Decade ago, when we started Certified Forensic Accounting Certification, we faced this question very often. What salary can a forensic auditor draw ? or How much money can a certified forensic auditor make investigating frauds? Then, we had no clue. But as the days went by, the profession evolved.
In 2009, Our research was published in Hindustan Times. Additionally, in this research we first estimated the salaries of forensic accountants. It was a gross estimate of the salary in those days.
Now, Salary depends on the role of a professional in organisation. Roles vary somewhat based on the position and employer, but most of the forensic auditors use their forensic auditing and accounting expertise to help prevent, detect and prosecute the financial crimes.
The aspiring forensic auditors can choose this field as it is an exciting career option in the diversified cluster of industries and as well as the public sector agencies. Let us understand the package of forensic auditor’s salary.
What skills forensic auditors have ?
The forensic auditor often enjoys the varied responsibilities and duties assigned to him. He is generally detailed oriented and ethical. Depending on their position, employer and context, these professionals may gather as well as analyze the data, provide security consulting to the clients. The forensic auditor is mainly appointed to investigate in the fraud that has taken place as well as to find the evidence of proof of the investigation.
The job of forensic auditor is a very detailed oriented. The scope of forensic accounting and forensic audit is increasing day by day. The recent times have proposed opportunities for individuals to rise to power and cash their fortunes through multiple means.
The movement of these enormous sums against their services has been possible thanks to the advanced banking facilities. However, these transactions still pose a significant threat of tax fraud, embezzlement, and false claims over resources, and cyber-attacks.
The rising cause of concern has led to coming up with several safety measures that promise greater security for these processes.
People have introduced programs and software to fend off cyber attacks from hackers and ensure that a clear trail of the money gets presented at every step of the transaction. It enables the banks to avoid scams and to satisfy the clients regarding the protection of their assets.
Now days the business ecosystems are becoming complex due to the rising number of business investigations, frauds that are taking place in the business. The need for transparency and the accountability is crucial and the demand for forensic accounting is increasing day by day. So forensic accounting or auditing is looked as a career option as it is flourishing day by day.
Salary of forensic auditor is increasing
In last one decade, after our research on salaries, the salaries of Certified members are growing significantly. Today, some of our members draw eight figure salaries.However, that is not the trend, they are simply exceptional.
Now, every accounting firm in the country has forensic accounting departments. Within these sections, there may be sub-differentiation, for instance, some forensic accounting experts may specialize in insurance applications, personal injury declarations, and fraudulence, construction or royalty audits.
For starting your career as a Forensic Auditor you must first have a relevant experience of around 2-3 years so that he or she will have somewhat basic knowledge about the forensic audit domain.
The starting package for a forensic auditor offered with the relevant experience is Rs. 5 Lakhs per annum in India. Internationally, the country that provides a higher salary are mostly developed nations like the United States, Singapore, etc. Entry-level forensic accountants usually hold an accounting or criminal justice bachelor’s degree with a specialization in forensic accounting.
Some positions require professional certifications or master’s degrees, as well. Forensic accountants or auditors may be finance graduates and pursue forensic accounting credentials such as Certified Forensic Accounting Professional (CFAP). As the forensic accounting goes mainstream, the need for specialized forensic accountants Stock Market Fraud, Certified Anti Money Laundering Expert (CAME).
As the process in every organization is technology driven, almost every organization has its Risk Assurance Department. This department works hand in hand with the third party forensic auditors. In short, where there is a chance of accounting or auditing fraud there the forensic auditor comes in limelight.
Why CFAP is important?
The employers not only recognize experience but also qualification. Such qualification design to provide deep knowledge in accounting and investigation. All the candidates who hold CFAP also need to comply with the code of ethics. Code of Conduct is primary assurance of integrity of a CFAP. It helps in maintaining the quality of the work. By becoming a forensic auditor one will require a deep education in accounting and investigation skill higher than any auditor or accountant.
Conclusion
There is immense future in forensic accounting and auditing as a distinct “specialized area” consulting. The rising level of financial irregularities that are taking place, the requirement for forensic auditors is bound to significantly step up in the recent times. As well as there is a scarcity of qualified and experienced forensic auditing skill sets in India, it makes it a prized and valuable career option to pursue.