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What is Forensic Accounting ?

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What is Forensic Accounting ?

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Every year money is stolen from companies, and many times they aren’t even aware of it. Whether it’s money missing from the cash register or fraudulent invoices, Forensic Accounting can help make sure a business has the proper controls in place to protect its assets.

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Forensic accounting, sometimes referred to as investigative accounting, is a unique career field that combines accounting with information technology. A forensic accountant uses sophisticated computer programs to analyze financial data and find evidence that would be legally valid during a court proceeding. Forensic accountants are often asked to review financial records for mergers and acquisitions. They may also serve as advisers to a corporation’s audit committee or work to resolve shareholder disputes within a company. Objective verification is the primary goal of forensic accounting. For this reason, many forensic accounting professionals are asked to testify in court cases as expert witnesses for either the prosecution or the defense. Forensic accountants can work in both civil and criminal court cases. In a civil case, a forensic accounting professional may be asked to calculate economic damages that occurred as the result of a breach of contract or provide insight into a case b

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Forensic Accounting involves investigating and analyzing evidence that is of a financial nature. It is a combination of number-crunching and detective work that often comes into play with civil lawsuits involving financial discrepancies. Applicable situations may include bankruptcy, asset identification, divorce, accusations of fraud, money laundering, employee theft, etc. When Forensic Accounting is performed, the evidence produced is sustainable within the legal system and the Forensic Accountant may even act as an expert witness during courtroom proceedings in order to convey the findings.

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Auditing and accounting is an unlikely combination but thats what forensic accounting is all about! Forensic essentially means anything that is suitable to be used in a court of law and this is exactly what forensic accountants are meant to do. The exciting field of forensic accounting deals with providing and accounting analysis of a case that is suitable to be used in any court of law. Let us enter the world of forensic accounting!

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Forensic means relating to the legal matters. Legal matters involve law enforcement, court litigation, legal disputes, and so on. What’s Required to become a forensic accountant? Most forensic accountants have accounting degrees. Many forensic accounting professionals also obtain professional certification, either the Certified Fraud Examiner or the CPA. Do I need specialized education in Forensic Accounting Yes, specialized education in forensic accounting is important. Normal accounting degree programs do not include any way near the education in forensic accounting that is necessary for practice in the area. What if I’ve never taken an accounting course before? That’s no problem at all. Forensic Accounting is quite different from the old debit-and-credit accounting. The Masters in Forensic Accounting program at Florida Atlantic University involves 9 accounting courses that provide the right fundamentals regardless of one’s background. Those with undergraduate degrees in accounting o

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