The Importance Of Forensic Accounting
While assault, burglary, drug dealing and murder take the first seat on America’s top crime list, one is gaining awareness at an increasing rate-white collar crime. Enter in Forensic Accounting. Thanks to popular TV shows like CSI, Bones and Criminal Minds, when people hear the term “forensic” they often think of the forensics that’s involved in the investigations of crime scenes. While that is true, forensic really refers to any investigation methods or techniques that produce results that a court of law will accept as evidence. That is why forensic accounting is a great career option.
According to Kreuter (2017), “Forensic accounting is essentially litigation support involving accounting” (p. 6-8). Forensic accountants use their accounting skills to examine financial information and documents for use in legal cases to investigate fraud or embezzlement. The job requires technical skills in accounting, both investigative and legal. Forensic accounting is important because it represents the only truthful approach to gaining a deeper understanding on what exactly is going on behind the scenes of a business’s finances.
There are four main types of forensic accounting services. The first and most popular is criminal investigation services. A lot of people would assume that the auditor would perform fraud or criminal investigations, but
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This is also a popular service for forensic accountants. There are countless different ways to earn money; unfortunately, people sometimes find it easier to steal it. Fraud could start from the lower staff level to upper management and can involve anything from small cash to high value assets. To help uncover fraud, businesses, police, or even lawyers open up forensic accounting investigation cases. These cases can help to discover who the criminals are. Also, detail where or who they have stolen the money from, and where the money was spent or
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