Forensic Accounting in Practice - 1443 Words

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†¦show more content†¦More importantly, they help put together and implement systems and controls to prevent internal or external fraud from happening again.[Forensic Accounting: Kessler Internet]. Running Head: Forensic Accounting In Practice Page 4 Accounting professionals do important responsibilities beyond preparing financial statements. In a more critical role, they help managers interpret the statements by comparing data about the firm’s current activities to those for previous periods and to results posted by other companies in the industry. Fraud, by its very nature, is hidden in the accounting systems of organizations and therefore a forensic accountant is usually required to unravel the transaction history and reveal what has actually occurred. As part of this, the forensic accountant is often called upon to quantify the value of the loss experienced by an organization or individual. Any lost funds are traced from bank account to bank account to identify where the money( or assets ) being overstated by false accounting in the financial statements and records. The forensic accountant’s role is therefore to understand the accounting records and show the true nature of the transactions being recorded. Simila rly, forensic accountants are a key part in the investigationShow MoreRelatedForensic Accounting and Your Organization1185 Words   |  5 PagesForensic Accounting and Your Organization 1 Running Head: FORENSIC ACCOUNTING: WHAT IT CAN DO FOR YOUR ORGANIZATION Forensic Accounting: What It Can Do For Your Organization Kira Bailey Dr. Harper BUS 520 Strayer University Charleston, SC Forensic Accounting and Your Organization 2 ABSTRACT Forensic accounting is the application of financial skills and an investigative mentality to unresolved issues, conducted within the context of the rules of evidenceRead MoreForensic Accounting1628 Words   |  7 PagesFORENSIC ACCOUNTING MORE THAN JUST NUMBERS The field of accounting is no longer just for those who enjoy crunching numbers. Preparing financial statements, internal auditing, and tax accounting are only the tip of the iceberg. 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