Forensic Accounting in Practice
Running Head Page 1
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 know are: Accounting, Auditing, Investigative, Evidence gathering, and Problem solving skills.[ The skills needed for Forensic Accounting,] by: Michelle Hickman.
The Forensic Accountant investigates white collar crimes such as fraud, incorrect financial reporting, and illegal investment schemes. Forensic accounting is probably the fastest growing area of accounting today. “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. Forensic accounting is the specialty practice area accountancy that utilizes accounting, auditing, and investigative skills to assist in legal matters. It encompasses- litigation support, investigation and dispute resolution.
Litigation support represents the factual presentation of economic issues relating to existing or pending litigation. In this capacity, forensic accountants quantify damages sustained by parties involved in legal disputes and can assist in resolving disputes, even before they reach the courtroom. If a dispute reaches the courtroom, the forensic accountant may testify as an expert witness. Investigation is the act of determining whether criminal matters such as employee theft, securities fraud( including falsification of financial statements), identity theft, and
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 know are: Accounting, Auditing, Investigative, Evidence gathering, and Problem solving skills.[ The skills needed for Forensic Accounting,] by: Michelle Hickman.
The Forensic Accountant investigates white collar crimes such as fraud, incorrect financial reporting, and illegal investment schemes. Forensic accounting is probably the fastest growing area of accounting today. “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. Forensic accounting is the specialty practice area accountancy that utilizes accounting, auditing, and investigative skills to assist in legal matters. It encompasses- litigation support, investigation and dispute resolution.
Litigation support represents the factual presentation of economic issues relating to existing or pending litigation. In this capacity, forensic accountants quantify damages sustained by parties involved in legal disputes and can assist in resolving disputes, even before they reach the courtroom. If a dispute reaches the courtroom, the forensic accountant may testify as an expert witness. Investigation is the act of determining whether criminal matters such as employee theft, securities fraud( including falsification of financial statements), identity theft, and