As a forensic accountant, you have the opportunity to work within the criminal justice system and take on a specialized role. Your work is both interesting and crucial to the legal process, as the discoveries and assessments you provide on the witness stand can greatly impact the outcome of a criminal case. However, being an impartial and joint expert witness is not the only way to contribute as a forensic accountant. Consulting is another avenue where you can apply your forensic accounting skills.
As a forensic accountant consultant, you have the ability to:
- Conduct thorough investigations and document findings in financial disputes, including divorce, inheritance, contracts, and business fraud.
- Assist in the preparation of proof-of-loss reports for insurance companies.
- Facilitate communication with senior leaders, board members, and law enforcement in addressing suspected financial abuse cases.
- Reconstruct and analyze disputed business transactions using available financial information, including receipts and tax returns.
The following is a list of benefits to hiring you for your invaluable skill set in investigating monetary matters and financial abuses.
Expertise and time
Lawyers often have to analyze an enormous amount of information when they prepare their clients’ defense or evaluate the possibility of negotiating a settlement. In cases involving financial matters, such as tax evasion, fraud, or divorce, they may require your expertise to investigate the intricacies of complex financial issues that they may not have the necessary knowledge or time to tackle themselves.
Fresh eyes and a new perspective
In complex cases, law enforcement or legal representatives may require an additional perspective to review the same information that they or another accountant have already examined. You can assist in reassessing numbers, identifying issues, and avoiding the accidental tunnel vision that can arise during investigations. Two minds are better than one when scrutinizing and evaluating intricate financial transactions and discrepancies.
Verification
You may need to review someone else’s work to determine if another expert acted accurately, fairly, and impartially. You may need to verify that previous investigators have done their due diligence and left no stone unturned.
Options
With your abilities, fresh perspective, and unique insight, you may identify options and strategies that legal counsel can pursue with their clients. Sometimes, the truth you discover may not portray the party that your attorney represents in a positive light. In such cases, that person may have put themselves in a precarious financial and legal situation. In these situations, legal counsel may seek your assistance in considering and proposing theories and settlement options for their client.
If you are interested in forensic accounting, it is a great time to start pursuing this career path. After obtaining a high school diploma or GED, the next step is to earn a four-year undergraduate degree. You can then complete the steps for CPA licensure and finally earn certification in forensic or fraud accounting.
CPAs who are pursuing a career in forensic accounting must stay updated with continuing education courses in accounting, in addition to gaining work experience and internships. Joining an accounting society, such as The Ohio Society of CPAs (OSCPA), for Ohio accountants can be a highly beneficial and enjoyable way to enhance your knowledge and skills.
source: https://ohiocpa.com/getinvolved/news/2023/07/26/benefits-of-a-forensic-accountant-consultant
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