Foensic Accounting Essays - 874 Words

Foensic Accounting Corporations are often the victims of the most common white-collar crimes that occur in corporate America. According to the Association of Certified Fraud Examiners (cfenet.com), â€Å"abuse and fraud by employees cost U.S. organizations more than $400 billion annually†¦[which equals] $9 per employee per day.† These statistics show the corporate need for forensic accountants, there also is an immense demand for these specialized accountants in the private sector. For example a forensic accountant is used to â€Å"quantify economic loss† (askhal.com) in personal injury cases. Forensic accounting is â€Å" an accounting analysis that is suitable to the court, which will form the basis for discussion, debate and†¦show more content†¦A specialized accountant’s main duty is to â€Å"analyze, interpret, summarize, and present complex financial and business related issues in a manner that is both understandable and properly supported.† (Business Courier) They are commonly engaged in public practices, or in insurance companies, banks, police departments and other government agencies. Accountants must have a good deal of experience working with computers. They develop computer applications to assist the analysis and presentation of their findings. Due to the e-commerce explosion, a majority of financial records are now web-related. Forensic accountants often find themselves in court as experts in the field. Lawyers utilize accountants to assist in interpreting evidence at a trial. â€Å"A forensic accountant must be familiar with legal concepts and procedures, they must be able to identify substance over form.† (askhal.com) Forensic accountant’s role in investigations is to provide police and district attorneys with assistance. According to financialaccounting.com, accountants assist with the protection and recovery of assets, and coordinate people such as private investigators, forensic document examiners, and consulting engineers. Accountants also provide valuable insight into course of action for the chief investigators. Accountants are used to support attorneys in obtaining information to support or refute a claim. They also review the information available to make an initial assessment of