Forensic accounting.docx

Forensic accounting.docx - Financial Forensics the future...

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Financial Forensics - the future of Audit Introduction: Accounting today has progressed from what it used to be several years ago. Today, we can find many new branches and trends in accounting and finance such as Green Accounting, cloud accounting etc. Financial forensics is a special branch of accounting that combines accounting, auditing and investigation. Financial forensics is also known as forensic accountancy and forensic accounting. Forensic accountants or professionals are generally referred to as financial or forensic auditors or investigative auditors more precisely because of the investigative knowledge and analytical ability a Forensic accountant/auditor has to possess. Today most of the large accounting firms, accounting departments and government agencies make use of forensic accounting and have specialist forensic accounting departments. Forensic accountants assist Courts, governments and other such law enforcement agencies or statutory authorities in solving crimes by interpreting financial data and are mostly utilized to solve crimes that are either completely or partially financial in nature A financial forensic accountant may further specialize as: 1. An insurance claim forensic accountant. 2. fraud based forensic accountant. 3. money laundering forensic accountant. 4. Securities / tax fraud forensic accountant etc. History: One can easily mistake forensic accounting to be a fairly new branch of accounting. However, it is surprising to note that there has been evidence to prove that forensic accounting was in place for several decades. Ancient archaeological findings in Egypt reveal that the Egyptians were very much involved in the prevention and detection of fraud; which happens to be one of the major objectives of financial forensics.
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