Overview Of Forensic Accounting Essay

3002 words - 12 pages

Introduction
What is forensic accounting one might ask? It has been on the rise lately and has been talked about for years, but do people really know what it is. Well look no more; you came to the right place. This paper will discuss the ends and outs of forensic accounting. For example, the certifications required to become one, the history of forensic accounting and many different types of crimes that forensic accounts handle.
Forensic accounting is an investigative style of accounting used to verify whether a single or company has occupied with any illegal financial movement (Forensic Accounting Online, 2013). It is used to detect fraudulent activity such as false insurance claims, embezzlement, bribery, tax evasion, etc. Since forensic accounting has grown many companies now have departments specifically for forensic accounts to work. Forensic accounting consists of two areas, litigation and investigation. The litigation support part of a forensic accountant's job involves figuring out the amount lost by parties in a legal dispute while the investigation area of the profession involves combining the abilities of both accountants and detectives (Winters, 2008). This will be discussed more about later in the paper.
History
If it wasn’t for criminals laundering money and shady mob bosses, forensic accounting would not be as popular as it is now. Forensic is derived from the Latin word forensis meaning “related to the courts”. Forensic accounting has been around for many decades. It originated in the 19th century and was used to detect tax evasion amongst businesses that attempted to hide earnings in bank accounts in multiple states. Nowadays, forensic accounting is happening more often because of the increase of fraud, use of technology and other illegal activities. In today's society, increased technology has given people the ability to commit fraud on a huge scale and get away with it fairly easily (Winters, 2008). More criminals are now using computers and cell phones to store illegal activities and hide them from others. Also, since forensic accounting is so similar to the Federal Bureau of Investigation (FBI) in helping to solve crimes and protecting people, both parties decided that it would be in their best interest to work with each other. The FBI works to put criminal behind bars and forensic accounts work to testify against them.
Certifications
Certifications applicable to the forensic accounting profession include: Certified Public Accountant (CPA), Masters of Business Administration (MBA), Certified Valuation Analyst (CVA), and Certified Fraud Examiner (CFE).
The Certified Public Accountant (CPA) license is the premier certification for accountants. There are requirements that must be fulfilled before a CPA license is awarded to an applicant. Requirements vary depending on which state the candidate submits their application in. A majority of states require the applicant to have at minimum 150 college credit hours. Typically...

Find Another Essay On Overview of Forensic Accounting

Policies and Procedures for Science and Technology

2347 words - 9 pages from time consumption. The authors of the policy and procedure should take accountability, for the contents written, and should be referred to accordingly. In addition, for accurate references, the policy and procedures should be updated annually because challenges in investigations and court can change and vary in every case. Works Cited Cherry, K. (2010). An Overview of Forensic Psychology. Retrieved July 2, 2010, from, http

Forensic anthropology Essay

638 words - 3 pages someone my chosen career path. Despite intentionally choosing a unique career it frustrates me to have to explain what forensic anthropology is over and over again. It is this frustration that lead me to decide to write my final paper on it. I am going to give an overview of forensic anthropology in order to explain the different aspects of that career as well as explore the topic for my own benefit. What it is: Simply put, forensic anthropology is

Forensic Psychology Literature Review

1779 words - 7 pages ), 201-201-204,105-106. Perri, F., & Lichtenwald, T. (2009). WHEN WORLDS COLLIDE: Criminal investigative analysis, forensic psychology, and the timothy masters case. Forensic Examiner, 18(2), 52-52-69. Quinsey, V. (2009). Are we there yet? stasis and progress in forensic psychology. Canadian Psychology, 50(1), 15-15-21. Roesch, R., & Rogers, B. (2011). The cambridge handbook of forensic psychology. Canadian Psychology, 52(3), 242-242-243. Spellman, B., & Busey, T. (2010). EMERGING TRENDS IN PSYCHOLOGY AND LAW RESEARCH: An editorial overview. Psychonomic Bulletin & Review, 17(2), 141-141-2.

Using Forensic Science to Identify Criminals

2234 words - 9 pages corporations, in order to detect individuals, who may be engaged in white collar crime. Forensic accounting is "a discipline that deals with the relation and application of financial facts to legal problems" ("Forensic," 1996: 11). Due to their investigative and financial experience, forensic accountants are often needed in the investigation of fraud such as "credit card fraud, false financial statements, false invoices, manipulation of cheques, and phantom

Choosing Accounting as a career.

1253 words - 5 pages range of accounting, auditing, tax, and consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals. Some public accountants specialize in forensic accounting, investigating and interpreting white collar crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, such as money laundering by organized

Accounting Procedures

810 words - 3 pages With the large scandals involving misrepresentations of financial records recently, such as Enron, there is a need for investigations beyond the accounting auditor capabilities. A look at the different qualifications of a forensic accountant or more specifically a fraud auditor will show that this position would fill those needs. This paper will look at what a fraud auditor does and how it is different than what a regular auditor does. It will

What It Takes to Work in Forensic Psychology

768 words - 4 pages comprehension. "Forensic Psychology Careers." How To Become A Forensic Psychologist. Knowledge Solutions LLC, n.d. Web. 30 Sept. 2013. . This website contains an in depth overview of the duties of a forensic psychologists and their necessity as well the education requirements for the field. Super, Charles M., and Donald E. Super. Opportunities in Psychology Careers. Chicago, IL

Accounting Career Resorces

1794 words - 7 pages managerial accounting, cost accounting, and financial accounting. Certified Public Accountants handle a variety of jobs and task. They can offer tax income tax preparation and advise to range of clients including individuals, small businesses, and corporations. Some might choose to work as a forensic accountant to investigate accounting fraud that requires reviewing accounting reports, records and systems to expose any evidence of criminal activities

Becoming a CPA

1422 words - 6 pages form environmental compliance audits and systems and procedures audits to handling claims and disputes.  Forensic Accounting- looks beyond the face value of accounting records to determine if fraud has been committed. Also known as an investigative accountant or fraud auditor, the forensic accountant searches for evidence of criminal conduct or assists in the determination of claimed damages.  Personal

Psychologists and Forensic Assesment

3619 words - 14 pages Forensic Assessment Forensic Assessments are conducted by psychologists (mental health professionals) for a variety of reason; when a decision needs to be made based on a legal question, of competency, insanity, custody, etc. (Heilbrun, Grisso, & Goldstein, 2009). Psychologists are also present to provide services that are helpful to a case in making things clearer and in helping to determine if someone has a mental illness or a disorder for

Becoming a CPA (Certified Public Accountant).

1285 words - 5 pages financial officers for Fortune 500 companies and advisors to small neighborhood businesses. They work for large and small public accounting firms. They are well-respected strategic business advisors and decision-makers. They act as consultants on many issues, including taxes and accounting.To become a Certified Public Accountant (CPA) you need to meet the requirements of the state or jurisdiction in which you wish to practice. These requirements

Similar Essays

Foensic Accounting Essay

881 words - 4 pages Foensic Accounting Corporations are often the victims of the most common white-collar crimes that occur in corporate America. According to the Association of Certified Fraud Examiners (cfenet.com), “abuse and fraud by employees cost U.S. organizations more than $400 billion annually…[which equals] $9 per employee per day.” These statistics show the corporate need for forensic accountants, there also is an immense demand for these

Forensic Accounting Essay

2314 words - 9 pages Forensic Accounting When I hear the word ‘Forensic’ the idea and image of a homicide investigation in which evidence gathered is analyzed at a laboratory to determine ‘who done it’. Shows like CSI, Bones, Law and Order depicts the forensic aspect in their broadcast. Being a registered nurse, another thought comes to mind when hearing the term ‘forensic’. I like to watch Dr. G medical examiner on the Discovery channel. That is a reality

Forensic Accounting In Today's Society Essay

1388 words - 6 pages Forensic Accounting in Today?s Society Accounting in general has become a major part of the world in terms of business and economic growth. Almost every person in the world will need to use some kind of accounting in his or her lifetime. The language of accounting is universal unlike law, medicine, politics, etc. There are many divisions in the field of accounting, and each different sector is responsible for a specific aspect of accounting

Skills Of A Forensic Accoutant Essay

3322 words - 13 pages business operations. To begin with, we define forensic accounting as the specialty practice area of accountancy that designates engagements which result from real or anticipated disputes or litigation. The word Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work. Professionals working in this career of forensic accountanting have many