Forensic Accounting Investigation For Solving The Cases Under Wraps
Forensic accounting investigation is all about in depth financial analysis and thorough understanding of legal system. Forensic accountants work closely with the lawyers to solve the puzzles surrounding fraud and criminal cases. They provide key evidence leading to convictions. They carefully trace back to where the problem initiated. They gather evidence from different sources such as books, computers, hard drives, and email correspondence. Forensic accounting investigation requires sound analytical skills, deductive reasoning skills, familiarity with legal procedures, excellent public speaking skills and good writing skills. They are accountable for convincing the jury about the authenticity of the evidence that they have gathered.
Back in 1931, forensic accounting played a major role in convicting Al Capone for tax evasion. You can witness the contribution of forensic accounting in exposing the Enron and WorldCom scandals.
Technological advancement has increased the demand for forensic accountants. The reason being, there has been a growing number of corporate frauds that have severely affected the income and savings of common people and the overall economy. The growing significance of forensic accounting investigation has not only made this a popular profession, but is predicted to be among the top twenty in the coming years.
In the age of computers, fraud comes in various forms. Technology has made it easier for criminals to steal money without detection. Criminals use technology in their favor and wipe out millions of dollars to fill their pockets. Forensic accounting investigation demands advanced computer knowledge to extract evidence from computer systems. Nowadays, business owners hire forensic accounts to examine documents and computers on a regular basis. This is done to prevent serious problems from occurring. Forensic accountants find employment in police departments, law firms and governmental agencies such as Internal Revenue Service (IRS) and The Federal Bureau of Investigation (FBI).
Forensic accountants assist lawyers in divorce cases and in bankruptcy cases. Copywriting and patent infringement, insurance fraud, personal injury, and construction audits are some of the cases that forensic accountants are often called upon to investigate. They are hired by the police departments to gather evidence for prosecution that will be presented in court.
Forensic accountants can prevent business failures and save millions of dollars.