In the coming year there will be an unprecedented demand for Forensic Accountants. Combining their accounting knowledge with investigative skills in various litigation support and investigative accounting settings, Forensic Accountants are the “CSI” of the accounting world. They are employed by public accounting firms’ forensic accounting divisions; consulting firms specializing in risk consulting and forensic accounting services; or by lawyers, law enforcement agencies, insurance companies, government organizations, and financial institutions.
A bachelor’s or master’s degree in forensic accounting, accounting, finance or a related field is required for Forensic Accountants. Additional education in criminal justice or law enforcement is a plus. Many companies encourage obtaining the Certified Fraud Examiner (CFE), Certified Public Accountant (CPA), and/or Chartered Accountant (CA) certifications.
Most forensic accounting positions require at least one to three years of accounting experience. Some job duties unique to forensic accountants include:
- Research to trace funds and identify assets for recovery
- Analysis of financial data
- Accounting reports from financial findings
- Data for litigation
Forensic accounting focuses on two main areas: litigation support and investigation. Litigation support involves the factual presentation of economic issues related to existing or pending litigation. In this role, the forensic accountant quantifies damages sustained by parties involved in legal disputes. If a dispute reaches the courtroom, the forensic accountant may testify as an expert witness.
Investigation is the act of determining whether criminal matters such as employee theft, securities fraud, identity theft, and insurance fraud have occurred. As part of the forensic accountant’s work, he or she may recommend actions to be taken to minimize future risk of loss. Investigation may also occur in civil matters. For example, the forensic accountant may search for hidden assets in divorce cases.
Forensic Accountants become involved in a wide range of investigations, spanning many different industries. The practical and in-depth analysis which a Forensic Accountant will bring to a case helps uncover trends that bring to light the relevant issues.
Revenue in forensic accounting in the United States is expected to grow $6.0 billion in 2017, according to IBISWorld. So, if you are looking for some excitement in your accounting career, consider Forensic Accounting.