subject: Forensic Accountant: Evolving Roles Of Accountants In Current Market [print this page] Until late 1980s the role of an accountant is limited to tax, auditing, compilation of financial statements and other relevant statements, etc. The role of this professional was also limited to civil procedures only. However, certain recent changes in the money laundering laws have resulted in involvement of this professional in criminal cases too. For example- case between USA versus James F. Connor and James A. Geisler.
Forensic accountants are people who have bachelors degree in accountancy. He also possesses the patience to handle large volume of data with good interpersonal skills. He also possesses knowledge of law and court procedures. These professionals are used as expert witness in court procedures. These people not only probe financial statements of business but also bank statements and credit statements.
The Association of Certified Fraud Examiners offers the Certified Fraud Examiner (CFE) license to this type of professionals. These professionals are used in a variety if cases- matrimonial issues, personal injury, insurance claim, Intellectual Property related issues, etc.
A forensic accountant is able to provide an insight in matters related to money. However, many legal professionals often feel reluctant to work with one. This may be due to several reasons. One aspect is the cost of involving a forensic accountant. Another aspect is no prior work experience in working with a forensic accountant.
In this regard it would be important to talk about the geographical location of the accountant. It hardly matters where the forensic accountant is located. As the data that is going to be analyzed is in digital form and sometimes in paper.
After deciding on whom to engage as a certified forensic accountant, it is important to discuss certain important matters with him. This includes the following facilities-
Discuss budgetary constrains
Discuss the main facts of the case and hand over some key documents for his study
When a law firm is contacting a forensic accountant, spokesperson of the law firm on behalf of their client should be identified. This will remove chaos and chances of miscommunication.
A certified forensic accountant may result in considerable strengthening of you case and weakening the position of others. Many organizations keep forensic accounts on their payrolls. According to a 2009 estimate the average salary of a forensic accountant is about $74000.However, their job roles necessitate them to work independently and travel as and when required.
In case you are a plaintiff or you are a defendant in monetary case. It is important to discuss with your lawyer on whether to involve a certified forensic accountant.
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