Forensic Accounting and Your Organization

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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 individuals and businesses, and evaluate accounting and bankruptcy records of suspected terrorists.

Forensic Accounting and Your Organization 3

Forensic Accounting: What It Can Do For Your Organization

Forensic accounting is defined as the practice of rigorous data collection and analysis in the areas of litigation support consulting, expert witnessing, and fraud examination (Rezaee, 2004). Forensic accountants are professionals who use a unique blend of education and experience to apply accounting, auditing and investigative skills to uncover truth from legal opinions, and assist in investigations. Forensic accountants may be involved in litigation support providing assistance in a given case and investigative accounting by looking into legal activities. Forensic accounting involves looking beyond the numbers to grasp the substance of situations. It is more than accounting and more than detective work. It is the application of a specialized body of knowledge to economic transaction analysis and reporting. A Forensic Accountant investigates and analyzes suspected financial misconduct and helps to prepare the evidence used to argue a case in civil or criminal trials by communicating the resulting conclusions as...
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