How Is Fraud Dealt With By A Forensic Accountant?

Crime and fraud cause a huge financial impact on the world today

. The various agencies tasked with fighting the problem always seem to be restructuring, though it is doubtful that their results improve as a result. Forensic accountants are often used to assist with investigating cases. However, they are often the first to be cut back when funding resources are tight. This can often be a false economy.

Forensic accountants are accountants that have expanded their forensic accounting experience and skill base to include investigation, legal, criminal psychology and various other skills. In addition they will need a sharp and enquiring mind, a tenacious grip on any task faced and love the challenge of an intellectual quiz.

The skills and experience allow them to approach a complex financial problem, unpick the strands and drill down to whatever is happening behind the subterfuge established by the cunning fraudster. They are then able to pull this information together and present it in a succinct form to lay-persons who do not have financial skills.

A forensic accountant often must act as an expert accounting witness. He or she will be called to court or some other form of dispute forum in order to present opinions on financial irregularities surrounding frauds and financial crime. They must be able to present their points clearly, and withstand rigorous cross examination by opposing counsel. This needs a sharp brain and often a very thick hide!

Like in all professions, the better the expert the dearer are their services. However, sometimes a forensic accountant can be expensive mostly because he is employed by a large and prestigious firm. Parties may feel much better represented if an expert also comes with a high street "brand". Fortunately most courts will see through this and an expert forensic accountant must really be judged on his CV and track history.

Not all forensic accountants are the same. Some specialise in matrimonial disputes or personal injury claims. Some specialise in civil disputes involving contracts and loss of profits. Few forensic accounting experts focus purely on fraud and crime, but there are many mediocre practitioners that will have a go at any type of case. This can sometimes give the profession bad name, and anybody considering using the services of a forensic accountant should review past cases to see that there is sufficient experience available.

A good case for using forensic accounting experts more exists. The law enforcement agencies, government inspection agencies and tax authorities would all use forensic accountants if their budgets allowed. Unfortunately budgets are dwindling these days. This can mean that prosecutions and investigations might not be executed as well as they could be. The expense of using a forensic accountant is often lower than the apparently cheaper alternatives.

by: Mark Jenner

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