Forensic accounting

1. What is Forensic Accounting?

1. What is Forensic Accounting?

• Forensic accounting is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation.

(Wikipedia, last modified July 19, 2015 23:42)

1. What is Forensic Accounting?

• Forensic accounting is a specialty practice area where accounting, auditing and investigative skills are used to analyze information that is suitable for use in a court of law.

(mdd.com, © 2014)

1. What is Forensic Accounting?

• Forensic Accounting encompasses both “Litigation Support” and “Investigative Accounting.”

2. What is Litigation Support?

2. What is Litigation Support?

• Litigation Support provides assistance of an accounting nature in a matter involving existing or pending litigation.  It deals primarily with issues related to the quantification of economic damages.

3. What is Investigative Accounting?

3. What is Investigative Accounting?

• Investigative Accounting is often associated with investigations of criminal matters.

4. What does a Forensic Accountant do?

4. What does a Forensic Accountant do?

• A Forensic Accountant is often retained to analyze, interpret, summarize and present complex financial and business related issues in a manner which is both understandable and properly supported.

4. What does a Forensic Accountant do?

A Forensic Accountant is often involved in the following:• Investigating and analyzing financial evidence;• Developing computerized applications to assist in the

analysis and presentation of financial evidence;• Communicating their findings in the form of reports,

exhibits and collections of documents; and• Assisting in legal proceedings, including testifying in court

as an expert witness and preparing visual aids to support trial evidence.

5. What types of assignments does a Forensic Accountant perform?

5. What types of assignments does a Forensic Accountant perform?

Detailed below are various areas in which a Forensic Accountant will often become involved.

• Criminal Investigations

• Shareholders' and Partnership Disputes

• Personal Injury Claims / Motor Vehicle Accidents

5. What types of assignments does a Forensic Accountant perform?

Detailed below are various areas in which a Forensic Accountant will often become involved.

• Business Interruption / Other Types of Insurance Claims

• Business/Employee Fraud Investigations

• Matrimonial Disputes

5. What types of assignments does a Forensic Accountant perform?

Detailed below are various areas in which a Forensic Accountant will often become involved.

• Business Economic Losses

• Professional Negligence

• Mediation and Arbitration

6. What would be a typical approach to a Forensic Accounting assignment?

6. What would be a typical approach to a Forensic Accounting assignment?

Generally, many Forensic Accounting assignments will include the steps detailed below:

1. Meet with the client

2. Perform a conflict check

3. Perform an initial investigation

4. Develop an Action Plan

6. What would be a typical approach to a Forensic Accounting assignment?

Generally, many Forensic Accounting assignments will include the steps detailed below:

5. Obtain the relevant evidence

6. Perform the analysis

7. Prepare the report

7. Who retains a Forensic Accountant?

7. Who retains a Forensic Accountant?

Forensic Accountants are often retained by the following groups:• Lawyers;• Police Forces;• Insurance Companies;• Government Regulatory Bodies and Agencies;• Banks;• Courts; and• Business Community.

8. What characteristics should a Forensic Accountant possess?

8. What characteristics should a Forensic Accountant possess?

• curiosity• persistence• detail-oriented• creativity• discretion

• skepticism• organization• confidence• sound professional

judgement

9. What qualifications do forensic accountants hold?

9. What qualifications do forensic accountants hold?

Most forensic accountants have a Bachelor’s degree in Accounting or a related field. They generally have at least one of the following designations:

9. What qualifications do forensic accountants hold?

• Certified Forensic Accountant (CFA)

• Chartered Accountant (CA)• Certified Public Accountant

(CPA)• Certified Management

Accountant (CMA)

• Certified Fraud Examiner (CFE)

• Certified Value Analyst (CVA)• Certified in Financial

Forensics (CFF)• Investigative & Forensic

Accountant (IFA).

10. How do I become a Forensic Accountant ?

10. How do I become a Forensic Accountant ?

• Chartered Professional Accountants of Canada (CPA Canada) in association with the American Institute of Certified Public Accountants (AICPA) now offers the Certified in Financial Forensics (CFF) credential to members of CPA Canada.

10. How do I become a Forensic Accountant ?

• An accountant can learn about Forensic Accounting by attending various seminars, courses and obtaining the Certified Fraud Examiner (CFE) designation offered by the Association of Certified Fraud Examiners.

10. How do I become a Forensic Accountant ?

• The Association of Certified Forensic Investigators of Canada offers a designation, Certified Forensic Investigator (CFI) to those who have passed its certification requirements.

11. How about the salary range of the profession?

11. How about the salary range of the profession?

• Forensic Accountants in the United States pull down an average of $65K annually.

• Including potential for bonuses and profit sharing — peaking near $10K and $5K, respectively — total cash payment to Forensic Accountants can bottom out near $42K or peak near $110K depending on individual performance.

Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 228

11. How about the salary range of the profession?

Above are compensation ranges for Forensic Accountants taken from the 2013/2014 Compensation Guide for Anti-Fraud Professionals:

12. Is Forensic Accounting degree available here in the Philippines?

12. Is Forensic Accounting degree available here in the Philippines?

• YES;• Bachelor of Science in Forensic Accounting• offered in University of the Cordilleras located in Baguio

City, Philippines.

12. Is Forensic Accounting degree available here in the Philippines?

• The program has a total of 201 units and can be finished within nine terms or three years.

• The BSFrA curriculum prepares the BSFrA graduate to pass the examinations for global certifications such as the Certified Forensic Accountant and the Certified Fraud Examiner.

12. Is Forensic Accounting degree available here in the Philippines?

Hint:• The tuition fee for the Bachelor program ranges from ₱

51,000 – ₱ 60,000 per year• Application for A/Y 2015 – 2016 is open until August 31,

2015.

REFERENCES:http://forensicaccounting.com/

http://mdd.com/what-is-forensic-accounting-2

https://en.wikipedia.org/wiki/Forensic_accounting

http://www.payscale.com/research/US/Job=Forensic_Accountant/Salary

http://www.uc-bcf.edu.ph/Programs/Department?College=coa&Course=BSFrA