Pursuing a career in forensic accounting is like solving problems and puzzles by merging the essence of investigation and finances. As a professional forensic accountant, you will be responsible for reading between the lines and exposing hidden assets, fraud, financial wrongdoing, etc. Forensic accountants are also held accountable for analyzing tricky situations, assisting in litigation, and preparing reports- they are supposed to maintain their integrity and independence throughout the process.
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In this blog, we will explore more about this job role. Let’s delve deeper into their responsibilities, skills, and much more.
What Are the Types of Forensic Accounting?
There are different types of forensic auditing or forensic accounting; take a quick look at some of the pointers outlined below:
● Securities fraud
● Financial theft (employees or customers)
● Economic damages
● Bankruptcy
● Fraud or tax evasion
● M&A related lawsuits
● Professional negligence claims
● Corporate valuation disputes
● Privacy information
● Money laundering
● Divorce proceedings
What Sectors Need Forensic Accountants?
One of the most challenging jobs in finance, a forensic accountant mostly works in these given areas:
● Law Firms
As mentioned earlier, forensic accountants often get involved in criminal or civil litigation- they either work as staff members or on a contract basis. In this particular area, forensic accountants are asked to deal with financial damages or any other wrongdoing evidence.
● Government
Forensic accountants work in several government agencies such as Drug Enforcement Agency (DEA), Federal Bureau of Investigation, etc. Apart from that, various other local and state authorities collaborate with forensic accountants to expose and investigate security threats and criminal activities.
● Risk Consulting
Forensic accountants are risk management consultants who are responsible for reducing potential losses and protecting the financial interests of large or small firms. Companies take financial advice from a forensic accountant, thus keeping their finances safe and secure.
● Financial Institutions
Insurance companies, banks and other accounting firms rely on forensic accountants to a great extent. In insurance companies and banks, these professionals review documents, assess insurance claims, identify and detect non-compliance with laws or fraud.
What Are the Responsibilities of a Forensic Accountant?
Forensic accountants get hired for different kinds of engagements- they are responsible for dealing with a plethora of roles and responsibilities:
● Due Diligence Contracts
Forensic accountants take regulatory, legal and ethical factors into account to crosscheck contractual agreements of different parties. Apart from that, they identify signs of financial abuse and fraud, thus taking severe actions.
● Bookkeeping Investigations
Forensic accountants go through accounting transactions and records with an aim to come across unethical actions such as embezzlement, kickbacks, frauds and other wrongdoings.
● Trial Testimony
These account professionals often act as expert witnesses in trial testimonies. They are quite aware of the court environment and settings.
● Litigation Support
In litigation support, the forensic accountants support civil or criminal cases by collecting financial information and offering documents for trials, hearing sessions and arbitration.
● Insurance Claim Investigations
Insurance claim investigations involve legal documentations and financial records- a forensic accountant needs to work in collaboration in such cases.
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