Accounting CSI - The World of Forensic Accounting

What do you get when you combine accounting and auditing investigation? You get the exciting field of Forensic Accounting. The word forensic means "suitable for use in a court", and that is the high standard that Forensic Accountants are required to. Forensic Accounting provides accounting analysis that is suitable for a court of law and is used to solve both civil and criminal cases. Forensic accountants often provide expertise to the process.

What is a forensic accountant?

Forensic accounting encompasses three main areas: litigation support, investigation and resolution of disputes. Litigation support represents the factual presentation of economic issues related to existing or pending litigation. In this capacity, the forensic accounting professional quantifies damages sustained by parties involved in litigation and can help resolve disputes, even before reaching the courtroom. If a dispute reaches the courtroom, the forensic accountant may testify as an expert.

Investigation is the act of determining whether criminal matters such as employee theft, fraud, securities (including falsification of financial statements), identity theft and insurance fraud have occurred. As part of the forensic accounting work, he or she may recommend actions that can be taken to minimize the future risk of loss. Investigation may also occur in civil matters. For example, the forensic accountant may search for hidden assets in divorce cases.

Forensic accounting involves looking beyond the numbers and grasping the substance of situations. And 'more than simple accounting, and most of the basic investigative work. Because of its unique elements, it is a combination that will be required until the human nature exists. Who would not want a career that offers such stability, excitement, and the financial rewards?

Become a forensic accountant

The first step in becoming a forensic accountant is taken to earn a degree in accounting. This is a standard four-year degree available at most colleges and universities, and many now offer this degree as a distance learning on-line option.

Next, you must prepare and take the exam to become a Certified Public Accountant CPA. There are also training courses available online to help you easily pass the CPA exam.

Once you have earned your degree in Accounting and passed the CPA exam, you can start practicing as a Chartered Forensic. However, for the best foothold in the field (as well as the best salary) you could also consider graduate school. A Masters in Forensic Accounting is now available, both as a traditional degree and Masters as a Master of Business Administration with emphasis in Forensic Accounting. Earning a degree serves two purposes-that the more you train for field work, and also helps to meet the continuing education requirements, which are necessary to maintain your CPA status.

You will find that additional courses in areas such as law enforcement and criminal justice is usually required, and some legal training is helpful. In addition, you can pursue a accreditation as a certified fraud examiner (CFE) by the Association of Certified Fraud Examiners. This is a nationally recognized accreditation similar to the CPA designation.

Last but not least, you may also want to pursue the Chartered Forensic (CrFA) accreditation. While this may seem on the surface like a slam-dunk, in reality it is a fairly new and not all certified forensic accountant who has. As the industry continues to evolve, however, may become the standard.

Forensic Accounting Career Outlook and Salary

Accountants work in most of the major audit firms are required to investigate and mergers and acquisitions, and tax investigations, economic crime investigations, all types of civil litigation support, specialized audits, and even in terrorism investigations. Accountants work in the world of business, public accounting, business, and in all branches of government. Forensic accounting firms are everywhere.

If you do a search on the Internet, you will find article after article worrying that the demand for forensic accountants far outstrips the supply current. This translates into an expected growth in this field by almost 25% over the next ten years! It would be hard to find a career more stable and in-demand.

It is very likely to start earning between $ 30,000 and $ 40,000 a year, according to the Bureau of Labor Statistics. But after a few years of experience in the field, you can easily earn $ 70,000 to $ 80,000 a year. At the highest levels, particularly in the private sector, forensic accountants can command $ 125,000 to $ 150,000 per year.

Forensic accountants are professionals who use a unique blend of education and experience to apply accounting, control and investigative skills to uncover the truth, constitute legal advice and help in the investigation. If this sounds like you, consider a career in Forensic Accounting-you will not regret it! ......