Forensic Accounting Essay - 1771 Words

Forensic Accounting in Practice: Forensic Accountants: Fraud Busters A forensic accountant is part investigator, part auditor, part attorney, and part accountant (Levanti, T.). Due to the increase in high-profile cases of companies and individuals, forensic accounting is a growing and popular field in the business and forensic subjects. A forensic accountant is someone who is often retained to analyze, interpret, summarize, interviews and present complex financial and business related issues in a manner that is both understandable and properly supported (Zysman, A.). Forensic accountants usually work in a public practice or are employed by insurance companies, banks, police or government agencies. They are to investigate and analyze any†¦show more content†¦Any discussions made between the lawyer and the consultant are protected by attorney work product privilege allowing both parties to freely exchange information without disclosure to the other side. However, if the consultant has been identified as an expert witness, only then is the work product privilege lifted and their work is discoverable to the opposing counsel (Elmore, D.R.). As an authority in the field, the forensic accountant is brought in during the discovery phase of litigation and begins by evaluating the facts of the case and determining whether a claim is valid. After examining the strengths and weaknesses of the case, the consultant can then advise on the most effective way to present these facts at trial. The forensic consultant is also on board to analyze the arguments made by the opposing attorneys and their expert witnesses and verify the amounts claimed (Elmore, D.R.). If the consultant specializes in damage evaluations, they can help determine within reason how much money the claimant is owed under any circumstances. For example, in a civil lawsuit stemming from a car accident, a forensic accountant can be used to assess the likely loss of past and future earnings asked for by the claimant. On the other side of the case, a consultant representing the insurance company can help determineShow MoreRelatedForensics Accounting : Kessler International1612 Words   |  7 Pagesleaders in forensics accounting and investigations. With its headquarters in New York City, the small company was able to grow. This firm is renowned in many countries around the world. Its dedicated accountants and analysists work very hard to catch people suspected of committing crimes involving money. Due to fraud and other forms of dishonest business behavior, Kessler International steps in to investigate. They offer a wide variety of services ranging from Forensic Accounting, Digital Forensics, IntellectualRead MoreForensic Accounting : The Energy Company Enron1765 Words   |  8 Pagesinvolved in one of the biggest corporate accounting scandals of the 21st century. The company had covered up large amounts of debt to make their financial statements look more appealing to investors; consequently, after the fraud was discovered, many people lost their investments and many employees lost their jobs, including the corporation’s CEOs. After the authorities had been alerted that illegal activities were possibly taking place within Enron, forensic accountants were brought in to determineRead MoreForensic Accounting1628 Words   |  7 PagesFORENSIC ACCOUNTING MORE THAN JUST NUMBERS The field of accounting is no longer just for those who enjoy crunching numbers. Preparing financial statements, internal auditing, and tax accounting are only the tip of the iceberg. In today s society of the money hungry, the sue happy, and the financially unfit, a new breed of accountant; the Forensic Accountant has emerged. Although Investigative Accounting has been around for years, it has only recently begun to transform into the scienceRead MoreForensic Accounting7273 Words   |  30 PagesManagerial Auditing Journal Emerald Article: Forensic accounting education: insights from academicians and certified fraud examiner practitioners Zabihollah Rezaee, E. James Burton Article information: To cite this document: Zabihollah Rezaee, E. James Burton, (1997),Forensic accounting education: insights from academicians and certified fraud examiner practitioners, Managerial Auditing Journal, Vol. 12 Iss: 9 pp. 479 - 489 Permanent link to this document: http://dx.doi.org/10.1108/02686909710185206Read MoreForensic Accounting1497 Words   |  6 Pagesprofessors from Rider College interviewed over 150 lawyers, Certified Public Accountants (CPAs) and accounting educators. The study identified sixteen skills needed by forensic accountants. According to the study, the five most important skills are analytical skills, basic accounting skills, problem solving skills, data analysis skills and interviewing skills (McMullen Sanchez, 2010). Forensic accountants need analytical skills because as they review financial reports and other source documentsRead MoreForensic Accounting1945 Words   |  8 Pagesï » ¿Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations. Style is a fraud. I always felt the Greeks were hiding behind their columns. Fraud in the financial community is consistently hidden in style. Since its beginnings in the great depression, to now, the great recession fraud has undoubtedly takingRead MoreForensic Accounting : A Relatively New Field1554 Words   |  7 PagesIntroduction While accounting has always been widely practiced, forensic accounting is a relatively new field. Forensic accounting is the use of accounting to extract information from financial documents to prove fraud or embezzlement in the court of law. It involves identifying, recording, and extracting financial data while using a variety of direct and indirect analysis methods. In recent years, the profession has gained attention for its role in stopping both terrorists and corporations fromRead MoreForensic Accounting : The Field Of Accounting1585 Words   |  7 PagesThe field of accounting goes deeper than the general business field and requires specialized actions. Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. This system can contain various steps, procedures, and processes that led you to your final results. Some of these various types of accounting include tax, managerial, financial, governmental, private, and forensic acco unting. So as you can see, even in this extremely specialized field youRead MoreForensic Accounting1872 Words   |  8 PagesAlverez makes Sonya to accept the offer because she needed the money. If Sonya accepts the offer by Carlito Alverez, there are potential that Sonya might against the code of ethics as tax practitioners and could be finalized on her wrong doings. FORENSIC APPROACH âž ¢ THE ENGGAGEMENT PROCESS Fraud investigation engagement process consist of six steps that the investor need to go through. In this case, Sonya Fuentez which is the IRS- enrolled agent, should go through this process before she decideRead MoreForensic Accounting in Practice1443 Words   |  6 Pages Forensic Accounting In Practice Ronald Wimberly-EL Bagher Fardanes, Ph.D, MPA Business 508 May 19,2013 Running Head: Forensic Accounting In Practice Page 2 The five most important skills a forensic accountant should