Forensic Accounting and Your Organization - 1185 Words

Forensic Accounting and Your Organization 1 Running Head: FORENSIC ACCOUNTING: WHAT IT CAN DO FOR YOUR ORGANIZATION Forensic Accounting: What It Can Do For Your Organization Kira Bailey Dr. Harper BUS 520 Strayer University Charleston, SC Forensic Accounting and Your Organization 2 ABSTRACT Forensic accounting is the application of financial skills and an investigative mentality to unresolved issues, conducted within the context of the rules of evidence. Organizations hire forensic accountants for guidance when evaluating potential business transactions to look for suspicious signs of accounting activity, provide expertise during litigations, look for signs of suspicious activity and fraud by†¦show more content†¦If a dispute is brought to the courts notice, the forensic accountant can testify as a witness. The world of forensic accounting involves grasping the seriousness of a situation and looking beyond numbers. It is more than just your regular accounting or basic detective work. Because it has such unique elements, it is an unusual combination that has been and will always be in demand. The forensic market has seen a great deal of activity in recent years and is set to continue in the future. The growth of regulatory compliance requirements and the increase in fraud has seen a related growth in demand for forensic accountants and forensic technologists both within and outside the profession. Research confirms that preventing fraud and revealing deceptive accounting practices are in strong demand. Forensic accounting procedures to detect financial Forensic Accounting and Your Organization 5 reporting fraud should be increased. Fraud costs companies in the United States $652 billion dollars annually. Fraud is a widespread problem that affects every organization regardless of size, location or industry. There has been an 80% increase in FBI corporate fraud cases since 2003 (US Department of Justice, 2008) and a 26% increase in U.S. identity theft convictions since 2007 (Identity Theft Task Report, 2008). Audit teams need to be trained to incorporate more forensic accounting procedures into their audit practices and retain more forensicShow MoreRelatedForensic Accounting : The Field Of Accounting1585 Words   |  7 PagesThe field of accounting goes deeper than the general business field and requires specialized actions. Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. This system can contain various steps, procedures, and processes that led you to your final results. Some of these various types of accounting in clude tax, managerial, financial, governmental, private, and forensic accounting. So as you can see, even in this extremely specialized field youRead MoreCommunication And Interviewing Skills Are Important For Entry Level Accountants1228 Words   |  5 Pagesof the client’s organization, and interact with members of the audit team.† Universities, for the most part, are preparing students to interact and work collaboratively within group settings. Many courses assign projects which require students to work together culling information for the given topic, write reports outlining their findings, and then present the results or information to their respective class. These are sound skills all students need to have in their accounting toolkits, yet, inRead MoreCareers in Psychology Essay1136 Words   |  5 Pagesone is able to explore many different careers. I’m also interested in forensics. The field of forensic psychology has grown in the 21st century because courtrooms recognize the value of psychologist’s testimonies to help juries reach a clearer verdict. 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Furthermore, whenRead MoreStroz Friedberg Harvard Case Study1164 Words   |  5 Pagese-discovery and with the acquisition of Docuity SF created an ambitious new profit target of $72 million, 50% from consulting and 50% from e-discovery. This economic goal set a clear path towards e-discovery and larger role of examiners in the organization. However since the start of their success Stroz Friedberg had a problem with its organizational structure. Like many startups it’s holistic approach gave them success but as they grew those practices became unsustainable for a company that largeRead MoreAcc 5561986 Words   |  8 PagesSyllabus School of Business ACC/556 Version 5 Forensic Accounting Copyright  © 2012, 2011, 2009, 2008 by University of Phoenix. All rights reserved. Course Description In this course, students are introduced to the conduct of fraud examinations, including a discussion of specific procedures used in forensic accounting examinations and the reasoning behind these procedures. Topics include an overview of fraud and abuse, forensic evidence, substantive procedures for cash outflow irregularities