Forensics has largely been associated with crime investigation and has sometimes been the crucial factor in solving mysteries related to unsolved crime reports. But in the current scenario the field of forensics has been associated with investigation done in innumerable fields related to law and order, medicine, banking, and some other fields. Fraud and scams has become common in every field and forensic investigations have assisted in a big way to solve these complicated issues. In recent times forensic accounting has become an important part of corporate operations, particularly banking activities. Most companies are involved in a great deal of complicated banking practices.
The functioning of the banking industry is different from most of the other industries. Forensic accountant helps in taking care of the books, records and monetary aspects of banks. Banking deals with money at all levels so there are always cases of irregularities which can be intentional or unintentional. Forensic accounting offers several benefits in banking-related activities to expose problems and in confirming correctness and factual depiction of procedures. It performs special testing and analytical and investigative procedures to find out abnormalities that are often missed out by normal banking audit measures.
In addition to acquaintance with accounting and auditing principles forensic accounting also requires the aptitude to work on investigation and lawsuits to analyze all illegal financial activity and support in litigation procedures. An accountant ascertains that companies’ records are correct, taxes are paid and the companies are working proficiently. A forensic accountant has the expertise in merging legal and investigative knowledge with accounting and finance. The Association of Certified Fraud Examiners holds that the requirement for accountants in the forensic field is increasingly on the rise owing to the alertness and unacceptability of deceitful activities. The duties performed by the accountant are collecting vital information and preparing reports and reviews for the clients. It checks for the integrity and accuracy of the financial data and provides all types of assistance in court proceedings.
Investigation related to insurance claims, fraud, tax crimes, or money laundering are the basic cases around which the job of forensics in the financial sector revolves. They play a significant role in ensuring that financial transactions are done legally and justly. The jobs for these professionals are available in most large, private corporations, as well as different levels of government, banks, insurance companies, law firms, police forces, and more. Thus forensic accountants are in great demand in any organization that needs financial inspection.
These professionals are generally trained in law or general accounting to degree level and advanced into an auditing role at some large accountancy practice prior to specializing in the field of forensics. With growing rates of financial crimes like fraud, embezzlement, which are in the news headlines every day, it’s probable that the demand for capable forensic experts will continue to increase. The need for transparency and integrity in the financial sector has further enhanced the significance of these professionals.
Author’s Bio: Sachin is a freelance blogger who writes on different topics such as fashion, travel, technology, business, finance, gadgets. He’s published more than 500 articles about various topics.