Forensic Accounting is HOT!
Forensic Accounting is the fastest growing area of Accounting today!
What could be more exciting than having a career that is valued by society and that pays well? If you’re looking for a career that is both exciting and financially rewarding, consider becoming a forensic accounting professional.
Far from the humdrum stereotypical accountant your mind might have initially conjured, the forensic accounting professional is more private investigator with a financial sixth sense than the bookkeeper with a green eyeshade.
Did you know that the first actor to play the world’s most famous detective, Sherlock Holmes, was an accountant? It was only a matter of time, then, before detective work and accounting came together to form the super sleuth career now known as forensic accounting. So what is this profession that U.S. News & World Report recently designated as one of the twenty hot job tracks of the future?
Forensic accounting is the practice of utilizing accounting, auditing, and investigative skills to assist in legal matters. It encompasses three main areas – litigation support, investigation, and dispute resolution. 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 legal disputes and can assist in resolving disputes, even before they reach the courtroom. If a dispute reaches the courtroom, the forensic accountant may testify as an expert witness.
Private companies aren’t the only ones asking forensic accountants to hunt for wrongdoing. Government agencies like the FBI, the Internal Revenue Service, and the Bureau of Alcohol, Tobacco and Firearms have forensic accountants who investigate everything from money laundering and identity-theft-related fraud to arson for profit and tax evasion. Law firms often use forensic accountants to help divorcees uncover their exes’ hidden assets. Forensic accountants have uncovered instances of companies cooking the books to falsely inflate company profits, minimize losses or divert large amounts of money to company leaders.