Forensic Accountant

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Forensic Accountant

An accountant who uses investigative skills to determine the accuracy of a company's financial statements in a legal dispute. The word forensic means "suitable for a court of law." Thus, forensic accountants are used in fraud investigations, breach of contract disputes, and other disagreements that require court action. Forensic accountants are often retained by one or both parties in such disputes to bolster their cases.
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Given that forensic accountants handle evidence that is financial in nature, it's not surprising that a client would highly value the forensic accountant's analytical ability.
Membership at the Association of Certified Fraud Examiners has tripled in five years to 16,000, a third of them forensic accountants.
The skill set required by a forensic accountant differs from standard accountants primarily in three areas: much greater emphasis on quantitative analysis, effective oral and written communication, and the ability to interpret and summarize the information for a general audience.
One of the first actions of a forensic accountant who is instructed to investigate an allegation of fraudulent behaviour would be to take an image of the alleged perpetrator's computer, laptop and any other peripherals, for example a BlackBerry.
The scam was exposed when Anixter, 55, went into hospital and a suspicious new chief exec called in forensic accountants.
The amount of punitive damages would be decided by the jury later, following another brief court proceeding in which the plaintiff would hope to put on the witness stand forensic accountants and other financial experts to talk about Simpson's current and future net worth.
This comprehensive seven-month review was conducted by Juniper Networks' Audit Committee, which was assisted by both independent counsel and forensic accountants.
Following a temporary restraining order entered upon an ex parte application, signed on November 3, 2010, Arent Fox subsequently won a preliminary injunction against AAUG that, among other things, froze all of the company's financial accounts and other assets and required the insurer to pay for forensic accountants retained by ISS to inspect the company's books and records.
For a multitude of stakeholders and interested parties--including top executives and managers in Corporate America, auditing firms, forensic accountants, all manner of consultants, government regulators, Washington lobbyists, politicians, shareholders, lawyers, journalists, economists, the courts and even the general public--this remains a burning question.
The committee also discussed the use of forensic accountants by independent auditors and others to increase the effectiveness of financial statement audits and investigate accounting fraud.
99, Consideration of Fraud in a Financial Statement Audit, provides guidance that has the potential to improve audit quality in detecting material financial misstatements, additional guidance may be needed to assist forensic accountants, audit committees, financial statement audit teams and others who use the services of forensic accountants, the AICPA says.
In conducting the investigation, the Special Committee of outside directors, together with independent legal counsel and forensic accountants, reported that its final factual findings were largely consistent with earlier, interim factual findings reported to the Board.

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