What a Forensic Accountant does (A complete guide to forensic accounting)

Have you ever watched the Klan show CSI the forensic scientist flashlights in hand comes  every inch of the murder scene two clues well forensic accountants do the same kind of work  but in the financial rules we investigate allegations of fraud forensic accountants  are quite often considered accounting pathologists our our job is to come in  and tell the story of how the crime happened the incriminating evidence comes from bank  statements and Ledger’s why because the numbers tell the story in this video.

I’m  going to explain what a forensic accountant.

Does how to become a forensic accountant  what you need to consider when selecting a forensic accountant and discuss the risk  in dabbling what you learn in this video you will be able to use straight away so let’s go you every transaction is a potential clip on a case I worked a big company suspected  one of its executives of embezzling money but didn’t have the proof from investigating the  company’s travel and entertainment expenses it was easy for the fraudster to hide a few small  transactions especially since the tickets were for a destination where the company does business but  the company did not do business at Christmastime and tickets weren’t purchased for five people  they were usually purchased for one and staff aren’t allowed to travel on the same plate for  disaster risk mitigation purposes to confirm that.

I was on to something I turned to social media between Facebook Instagram and Twitter.

I was able to review the most lavish breathtaking and  captivating holiday pictures posted by the wife and son I mean this was the real lifestyles of the  rich and famous in fact they both had tagged their dad the executive in the pictures this process led  me to the real story people leave bread crumbs everywhere no matter how sophisticated the crime  take the Bernie Madoff investigation by the federal government in 2009 for example what’s  so interesting about Madoff is how simple it really was simple considering.

That Madoff had  been successfully running a massive Ponzi scheme for twenty years he’d stolen billions of dollars  with clients whose investments he was managing everything was fake and none of the transactions  that he claims to have done were real but his firm backdated fake stock trades to make them look real  and then kept track of the fraud on posters but was those little post-it notes that really helped  the investigators figure out everything that was going on in recent years financial scandals like  Madoff Ponzi scheme have shown how important trained experienced financial investigators  really are.

In the era of globalization big data and deregulation there’s a lot of temptation to  make a fast buck or take advantage of consumers trust for a bigger payday and to make it worse  there is a global shortage of forensic accountants this is key to take note of for any of you looking  for a career to fight corruption and to keep matters fair there is an ever-growing need  for forensic accountants who can find analyze and communicate fraud and deception to the authorities  business owners company executives.

The media and to the public however it’s not all fraud  and deception granted that’s the exciting stuff but forensic accountants have a role in all sorts  of financial business and legal settings but you’ll have to watch my other videos for me to  get tuned to that so here’s a quick plug for you to subscribe to my youtube channel uncover fraud  let’s talk a bit about the forensic accounting Job Description forensic accountants go through a  three step process discovery finding the evidence when there is a suspicion of wrongdoing analysis  examining the evidence to figure out who did what.

To whom and how and reporting this is where the  storytelling comes in laying out the evidence for clarity and explaining every aspect of the  case in detail the responsibilities of a forensic accountant include preparing at findings with.

The  understanding that our research will probably be used in court either in a civil suit or criminal  prosecution a forensic accountant will provide litigation support and this can entail calculating  the economic damage for example when somebody violates a written contract in addition he or she  will provide what is referred to as investigative account this can involve assignments related to  insurance or securities fraud wrongdoing related to kickbacks employee theft and more a forensic  accountant needs to possess all the skills to conduct in-depth examinations of complex  financial records and accounts.

And he or she must be available to communicate with other members.

Of the legal investigation team.

To keep them up to date as developments occur a major part of the forensic accountant job description is the ability to effectively convey financial information in a manner that is appropriate for court room setting explaining complex situations.

In a simple to understand manner is key having life experiences to pull from to draw analogies having great communication skills really makes the difference a lot of what forensic accountants do is the same thing investigators detectives and the police have done always look for clues establish patterns.

And find motivation but computer technology has transformed the business.

And  along with it transforms financial crime of course it’s also transformed a financial investigation  a strong forensic accountant will have strong skills in data collection data analytics and  data visualization as blockchain technology impacts accounting data skills may become the  most important aspect of forensic accounting as a forensic accountant you’ll find yourself  conducting audits the first type forensic audits examine a company’s finances for signs of fraud  cover-ups or just plain incompetence an example of this would be the analysis of rent payment  receipts compared to unit occupancy if there are more units occupied than rent collected  there may be a problem.

I hope that makes sense remember internal audits are reports that have been prepared by companies.

Own auditing team to review their financial protocol operations and  procedures external audits are those performed by an outside source to provide credibility and  authority to the legal assertions being made in many cases the culmination of the forensic  accountants investigation will be a summary of findings breaking down complex financial  transactions into simple language to understand let me tell you some other interesting stuff  forensic accountants must be knowledgeable with various computer software programs these are a  must Microsoft Word Excel and PowerPoint for the purposes of gathering analyzing information those.

Are just the basics use a couple of works books and look into programs like ASAP utilities and  you’ll become a guru in no time ethics plays a large role in forensic accounting and experts  need to display a high level of personal integrity while conducting their work there are colleagues  around the world offering programs that specialize in forensic accounting the most recognized global  certification is the Certified Fraud examiner issued by the Association of Certified Fraud  examiner’s students learn theory on planning a forensic engagement gathering information  forensic interview protocols creating reports.

And providing court testimony experience in general accounting and auditing is key as they will need to disentangle complex embezzlement schemes detect money laundering and find hidden assets forensic accountants can find employment.

Working in law enforcement insurance companies’ private companies.

And even government agencies  also there are forensic accounting jobs to be had in banks financial houses and investment firms the  highest paid jobs are generally found working for the SEC or after forensic accountants have  advanced to higher levels of upper management this field is expected to grow by 10 percent between  2016 and 2026 according to the Bureau of Labor Statistics and experts believe that the average  wage could rise from 80,000 to 85,000 by the end of this decade people who already have degrees in  accounting can easily qualify for a higher wage by completing the coursework.

To receive their financial forensics credentials yes forensic accounting.

Is extremely exciting and sometimes it can be hard to leave a job at the office as fraud continues to grow more opportunity for new forensic accountants is the natural evolution my name is David Malan to find out more about me and the services we offer, please visit uncover fraud, as well if you’re interested in becoming.

A forensic accountant please subscribe to my YouTube channel there are articles and fraud videos regularly being published that will help you throughout your career thank you.

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