Forensic accounting is the practice of utilizing accounting auditing and investigative skills to assist in legal matters to obtain an accurate result to establish the accountability for administrative proceeding. You may be wondering, why study forensic accounting?
Well, here are the five reasons:
- Our current economic crisis has left many companies to face serious financial issues that may lead to bankruptcy. Hence, these companies have been forced to stoop down to the lowest level to save their company by committing frauds and swindles. This makes such a job an important one that increases in demand each year.
- Internal audit in the company could not throw light on the different fact and other hidden aspects of the corporate fraud. They are hardly in a position to initiate proper action at proper time due to their lack of forensic accounting skills.
- Forensic accounting is a new and very exciting study. This change the perspective of the world on accounting study, which has been a theoretically dull field in itself.
- If you are ambitious, fast, observant, creative and diligent, Forensic accounting is definitely a dream job and a great investment. Using computer technology, creative thinking, and careful inspection of financial records; the hidden proof of the crimes can be discovered.
- You will always be equipped with the latest computer software and gadgets. Forensic accounting heavily relies on computer software and generalized audit software to aid in the detection and investigation of fraud and white-collar crimes. Also, investigative tools such as data mining, link analysis software and case management software and the use of the Internet are the essential skills as well.
In conclusion, forensic accounting has been stereotyped as a boring and uninteresting job which has been proved to be wrong. There are many reasons which show to be benefits when it comes to studying forensic accounting. Not only will you be rewarded with a stable job, you would also look forward to going to work everyday
