Forensic accounting or Financial forensics is a special area of practice where results and disputes are differentiated.Forensic means “use in court law” which means forensic accounting is used in legal areas.
Government agencies have specialist forensic accountants, eventually forensic accountants often have to give expert evidence.
Forensic accounting apart from legal and criminal matters is also engaged with marital and family law where forensic accountants analyze the lifestyle for spousal support purposes determining income for child support etc.
FORENSIC ACCOUNTANT CAREER INFORMATION:
Forensic accountant is often retained to analyze, summarize financial and business related issues in a manner which is understandable.
Forensic accountants may be involved in:
- Developing computerized applications.
- Communicating their findings in the form of reports with documents.
- In legal proceedings.
Forensic accountants have a option to engage in insurance, police and government agencies. Forensic accountant must be familiar with legal concepts and he must also be able to guide evidence with intelligence.
To become a forensic accountant, a bachelor’s or master’s degree in forensic accounting is required. Additional education in criminal justice or law enforcement is a plus point.
Forensic accountant must at least have one to three years of accounting experience. Many accountants obtain this experience by working as a general accountant in any firm.
Forensic accountants must have following skills:
- Performs forensic research.
- Conducts forensic analysis.
- Prepares analytical data for litigation.
Financial accountant must have knowledge about white collar crime, money laundering, insurance telemarketing fraud, securities fraud, credit card frauds, GAAP or GAAS violation and computer applications etc.
Apart from, all the qualifications you must have ability to write reports and testifying it as an expert witness. You must also have inter-personal, verbal and written skills to handle the cases with authorities and legacy.
FORENSIC ACCOUNTANT SALARY:
According to Bureau of Labor statistics(BLS), the annual national income of a forensic accountant is $63,550.
For an experienced expert forensic accountant, the annual national income is in between $125,000 to $150,000.
For those who want this career, go for it! Its all yours!
But make sure you have understanding about commercial and basics of accounting.
You must have a proper ability of digging and detecting the evidence.
And also as a forensic accountant you must always be ready for traveling to far flung locations in order to begin a project.
-As they say,
“Attempt nothing beyond your strength”
So, if you have strength and you are all set to grasp it then go for it!!
The next upcoming Forensic doctor is you..