The forensics accounting department is one of the fastest growing areas of accounting today! As you would have assumed, this career path has little to no benefits and is often portrayed as a 9-5 job. When actually, it’s a career that is valued by society and comes with a good pay as well. How often do you get by a career that comes with both?

In addition to that, far from the humdrum stereotypic accountant your mind might have initially conjured, the forensic accounting professional is more of a private investigator with a financial sixth sense than the bookkeeper with a green eyeshade. Since the tragedy of September 11th, it is the forensic accountants that have been playing the major role in tracing terrorist around the world.

Forensic accounting is more than just paperwork, figures, calculators and solving equations. It’s much deeper than that, it involves looking beyond all those things and grasping the substance of situations. It’s more than accounting and detective work; it’s a combination that will be in demand for as long as human nature exists. The nature of their work gives one with such an occupation the experience of a lifetime and many different opportunities to discover different things each and every day. Who would want to pass off such an incredible job? Not only are you not tied down to one location and assignment, you get to travel and see the world along with the seriousness of your job.

Who would hire a forensic accountant? The answer is uncountable! As each company, firm and cooperate require the skills and talents they posses, you would have many job opportunities as a forensic accountant. They work in most major accounting firms and are a necessity for investigating mergers and acquisitions along with everything else.

In a nutshell, forensic accounting is an important job that is a lot exciting that you think. If you want to make a living with investigating and such, then don’t hesitate, take it up!

Fraud Investigations

The services of a forensic accountant are used to assist companies uncover financial fraud as well as identify and evaluate fraud risks. They are skilled at uncovering crimes such as bribery, money laundering, forgery and insider trading. A fraud investigation could result in the company taking legal action. In this event, the investigative accountant would be able to offer credible litigation support.

Commercial Dispute Resolution

Forensic accountants assist companies resolve financial issues in disputes. Examples of commercial disputes include breach of contract,
negligence, loss of profits, due diligence, merger and acquisition disputes as well as lending and negligence disputes. They can act for the claimant, defendant or as an independent expert witness. Their value lies in their ability to identify key issues and act as an objective facilitator in the dispute resolution process. If the matter is settled out of court, all parties concerned save time and money.

Business Valuations

The process of valuing a business accurately is a complex one. The accountant has the skills needed to conduct a detailed investigation of all areas of the businesses finances to uncover the true value. These include investigating the value of the assets, property, goodwill, profits, turnover as well as an analysis of the directors’ shareholdings. A business valuation is not only essential as part of the sale of the business. It could also be required when dealing with matters of bankruptcy, a shareholder dispute or as part of a criminal proceeding.

Divorce Proceedings

Dissolving a marriage financially can be a complex process, especially where one spouse has deliberately hidden assets. In such instances, the help of a forensic accountant can be invaluable. The forensic accountant reviews the financial information available to determine if it is accurate and reasonable. A thorough investigation is conducted to determine if there is any deferred income or hidden assets. One method is to compare expenditure versus reported income. If there is a business involved, the process can become even trickier. The forensic accountant can value the business accurately for purposes of fairly dissolving the party’s financial affairs.

As can be seen from the examples listed above, the services of these professionals extend beyond traditional accounting knowledge and experience. The forensic accountant combines knowledge of accounting with knowledge of effective investigative techniques and the litigation process to deliver a highly specialised service.