Forensic accounting is the application of accounting
principles, theories and discipline to facts or hypotheses at issue in a legal
dispute and encompasses every branch of accounting knowledge.The purpose of the
Forensic Accounting program is to prepare undergraduate students for careers in
the professions of forensic accounting and fraud examination and to serve the
profession and the community. If you are interested in forensic accounting
degrees or are looking for a forensic accounting program, consider enrolling in
College America's Bachelor of Science in Accounting program with a Forensic
Accounting emphasis.
Forensic accountants are the financial world's crime
watchdogs. Using sophisticated technology and accounting and auditing
procedures, they investigate white-collar crimes, help with the litigation of
contract disputes and bankruptcies, and navigate complicated and possibly
criminal transactions like money laundering. Additionally, forensic accounting
professionals may be called upon to act as witnesses in legal proceedings.
Forensic Accounting Degrees and Career Training
While there is no specific education or certification
requirement to set up shop as a forensic accountant, accounting degrees and
appropriate certification certainly increase your credibility and marketability
among employers. Ideally, a forensic accountant would possess:
· A bachelor's
degree with at least a minor in accounting and preferably a major in accounting
or forensic accounting. A master's in accounting and/or licensure as a
Certified Public Accountant is even better.
· Certified
Fraud Examiner or Certified Financial Forensic Accountant designation, obtained
by taking and passing either the CFE or CFFA exam. Candidates for the CFE must
have a bachelor's degree, two years of relevant experience, and the ability to
pass a four-part exam. Related work experience may, in some cases, be
substituted for the educational requirement.
· Membership
in the American College of Forensic Examiners or similar professional
association.
Employment Growth in Forensic Accounting
The corporate accounting scandals of recent years have led
to increasing scrutiny over corporations' financial reporting practices. This federal regulation
forces companies to strengthen their internal financial systems and reporting
accuracy, making them rely more on accounting professionals. Therefore,
opportunities for accountants in all specialties are projected to grow rapidly
in the coming years.
In particular, work opportunities in forensic accounting
will grow. Companies' increased focus on financial crimes such as embezzlement,
bribery, and fraud will definitely increase the demand for forensic accounting
professionals who have received specialized career training in how to address
and report such issues. Most accounting firms maintain separate forensic
accounting departments specializing in insurance claims, personal injury
claims, fraud, royalty issues, etc. Forensic accountants are also in high
demand on audit committees, insurance companies, banks, police forces, and
other government bodies.
Additionally, as companies continue to increase their
reliance on technology, there will be a greater demand for professionals
trained in monitoring and investigating technological security. A 2008 survey
of 1,400 chief financial officers found that of all the career training they'd
received--including finance, accounting, sales, marketing, and the
law--information technology surpassed all of these in importance in their
day-to-day work. For those who wish to pursue forensic accounting, accounting
degrees often provide excellent career training in the latest reporting
software and security programs, which should provide an edge in an employment
search.
Most accounting firms now have a department of forensic
accountants that are hired by government agencies, businesses and other
entities. Nobody wants to be caught in the middle of a corporate scandal these
days! The Enron scandal will forever change the landscape of corporate
accounting and audting. Forensic accountants are charged to constantly and
actively look for incidents of fraud and other white collar crimes amidst
financial transactions. If you are interested in crunching financial numbers,
auditing, investigating, providing evidence in legal cases and helping prevent
fraud then a forensic accounting degree may just be a good fit.
Certain universities and colleges offer forensic accounting
programs either at the certificate, Bachelors or Masters levels. You can also
take a Bachelor of Science/Commerce in Accounting with a specialization in
Forensic Accounting. With the availability of remote technology, many of these
institutions can offer online forensic accounting degree or diploma programs.
Completing an online program allows you to study at a time and place that
conveniently match your lifestyle. Depending on what level of education you
pursue, length of study varies from eight weeks for a certificate program to
four plus years for undergraduate/graduate degrees. As part of a forensic
accounting degree, you will complete courses that delve into areas such as
criminal justice, fraud prevention, white collar crime, criminal investigation,
forensic accounting procedures, computer forensics, auditing, interview
techniques, statistics and database management.
