This is a brand new field that is in high demand. Due to the rise in corporate fraud, forensic accountant is required to recognise the components of fraud, the kind of fraud, quantify the fraudulent conduct, identify the parties involved, and present the evidence in court. There are several universities that provide specialised degrees in forensic accounting, but it should be quite apparent that one has to have a solid foundation in accounting.
Forensic accountants can assist in litigation support for a range of clients, including aggrieved parties, defendants, private companies, and local, state, and federal governments.
However, if you’re interested in forensic auditing, you can choose a course straight from any reputable university of your choice or from an online college that is linked with that institution.
When it comes to forensic accountant qualification in India, one must be a student at an accredited college or university, have three years of relevant work experience, and pass the certified forensic accounting professional (CFAP) exams administered by the India Forensic Center.
The American Institute of Certified Public Accountants administers the CPA exam and offers the certificate in financial forensics (CFF) designation. Candidates need a valid CPA license or certificate and to pass the CFF exam. The exam tests accountants’ core and specialized forensic knowledge. Topics covered include digital forensics and fraud prevention, detection, and response.
Certainly, you may also asked for your expertise in court as a expert witness.
Steps to Become a Forensic Accountant
Enroll in an Accounting Program: To qualify for entry-level work in the sector, candidates must have a bachelor’s degree in accounting. Choosing an accounting programme and applying for it might take many weeks or months. Prospective students should seek for institutions that offer a forensic accounting emphasis or a variety of electives in fraud examination and forensic accounting while assessing accounting programmes.
Do Specialized Forensic Accounting Courses: Aspiring forensic accountants should take as many forensic accounting classes as they can within their bachelor’s degree programme. Students should look at schools that provide a concentration or major in the field.
Earn Bachelor’s Degree: Most full-time students finish general education courses and accounting major requirements in four years. Graduates with a bachelor’s degree in forensic accounting are qualified for entry-level careers in the profession.
Obtain a Master’s Degree: A bachelor’s degree is sufficient education for most entry-level accounting careers. Nonetheless, some organisations prefer forensic accounting applicants with master’s degrees or graduate certifications. Students can develop their expertise by pursuing a master’s degree in forensic accounting.
Earn Certification: By gaining certification, forensic accountants can demonstrate advanced expertise in the industry. Some certifications need multiple-part exams that might take months to complete. Work/experience requirements are also part of the certification process.
Program-specific requirements may differ for a degree in forensic accounting. Students can expect to take standard business topics including business law and finance.
Qualification and Eligibility for Forensic Accountant or Forensic Auditor differ according to the Country.
The majority of forensic accounting jobs demand at least 1-3 years of accounting expertise. Many forensic accountants get this experience as regular accountants. Some forensic accountants’ tasks are as follows:
- Conduct forensic research to locate monies and assets for recovery.
- Report on revenue losses and damages from contract breaches
- Perform forensic investigation on financial data.
- Financial discoveries are used to create forensic accounting reports.
- Prepare analytical data for lawsuit and give witness testimony as appropriate.
- Ensure all accounting procedures follow legislation
- Keep organized files of all legal cases
The field is seeing rapid job growth and pays above-average wages. Accountants make a median annual pay of $73,560, according to the Bureau of Labor Statistics (BLS). The BLS anticipates an increase of 96,000 accountant positions between 2020 and 2030.