Home - 2019 - December

Month: December 2019

Making the Best Use of Forensic Accountant

Posted on December 2, 2019 in Uncategorized

Accountancy is not the only competency that a Forensic Accountant requires, he or she must also be an accomplished presenter. Their use is in explaining complex accounting issues to the judge and jury within a court situation. These explanations will be in the form of formal evidence which might be given as a report or orally.

Often called expert witnesses, a forensic expert will usually work in two different areas. This is the financial investigation work preceding a trial and the actual hearing in court. The Expert Accountant is also an experienced fraud investigator.

Putting together investigation expertise with accountancy knowledge, they will inspect all aspects of the finances and business dealings of an assignment they are given. This could be in a number of different areas:

1. A divorce where one side has attempted to hide marital assets often requires a tracing or valuation exercise. The Forensic Accountant might be asked to trace assets that a husband has concealed or value a family business so that both parties can take their proper share.

2. A personal injury could involve the Forensic Accountant calculating how much a victim would have earned but for an accident – for the purposes of quantifying compensation payable by an insurance company.

3. A supplier might have defaulted on a contract and the claimant might ask the Forensic Accountant to calculate the resulting loss of profits.

4. A company might wish to sack an employee who has been defrauding their business – and need a forensic accountant to quantify and trace the losses.

5. In a criminal fraud trial the prosecution might want the Forensic Accountant to explain to the court how the fraudster was able to steal the money – or on the other hand the criminal might want to attempt to mitigate his own position by undermining the charges against him!

For many people, the thought of pages and pages of bank statements and other financial information is very daunting. A fraud can quite easily involve transactions between hundreds of different bank accounts. It is the Forensic Accountant’s job to distil this information to a simple form, such as a succinct table or a few lines of explanation within a report.

To simplify accounting information in this way it would be very easy for a Forensic Accountant to hoodwink the court, which is the reason why both sides will usually employ their own experts. This is unlikely when the best experts must be accredited by respected institutes, have extensive verifiable experience and be recommended by high ranking officials.

To get the best out of such an expert it is a good idea to bring them in at the outset of any financial dispute. Sometimes it is possible to prevent one or both sides from barking up the wrong tree and expending substantial costs in doing so.

Once the matter reaches the formal jurisdiction of the court, the Forensic Accountant’s other skills will be called into play. Sometimes the expert witness will be interrogated by the opposition barister to find any flaws in their opinion. Sometimes where this is not possible the barrister will seek to undermine the expert’s credibility by forceful questioning. Not only must the expert be able to respond in a way that assists the court to understand the complex issues, they must also withstand the barrage of sometimes unreasonable questions that are intended to weaken and even intimidate the expert.

Online Forensic Accounting Degree

Posted on December 1, 2019 in Uncategorized

Are You Considering Studying For A Forensic Accounting Degree Online?

There are some people who might be unfamiliar with the term, forensic accounting. As you may know, the bulk of accounting deals with creating accurate financial records of business activities and preparing detailed statements related to these business dealings. The term forensic refers to investigation in a legal manner. In other words, forensic accounting combines traditional accounting concepts with fraud investigation and prevention, money laundering, valuation and other criminal investigations. What you may not know, is that this is one of the hottest growth areas for employment in the accounting field right now and is expected to continue to expand over the next few years.

How about earning a forensic accounting degree the new high tech online way? Due to the growth and increased sophistication of the internet, colleges have been able to change the way they interact with their students. You do not have to go to brick and mortar schools anymore to earn a degree. In fact, most online programs do not require any physical time in a classroom. There now are many totally online programs for those who wish to take advantage of this flexible way to ‘attend’ college. You may at times be required to go to a local testing center or find someone to monitor your exams, but even this is flexible!

In the case of an online forensic accounting degree, you can save a lot of time, energy and money by attending classes at virtual colleges and universities. If you are highly motivated and feel confident or at least are willing to learn how to study online, then you can opt for online learning courses instead. Some students combine physical classroom and online studying to customize their education by allowing them a degree of flexibility and also allowing them to take special courses at other schools that can count toward their degree.

It is a convenient and very efficient way to get an advanced education. This new way to earn a certificate or degree allows you to easily study online at your own pace and at convenient times. You no longer have to worry about rushing home from work to attend your classes. The internet even gives you a chance to study at your office during your lunch or other free time. Individuals who are currently working or are busy with children at home are still able to study online on a part-time basis. There are forensic accounting programs of all types from two year and certificate programs to four year and beyond, including MBA level programs.

In simple words, if you are a good student that is able to develop great skills, you can anticipate finding an exciting position that pays well even right after graduation. To help you find the ideal forensic accounting position to start your career, many online schools have employment centers and contacts with various companies both large and small. They can work with you to arrange for an interview with one of these companies and many offer additional job placement and career guidance services. Get as much as information as possible about the best online schools before making your choice and signing up. Select the online forensic accounting school that suits you, your time and budget. An exciting career is waiting for you, check it out today!