Financial Crimes

As the complexity and scope of business has expanded through the world, the need to track financial information has grown. There has been a corresponding increase in illegal financial activity according to separate surveys by the U. S. Department of Justice, Pricewaterhouse-Coopers, and the Association of Certified Fraud Examiners (ACFE) (Houck, Kranacher, Morris, Riley, Robertson, & Wells, 2006). An understanding of effective fraud and forensic accounting techniques can assist forensic accountants in identifying illegal activity and discovering and preserving evidence. Forensic accounting is a science that deals with the application of accounting facts gathered through auditing methods and procedures to legal problems usually dealing with financial and valuation issues (Grippo, 2003). Forensic accounting investigates an allegation where the results are presented in a legal setting. The increasing complexity of the business environment and the growing number of business-related investigations have created a demand for forensic accounting professionals to assist in the investigation of financial and business-related issues. Forensic professionals provide financial, economic and statistical services to companies and their legal advisers involved in litigation, arbitration or mediation, and regulatory investigations or other regulatory issues. Forensic accounting is the application of financial, accounting and investigative skills – to a standard acceptable by the courts – to address issues in dispute in the context of civil and criminal litigation (Financial private eyes see; rapid growth in demand, 2004). Ultimately, forensic accounting involves looking beyond the numbers and grasping the substance of situations (Forensic Accounting: The Science Behind CSI, 2008). Forensic accounting encompasses two main areas: litigation support and investigative services. Litigation support represents the factual presentation of economic issues related to existing or pending

References: Albrecht, W. S., & Albrecht, C. O. (2003). Fraud Examination and Prevention. Mason: Thomson South-Western. Crumbley, D. L. (2001). The growing field of forensic accounting. New Accountant: High School Recruiting Edition , 18-20. Crumbley, D. L., Heitger, L. E., & Smith, G. S. (2005). Forensic and Investigative Accounting. Chicago: CCH Incorporated. Davia, H. R., Coggins, P. C., Wideman, J. C., & Kastantin, J. T. (2000). Accountant 's Guide to Fraud Detection and Control Financial private eyes see; rapid growth in demand. (2004, December 23). South China Morning Post , p Forensic Accounting: The Science Behind CSI. (2008). Retrieved October 9, 2008, from Top accounting Degrees.com: http://www.topaccountingdegrees.com/accounting-csi-the- Houck, M. M., Kranacher, M. J., Morris, B., Riley, J. R., Robertson, J., & Wells, J. T. (2006). Forensic accounting as an investigative tool - Developing a model curriculum for fraud and Sibery, R. A. (2006). Forensic accounting investigations: How to work with outside counsel. American Institute of Certified Public Accountants . Small business fraud - how employees steal cash. (n.d.). Retrieved October 2, 2008, from The Nation 's News: