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Transcript of Forensic Accounting
& Christopher Wong Forensic Accounting Noun
The use of accounting skills to investigate fraud or embezzlement
and to analyze financial information for use in legal proceedings. (dictionary.com)
- The Cold Case or Law and Order of accounting
- Auditing and investigational skills for litigation support
- Litigation Support
- Investigative Accounting
History of Forensic Accounting What are Forensic Accountants? -Date back to 3300-3500 BC in ancient Eygpt
-The Peace makers of tribes
-Elmer Irey and Al Capone – First high-profiling Forensic Accountant
-Lindbergh baby kidnapping case Advantages of Forensic
Accounting -Forensic accounting has numerous benefits
- the most common benefit of forensic accounting is finding out if fraud is being committed either by employee or company
- The advantage of forensic accounting also include that it safeguards a company’s assets against fraud
- Forensic accounting can help prevent a fraud case from reaching a court room by resolving the issues before hand
- Another advantage of forensic accounting is that it helps reduce the “wasteful” spending done in a business
- Also one of the advantages of becoming a forensic accountant is that they are high in demand
- This is because of an expanding economy and a stricter auditing control
- Also an advantage of forensic accounting is making smart investing decisions because you can see if a company is committing fraud
- Also forensic accountants help companies decide if they want to give loan to a company by assessing the company and to see if it is a sensible decision
Disadvantages of Forensic
Accounting -Since forensic accountants don’t work for the company there is always a chance of the information leaking out and having a negative impact of the company’s reputation
-Another disadvantage includes that if there is negative activity involved in a business the individual may try to threaten the business for his safeguard and also this can attract negative attention to the company
-MONEY , MONEY , MONEY forensic accountants are extremely expensive to pay for and also thy use a lot of high end accounting software which have their own price
-Employees from the business feel that they are not trusted since they are being scrutinized by an outside party which builds issues within the business
How to become a Forensic
Accountant Job Demand - High Increasing Demand of Forensic Accountants
- Prevention of fraud and theft
-“ When” rather than “if”
- Lack of company regulation and procedures (GAAPS)
- Enron and WorldCom Scandals
- Global Frauds & International Frauds
- Technology makes theft easier
- Anonymous Hacker Group and Sandy Hook Elementary School
Job Opportunities Ability to find a secure job
- Private Practice to Criminal Justice
- Skills for accounting and litigation support
- Litigation definition
- To contest in legal proceedings
- Jobs task and situation vary every case
Executive Summary We are going to take a deep look into the professional career of a Forensic Accountant. We will educate and inform you everything about forensic accounting. In our presentation we will include everything from history, advantages, disadvantages, real life examples, job opportunity and even how to become a forensic accountant. We are going to take you on an adventure through an educational presentation about forensic accountants and how this can be the job you can pursue.
Presentation will include:
- What Are Forensic Accountants
- History on Forensic Accounting
- Advantages & Disadvantages of Forensic Accounting
- How to Become a Forensic Accountant
- Demand for Forensic Accounting
- Job Opportunities
- Real Life example of Forensic Accounting in Action
Types of Jobs Example of Forensic Accounting
During high school the following courses are recommended in general
- International Business
For your post secondary education
- you must complete a university degree in any subject that provides you with the right amount of business courses needed
-You need to be one of the following a CA, CGA or CMA Sole Proprietorship – Working for billion dollar Corporations
- Accounting Firms
- Insurance Companies & Banks
- Police Force, Law Agencies, FBI, CIA
Recent Example of Forensic Accounting - Nortel Incident
-Yesterday 3 former Nortel executives were found not guilty of fraud
-“The case focused on allegations that Nortel executives had altered accounting reserves to push the company back to profitability, in order to trigger more than $12-million in bonuses and share payments for themselves.”
-Accounting experts said the case is sure to be closely watched by others in the business community for the message it sends about where the line lies between fraud or acceptable use of discretion in accounting.
TIME TO PLAY JEOPARDY Work Cited "FBI — Forensic Accountants Follow the Money." FBI — Homepage. N.p., 1 Mar. 2012. Web. 30 Dec. 2012. <http://www.fbi.gov/news/stories/2012/march/forensic-accountants_030912>.
"Litigation Support & Forensic Accounting." Forensic Accounting Demystified. N.p., n.d. Web. 30 Dec. 2012. <http://www.forensicaccounting.com/three.htm#start
"Corporate Governance and the Forensic Accountant." NYSSCPA.ORG | The Web Site of the New York State Society of CPAs. N.p., n.d. Web. 30 Dec. 2012.
"And The Survey Says... Increasing Demand for Forensic Accounting - AICPA Insights." AICPA Insights. N.p., n.d. Web. 30 Dec. 2012. <http://blog.aicpa.org/2012/05/and-the-survey-says-increasing-demand-for-forensic-accounting.html#sthash.XNWj4JNH.dpbs>.
"Forensic Accounting FAQ's." Forensic Accounting Information. N.p., n.d. Web. 31 Dec. 2012. <http://www.forensic-accounting-information.com/forensic-accounting-faqs.htm>.