related video and audio broadcasts that can be accessed online for free. See following link for full details.

Forensic Accounting Online

Essential Forensic Accounting Reading

Forensic and Investigative Accounting by D. Larry Crumbley, Lester E. Heitger & G. Stevenson Smith

Book Information

Forensic and Investigative Accounting (3rd Edition) is a complete and readily teachable text on today's most timely accounting topics. Written by three top accounting and forensic teachers, this text covers all the important underpinnings, as well as the substance of forensic accounting. It covers both litigation support and investigative accounting, examining the practical aspects of these two areas, as well as many of the newer technological areas.

Forensic and Investigative Accounting explains and demonstrates how an effective forensic accountant needs a solid understanding of accounting, investigative auditing techniques, criminology, and courtroom procedures, as well as excellent communications skills, both written and oral. In today's litigious and highly regulated climate, all accountants; external, internal, forensic consultants, and corporate accountants must possess this knowledge base and develop these techniques. This intriguing text provides unparalleled guidance to help develop the mindset and the skillset to meet the evolving challenges facing accountants today.

See following link for more details:

Forensic and Investigative Accounting (Third Edition)

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