Well, here are the five reasons:

• Our current economic crisis has left many companies to face serious financial issues that may lead to bankruptcy. Hence, these companies have been forced to stoop down to the lowest level to save their company by committing frauds and swindles. This makes such a job an important one that increases in demand each year.
• Internal audit in the company could not throw light on the different fact and other hidden aspects of the corporate fraud. They are hardly in a position to initiate proper action at proper time due to their lack of forensic accounting skills.
• Forensic accounting is a new and very exciting study. This change the perspective of the world on accounting study, which has been a theoretically dull field in itself.
• If you are ambitious, fast, observant, creative and diligent, Forensic accounting is definitely a dream job and a great investment. Using computer technology, creative thinking, and careful inspection of financial records; the hidden proof of the crimes can be discovered.
• You will always be equipped with the latest computer software and gadgets. Forensic accounting heavily relies on computer software and generalized audit software to aid in the detection and investigation of fraud and white-collar crimes. Also, investigative tools such as data mining, link analysis software and case management software and the use of the Internet are the essential skills as well.

In conclusion, forensic accounting has been stereotyped as a boring and uninteresting job which has been proved to be wrong. There are many reasons which show to be benefits when it comes to studying forensic accounting. Not only will you be rewarded with a stable job, you would also look forward to going to work everyday

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Here are some tips and advice on forensic accounting for those who are interested to get involved:

1. Avoid yourself from getting involved in any scandal by improving your internal controls

In today business world, there are many business owners who allocate budget to hire forensic accountants to assist them in analyzing their existing business practices and processes, making recommendations for improvement, helping them to minimize fraudulent activities in the company. As a result, as a forensic accountant, you must always provide your service in a professional and effective manner.

2. Equip yourself with good public speaking skill and effective presentation skill

A forensic accountant sometimes needs to provide assistance in legal proceeding, including testifying in court as an expert witness. Therefore, a forensic accountant must have good public speaking skills and they must have full exposure in doing presentation.

3. Always find opportunities to upgrade yourself with necessary skills and knowledge

Forensic accountants should always upgrade themselves by attending extra academic courses, trainings, seminars and forums in the related field to make themselves more marketable in this specific field.

4. Forensic accountants have to possess multiple skills by combining the skills required as professional record keeper, a paralegal and an investigator.

Forensic accounting requires one to possess the ability to interpret facts, analyze data, think logically and he or she must have the sensitivity of figures. A capable forensic accountant must possess the personal characteristics as follows – calm, curious, persistent, organized, confident, creative, fair, strict, determined, and so on and so forth.

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More and more people are looking forward to being an accountants as this profession is highly valued by the society and it is well paid. To be a qualified and certified accountant, you need to get yourself the academic qualifications. To get the academic qualifications, it is not necessary for you to attend face to face lectures daily. You may still work as a full timer and study online. It is not kidding!

You can get yourself an online accounting course at your home sweet home by using a step by step approach as below:

Firstly, do some research online to get detailed information about this particular field of study and find out how prospective a forensic accounting is. Then make sure you have fulfilled the basic entry requirements of the accredited online universities. After you have decided to pursue the course, work hard on it to obtain a public recognized online bachelor business degree in accounting or finance from any of the universities who offer online degree program, either locally or internationally recognized within certain duration.

After completing the degree program, combine the knowledge learned and your related working experience to obtain a CPA (Certified Public Account) license. Then you should proceed to obtain a forensic accounting certification, i.e. Forensic Examiner Diplomat or Certified Fraud Examiner (CFE) designation. The purpose of obtaining the certification is to ensure you have sufficient professional qualification to get promotion in the future.

It is not difficult to apply for the above mentioned professional certification as there are many online forensic accounting degree programs offered by the accredited universities have integrated CPA and CPE credits. They have offered many specialized topics such as prevention and deterrence of fraud, fraud examination, investigation techniques, and so on and so forth.

Besides that, there is another alternative in pursuing forensic accounting. You may opt to pursue Master Degree in accounting, major in forensic accounting. It means you may obtain a master degree which specialized in forensic accounting at the same time.

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What are the CPA requirements?

A Bachelors Degree in accounting and are generally expected to have CPA (Certified Public Accountant) certification. It is also beneficial to become a CFE (Certified Fraud Examiner) or a CrFA (Certified Forensic Accountant). It is always better to study at the forensic accounting accredited schools.

How much is the pay for a forensic accountant?

Most forensic accountants begin their career making between $30,000 and $60,000 annually and at the highest levels, particularly in the private sector, forensic accountants can command $125,000 and $150,000 annually after a few years of experience in the field.

What are the required skills?

In addition to strong financial accounting analytical abilities and legal knowledge forensic accountants need to be able to identify ‘potential’ financial and accounting fraud and any misbehaves fast and accurate when the data is analyzed. They should also possess strong written and verbal communication skills to convince to the relevant parties. Forensic accountants must have remarkable curiosity, scepticism, attention to detail, persistence, and the ability to think creatively with sound business judgment.

They must also have the skills of both a private investigator and an accountant whom has the analytical abilities and research skills from your financial experience, including knowledge of accounting procedures and practices (proper and improper).

Places of work

Anywhere investigative accounting is needed. This ranges from private corporations or firms that help specific companies deal with suspected (or known) fraud and misappropriation to government organizations like police departments, the FBI or the CIA. Forensic accountants also frequently work for public accounting firms, banks, the IRS, insurance companies and law firms. If you do an Internet search, you’ll find article after article worrying that the demand for Forensic Accountants far surpasses the current supply.

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Forensics Accounting consists of three main areas, for example, litigation support, investigation and dispute resolution. Litigation support involves the factual presentation of financial issues related to existing or pending litigation. In such circumstances, the forensic accounting professionals are normally responsible to quantify the damages sustained by the parties involved in legal disputes before these cases are brought to the court.

Investigation comes in when criminal matters have occurred, such as falsification of financial statements, internal theft, securities fraud, insurance fraud, bribery, and so on and so forth. Further actions are taken after detailed investigation is conducted.

On the other hand, when a dispute has been brought to the court, the forensic accountant may act as an expert witness for the related matter. They will also be responsible for preparing necessary evidence. Forensic accountants are specialized accountants. They can also be called forensic auditors or investigative auditors.

They are specialized in investigating and interpreting white collar crimes which always relate to criminal financial transactions in the company, i.e. money laundering. Most of the time, they also get involved in investigating securities fraud, contract disputes and other illegal business activities such as bribery and embezzlement.

Forensic accountants utilize their knowledge in accounting and finance as well as company law and commercial law in their daily routine. They are also well equipped with all the updated business information, government legislation, financial reporting systems, accounting and auditing standards, and litigation processes and procedures when they are carrying out their task.

Furthermore, besides the required knowledge, it is essential for them to have two important skills, for example, investigative techniques as well as evidence gathering skills in performing their task.

Forensic accountants have played an important role in assisting the government as well as the public to detect accounting scandals and financial crimes caused by individuals, companies and organized crime networks. Unlike accountants and auditors, when forensic accountants conduct audits, they are actively looking for signs of fraud and they use their investigative skills to determine whether a business activity or a financial transaction is illegal.

Forensic accountants are part of the extension of the legal team and they are responsible for preparing and reviewing financial evidence. Their responsibilities are as follows:

• Investigating and analyzing financial evidence, especially in complex or potential criminal financial transactions
• Developing computerized applications to analyze, compare and interpret financial facts and figures
• Transforming their findings into reports to the related people for their financial decision
• Assisting in legal proceedings, including preparing supporting documents and acting as expert witnesses during trials

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