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Forensic Accountant: Investigator, Accountant - or Both?
March 21, 2005
By Kathy A. Johnson
kathy.johnson@business-programs.com
Business programs columnist
Forensic accountants combine investigative and accounting skills into a career that is more like a private investigator than a bookkeeper.
What is Forensic Accounting?
U.S. organizations lost an estimated $660 billion to fraud in 2003, according to a report published by the Association of Certified Fraud Examiners (ACFE). Forensic accounting professionals combine accounting, auditing and investigative skills to expose fraud and reveal hidden assets in order to assist with legal matters. Forensic accountants investigate and analyze financial evidence, prepare reports and sometimes testify in court as expert witnesses.
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"Forensic accountants are trained to look beyond the numbers and deal with the business reality of the situation," said Alan Zysman, in "Forensic Accounting Demystified."
Who Uses a Forensic Accountant?
In addition to tracking down fraud, forensic accountants also investigate insurance claims, try to uncover hidden assets of divorcing couples, and even track the assets of terrorists. They work for law firms, insurance companies, and government agencies like the FBI or IRS (probably the most famous example of forensic accounting in action is the arrest of Al Capone on tax evasion charges).
How Do I Become a Forensic Accountant?
Though most forensic accountants have an accounting degree, to become experts they also must take specialized college-level courses. Many of these courses focus on auditing and fraud. Forensic accounting frequently requires the designation of CPA (Certified Public Accountant). In addition to formal education, persistence, creativity, and good judgment and instincts are invaluable.
If you're interested in using your financial knowledge to resolve legal issues, why not investigate a career in the challenging field of forensic accounting?
Sources
- Forensic Accountants Society of North America
http://www.fasna.org
- National Association of Forensic Accountants (NAFA):
http://www.nafanet.com
- http://www.forensicaccounting.com/home.html
About the Author
Kathy A. Johnson is a freelance writer and editor based in Florida. She has worked as a writer and editor for several publications, writing articles on a wide variety of topics. She and her husband owned and operated an insurance and financial services company for 13 years.
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