What’s A Typical Work Day For A Forensic Accounting Specialist Like
Forensic accountants are auditors who conduct investigative activities, detect, prevent and deter fraud and misappropriation of other assets. An alarming increase in fraud and financial crime today has made it mandatory for all accountants to be competent in forensic skills which is necessary to fight against fraud.
Here are the major things that a forensic accounting specialist is supposed to work at:
Report And Deduce Frauds:
Forensic accountants have the highest authority in an organization as they are known for their ability to suspect and report frauds. As an accountant, it is your duty to always look for signs of fraud and whistle to expose the fraud.
Recognize, Discourage And Prevent Fraud:
It is very difficult for frauds and other financial crimes to be committed successfully without being detected by the auditors. All the inbound and outbound information flowing within the commercial entity is monitored by a forensic accountant. A forensic accountant is also trained to read handwritings, in addition to employing his skills to look for opportunity, pressure and rationalization; these three elements of fraud are also known as the fraud triangle. Prevention of fraud is to look out for signs hinting to the fraud triangle.
Establish Internal Control Systems
Again, reasonably good internal control within the institution is the safest way to spot, discourage and avoid fraud and financial crimes. Forensic auditors try to establish internal control systems and monitoring to ensure proper implementation.
Educate Executives And The General Public
It is part of the duty and responsibility of forensic auditors to continually educate the public. Information on what to do to prevent and discourage fraud must be propagated by forensic accountants.
Forensic accountants require a bachelor’s degree in any field, along with 24 credit hours in accounting. Many professionals who specialize in this field work in accounting firms, law firms, insurance companies, as well as banks, but there are many other corporate environments to explore. A master’s degree would further improve the chances of better career opportunities.The legal framework can expand markets and value to potential employers by both experience and specialization. Current trends indicate that this field has great potential for continued long-term profitability and growth.
Governments around the world are focused on fighting against corruption and terrorism, and business units will still need expert advice to protect their interests and their shareholders.Our business industry and globally threatened economy has to be protected from fraud which is the reason why a Forensic Accountant holds such a crucial position in an organization.