Changing role for forensic accountant
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Prepare a paper focused on the ever-changing role of the forensic accountant. Things to consider: The influence of technology and the impact of more service-based industry. How has the forensic accounting adapted to the new requirements? Does this profession add value to a firm, or is this profession part of a dying breed? What are the skills and requirements of someone in this role? What does the future hold? 1000 words.5 sources. APA style .
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Solution Summary
The document details how technology and transition to service based model has increased the demand for forensic accountants.
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THE EVER-CHANGING ROLE OF FORENSIC ACCOUNTANT
Forensic accounting refers to integration of accounting, auditing and integrative skills. Forensic accounting has been in existence for a long time as a means for resolution of various issues. They investigate a situation and analyze different leads to the fraud or embezzlement. It forms a basis for discussion, debate and ultimately resolution of dispute. It is not necessary that forensic accountants are hired by companies to find fraudulent activities; they may be brought in to find the magnitude of fraudulent activity.
With rapid changes in the business environment, the role of forensic accountant is also changing. It extends beyond investigative accounting to encompass a broader multidisciplinary profession that surpasses basic understanding of financial records and Generally Accepted Accounting Principles (GAAP) (Copple, 2013). It has been said on numerous occasions that corporate fraud has been on the rise. In a survey done by Kroll provided by Georgetown University for their 2013-2014 Global Fraud Report it was discovered that over 70% of companies were affected by at least one type of fraud in the past year (Dreyer, 2014). Different types of fraud which are likely in any corporate setting are:
• Theft of physical assets
• Theft of information
• Management conflict of interest
• Vendor procurement fraud
• Internal financial fraud
• Regulatory or compliance breach
• Corruption or bribery
• IP theft
• Market collusion
• Misappropriation of company funds
• Money laundering
One of the reasons for this increase in number of fraud cases could be that effectiveness of discovering a fraud has increased. With ...
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