Forensic Accounting - fancy becoming the Sherlock Holmes of accountancy?
Did you know that there are over 5m reported incidents of fraud per year? And that experts believe that only 20% of fraud cases are reported?
As part of our series on different career paths within accountancy we are looking at an unusual accounting career path - forensic accounting.
What is forensic accounting?
Forensic accounting is the process of investigating and analysing fraud and other financial misrepresentation. Forensic accountants work with lawyers to prosecute criminals such as those funding illegal activities, and with insurance companies and other clients to help resolve disputes.
Forensic accountants are trained to look beyond the numbers and instead deal with the realities of a situation. This helps them to identify criminal activities, such as money laundering and the illegal sales of banned or dangerous products and services.
A forensic accountant must be familiar with legal concepts and procedures as they often have to communicate financial information clearly and concisely in the courtroom.
What type of work does this involve?
Forensic accountants will spend much of their time analysing, interpreting, summarising and then presenting complex financial and business related issues. This might include:
Investigating and analysing financial evidence
Developing applications and programmes to aid analysis of data
Preparing complex information in an easy to understand manner
Communicating findings in the form of reports or exhibits
Assisting in legal proceedings (e.g. testifying in court, preparing visual aids and supporting trial evidence, acting as an expert advisor)
Why work in forensic accounting?
Forensic accountants will have the opportunity to work on a diverse set of projects, which could include everything from looking into the misappropriation of government funds to investigating money laundering or the funding of terrorism.
In addition to a wide variety of work, forensic accountants have the satisfaction of helping to ensure justice and helping to bring criminals to account.
Would forensic accounting suit me?
A career in forensic accounting would suit an individual that:
Has great attention to detail
Loves to solve problems
Is a logical thinker
Has strong analytical skills
Has great interpersonal and communication skills
Understands and can apply legal concepts to a situation