| If you are looking for a high profile job that is also | | | | The work of a traditional accountant centers on error |
| regarded as a lucrative career option you can give | | | | detection, rectifying those errors and preventing such |
| Forensic Accounting a serious thought. It is definitely | | | | errors in future. However forensic accounting and |
| going to offer you an interesting job profile with a high | | | | fraud investigation covers a wide area which includes: |
| pay package as well as stability. The job profile will be | | | | • Money laundering |
| quite similar to that of a private investigator the only | | | | • Property damage |
| difference being your focus area limited to financial | | | | • Business purchases |
| matters. | | | | • Divorce asset evaluation |
| Forensic accounting is no way as monotonous as | | | | • Lost profits due to misuse and illegal |
| traditional accounting or auditing. It involves crimes and | | | | activities |
| legal matters like identity theft, financial fraud, insurance | | | | • Tax avoidance |
| fraud and so on. Therefore forensic accounting | | | | Job Role of Forensic Accountant |
| becomes an exciting job. You need to scrutinize and | | | | The job of a forensic accountant is so interesting |
| investigate the entire situation going beyond general | | | | because it blends the knowledge and skill of an auditor |
| statistics. The job demands a holistic approach and the | | | | and the intellect and observation power of an |
| forensic accountant need to analyze the situation like a | | | | investigator. In order to become a forensic accountant |
| detective. | | | | you need to have the following skills. |
| Difference between Traditional Accounting & | | | | • Intelligence |
| Forensic Accounting | | | | • Good Analyzing capability |
| It is true that traditional accounting and forensic | | | | • Good observation power |
| accounting share some similar characteristics but that | | | | • Exposure to law |
| is only on a basic level. If you take a close look you will | | | | • In depth knowledge of finance |
| see that there are lots of differences in the required | | | | • Expertise in audit |
| skill set, the work procedure followed and obviously | | | | • Understanding of applied psychology |
| the role-played. | | | | As a forensic accountant your first duty is to analyze |
| The work of forensic accountants is not limited to | | | | the matter. You will have to make complex financial |
| preparing audit report. They need to deal with various | | | | matters understandable to non-accounting people. If |
| situations. While traditional accounts review financial | | | | you think there is any misrepresentation of the financial |
| transactions, forensic accountants are expected to | | | | data you will have to use standard analytical tools to |
| recognize financial fraud and scrutinize on that. In fact | | | | detect the fraud, make a report of your findings, help |
| as a financial account you should offer plans to | | | | the legal proceeding to solve the issue and finally take |
| eradicate the risk of theft and fraud. | | | | measures to prevent such frauds in future. |