Primary Concentrations in Forensic Accounting
There are two main focuses in the field, so candidates need the required skills to excel in both areas.
Investigative accounting: It’s necessary for a forensic accountant to dig deep into the numbers and documents of a business whose practices are under scrutiny, as well as look at the atmosphere of the company. Often, these specialists will spend time onsite, collecting and assessing data. Much of the investigation will be executed via computer, so thorough computer skills and a high comfort level with software is important.
Litigation support: A forensic accountant must investigate all financial operations and prepare material with a view to using it in a litigation setting. This component of a forensics accountant’s job is to provide the evidentiary support needed to prove guilt in a case, including report preparation and insight into a company’s financial management. This material may be used by law enforcement agencies, prosecutors and parties to litigation. Many times, a forensic accountant must appear in court to testify or be present for depositions to discuss their findings.
Typical Forensic Accountant Employers
Part of the reason forensic accounting is a fast growing career is the wide array of potential employment prospects available.
Private Companies: Many forensic accountants are employed in the private sector, where businesses hire them to ensure compliance with regulations governing financial record-keeping and transactions.
Government Agencies: Federal and state governments also hire forensic accountants to make sure their operations comply with relevant laws.
Law Enforcement: The number of crimes related to financial transactions has experienced a boom in recent years, meaning that law enforcement needs support for these criminal investigations. These accountants analyze the paper trail to track and provide evidence to prosecute a violator.
CPA Firms Top the List
With the increase in financial crimes, more CPA firms are offering forensic accounting services to companies needing high level accounting skills. These specialists assist CPA firm clients with shareholder disputes, fraud investigations and negligence and employee theft cases.
Statistics also indicate that forensic accounting is a fast growing career among CPA firms. Of the top 100 agencies, over 40% have established a forensic accounting department. In addition, this position is predicted to be one of the top 20 job fields over the next few years. Both entry-level and experienced accountant salaries are quite lucrative and expected to rise, so the future looks bright in the industry.
Veriti Consulting LLC is a certified forensic accounting firm that provides professional investigation services across the U.S. Learn more about our forensic accounting services by calling 855.232.4410 or contact us via email.
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