Forensic Accountant Job Description
An accountant makes sure that companies' records are accurate, taxes are paid and the companies are operating efficiently. Typically, an accountant specializes in different accounting fields, such as forensic accounting. A forensic accountant combines legal and investigative knowledge with accounting and finance expertise. According to the Association of Certified Fraud Examiners, ACFE, the demand for forensic accountants is rapidly increasing because of the growing intolerance of fraudulent activities.
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Forensic Accountant Definition
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A forensic accountant is someone who investigates and identifies illegal activities such as white-collar crimes in companies. The forensic accountant searches through records, financial transactions and accounts. A forensic accountant typically investigates different types of fraud, such as employee fraud, bankruptcy fraud, securities fraud, credit card fraud and procurement and contract fraud. He may also investigate money laundering, check kiting and embezzlement.
Types of Services
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A forensic accountant performs a variety of duties in addition to conducting investigations. The accountant compiles information, performs due diligence reviews and prepares reports for clients, According to the ACFE, the forensic accountant conducts analysis of financial data and evidence integrity. The accountant testifies as an expert witness in court proceedings.
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Qualifications
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Previous experience in careers such as law enforcement, bookkeeping, accounting and law helps a forensic accountant. You must be familiar with accounting and computer software packages. Personal qualifications like patience and objectivity help, too. Often, a forensic accountant takes months to complete investigations. Good written, oral and research skills are a plus. You must be detailed-oriented, able to interpret facts and figures and summarize results. A forensic accountant must meet qualifications such as credibility, professional skepticism, integrity, competence and judgment.
Education
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Although a bachelor's degree is sufficient, most employers prefer a forensic accountant with a master's degree in business administration or accounting, according to U.S. Bureau of Labor of Statistics (BLS). The accountant also needs certification as a certified public accountant or certified fraud examiner, according to ACFE.
Considerations
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According to the BLS, the median salary for accountants in 2008 was $59,430 a year. A forensic accountant may travel to multiple places such as an office or a client's organization to perform investigations. A forensic accountant usually works with law enforcement agencies, banks, corporations, non-profit organizations, individuals and attorneys. Usually, according to BLS, a forensic accountant works a standard 40 hours per week.
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References
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