Forensic Accounting : Job Prospects & Career Options

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In India, in the wake of the Satyam scam, demand for forensic accountants have gone up. There is an increase in the rate of white collar crimes, such as securities fraud and banking and investments embezzlement. As a result, the demand for professionals, who are experts in financial procedures and have strong analytical as well as investigative skills, is on the rise. Those who have completed a forensic accounting program will work anywhere investigative accounting is needed. Forensic Accounting firms are everywhere and will exist as long as human beings exist. Forensic Accountants work in most major accounting firms and are needed for investigating mergers and acquisitions, and in tax investigations, economic crime investigations, all kinds of civil litigation support, specialized audits, and even in terrorist investigations. A majority of cases which these professionals deal in are divorce disputes, business carelessness investigation claims, and personal injury claims.

Forensic Accountants work throughout the business world, ranging from private corporations or firms that help specific companies deal with suspected (or known) fraud and embezzlement to government organizations like police departments, the CBI (Central Bureau of Investigation), FBI or the CIA (Central Intelligence Agency), the Internal Revenue Service, and the Bureau of Alcohol, Tobacco and Firearms. Forensic accountants also frequently work for public accounting firms, banks, the IRS (Indian Revenue Service), insurance companies and law firms.

Law firms often use forensic accountants to help divorcees uncover their hidden assets. In public accounting firms forensic accountants investigate and interpret crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, including money laundering by organized criminals. Corporations hire forensic accountants to investigate allegations of fraud on the part of their employees, suppliers, or customers. In criminal investigations, forensic accountants analyze complex financial transactions such as those in stock market manipulations and price fixing schemes. They also help governments achieve compliance with various forms of regulation. The job of a forensic accountant demands reporting, where the accountability of the fraud is established and the report is considered as evidence in the court of law or in the administrative proceeding. Forensic accountants help uncover those companies cooking the books to falsely inflate company profits, minimize losses or divert large amounts of money to company leaders. They also provide litigation support to attorneys and law enforcement agencies investigating financial wrongdoing.