Forensic Accounting is emerging as the new career option for those who are looking to find some excitement in the commerce stream. It is emerging as the career option available to commerce and management students to get into relatively new professional domain of Forensic Accounting.
Career Path of forensic accountant
Forensic Accountants are the experienced auditors, accountants, and investigators of legal and financial documents that are hired to look into possible suspicions of fraudulent activity within a company; or are hired by a company who may just want to prevent fraudulent activities from occurring.
In law matters accounting, auditing and investigative skills used for forensic accounting. In this branch of accounting mainly financial records of a client or firm who trapped in a legal matter is verified and evaluated. There are three main sections – litigation, investigation and solution the dispute. The professionals in these fields are called Forensic accountants. They use professional accounting, law, finance and investigation related techniques to evaluate the validity of any activity. Forensic Accountants are the experienced auditors who protect the accounts of an organization and stop any type of fraud.
Education as forensic accountant
For Certified Forensic Accountant it is necessary to be a student from a recognized institution/university, should have three years professional experience and has passed Certified Forensic Accounting Professional (CFAP) Exams of Indiaforensic Center of Studies with minimum 75% of marks.
But if the student is not experienced and have completed graduation from the recognized university then he needs to clear the entrance exam of certification program which is also known as foundation course on forensic accounting. Foundation course is the first step to move on the career path of forensic accountant.
To walk on the career path of forensic accountant, the main courses are Foundation Course on Forensic Accounting and Fraud Detection, Certified Forensic Accounting Professional, Certified Anti-Money Laundering Expert, Certified Bank Forensic Accounting, Certified Stock Market Forensic Accountant and Certified Insurance Forensic Accountant.
Services offered by forensic accountants
Forensic Accountants render different services which includes due diligence, asset tracing, Financial data analysis, analysis of financial evidence, digital forensic, report writing, testifying as an expert witness in the court of laws,
eliciting other experts’ assistance, damage assessment, Forensic intelligence gathering and Business valuation etc. These services are explained in a separate article on role of forensic accountants.
Forensic Accountants can work in Big Accounting Firms where most of the works are related to the investigation of the merger and sequestration, to participate in specialized audit and other legal assistance, to investigate about the economic crime, tax and even investigate about the terrorist.
These professionals have to fulfill their role in the matters of divorce, matter of trade carelessness, investigation of claims and personal injury. These professionals can work with Non –profit organization (Includes government and law implementation agencies), the in States and with those persons who need Forensic accounting services.