How to Become a Forensic Accountant: What You Need to Know
As incidents of white collar crimes continue to rise, security experts and law enforcement have taken sophisticated measures to facilitate proper investigation and prevention of fraud. One professional who is vital to this effort is the forensic accountant.
The term "forensic" is commonly associated with scenes of crimes, corpses, and pathology. However, the only similarity between forensic accounting and forensic pathology can be traced to the exclusive investigations done to unearth materials that are later used as evidence in court.
What is a forensic accountant?
A forensic accountant is a person mandated with the role of investigating and deterring fraud or misappropriation of an organization's property. Learning forensic accounting helps you gain useful skills for combating fraud in an organization.
Roles of a forensic accountant
Reporting an actual or potential fraud - a forensic accountant is the organization's whistleblower in matters related to financial misdeeds. He or she is, therefore, mandated always to look out for signs of fraud and report the same.
Detecting and preventing fraud - with skills in management, auditing, and information systems, forensic accountants are experts at detecting financial crimes. They can combat such offenses using the fraud triangle that consists of three elements:
- Pressure
- Rationalization
- Opportunity
Helping in legal proceedings - a forensic accountant can be called to testify as an expert witness in a court of law.
Potential Forensic Accounting paths
A forensic accountant is exposed to a wide variety of fields:
At the federal level - The federal government needs forensic accountants to help them work on their complex projects. The FBI, which operates under federal authority, works to fight crime, terrorism, and also needs foreign intelligence.
In the private sector - private corporations are the greatest beneficiaries of the forensic accounting skill, as they employ forensic accountants to reduce fraud. Here, forensic accountants are required to possess knowledge of bookkeeping, tax law, and financial accounting. They are also instrumental in investigating prospective companies that want to enter into a merger agreement.
Government agencies - almost all government agencies need forensic accountants to help them account for public funds. They are also expected to investigate money laundering and tax evasion in these agencies.
Courts - forensic accountants are trained to provide litigation support. They work with attorneys in dispute resolutions, ascertaining damages, and interpreting financial data in the courts.
Qualifications and certification of a forensic accountant
As you've noticed, the work of a forensic accountant can be complex. For one to be a full forensic accountant, he or she needs to earn a certificate in a specified forensics field, as well as a license in financial accounting.
A license in financial accounting can be acquired after completing a Certified Public Accountant (CPA) course. If you wish to go beyond the basic accounting positions in your profession, a CPA license is requisite. If you want to become a certified fraud examiner, there are various undergraduate and continuing education programs available.
With these credentials, you'll be among other professional forensic accountants who work hard to curb fraudulent deals in organizations and the government.
Qualities of a professional forensic accountant:
- Highly trained and experienced
- Tough and honest
- Sharp and able to see prospective implications in the financial fields
- Able to keep valuable information confidential
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How to Become a Forensic Accountant
To become a forensic accountant, you first have to learn accounting! If you're ready for the challenge, consider ECPI University. Through our year-round program, you can earn a Bachelor of Science Degree in Business Administration with a concentration in Accounting in just 2.5 years! Reach out to ECPI University today . . . it could be the Best Decision You Ever Make!
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