Until late 1980′s the role of an accountant is limited to tax, auditing, compilation of financial statements and other relevant statements, etc. The role of this professional was also limited to civil procedures only. However, certain recent changes in the money laundering laws have resulted in involvement of this professional in criminal cases too. For example- case between USA versus James F. Connor and James A. Geisler.

Forensic accountants are people who have bachelor’s degree in accountancy. He also possesses the patience to handle large volume of data with good interpersonal skills. He also possesses knowledge of law and court procedures. These professionals are used as expert witness in court procedures. These people not only probe financial statements of business but also bank statements and credit statements.

The Association of Certified Fraud Examiners offers the Certified Fraud Examiner (CFE) license to this type of professionals. These professionals are used in a variety if cases- matrimonial issues, personal injury, insurance claim, Intellectual Property related issues, etc.

A forensic accountant is able to provide an insight in matters related to money. However, many legal professionals often feel reluctant to work with one. This may be due to several reasons. One aspect is the cost of involving a forensic accountant. Another aspect is no prior work experience in working with a forensic accountant.

In this regard it would be important to talk about the geographical location of the accountant. It hardly matters where the forensic accountant is located. As the data that is going to be analyzed is in digital form and sometimes in paper.

After deciding on whom to engage as a certified forensic accountant, it is important to discuss certain important matters with him. This includes the following facilities-

•    Discuss budgetary constrains
•    Discuss the main facts of the case and hand over some key documents for his study
•    When a law firm is contacting a forensic accountant, spokesperson of the law firm on behalf of their client should be identified. This will remove chaos and chances of miscommunication.

A certified forensic accountant may result in considerable strengthening of you case and weakening the position of others.  Many organizations keep forensic accounts on their payrolls. According to a 2009 estimate the average salary of a forensic accountant is about 000.However, their job roles necessitate them to work independently and travel as and when required.

In case you are a plaintiff or you are a defendant in monetary case. It is important to discuss with your lawyer on whether to involve a certified forensic accountant.

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What is a reasonable forensic accounting salary one can hope to make as a seasoned professional?

One of the in-demand jobs today is work as a forensic accountant, also known as a Certified Fraud Examiner. As with all jobs, one of the first aspects that people look into when choosing careers and when considering forensic accounting as a career path is the pay. If you are a seasoned forensic accountant, here are some information on the forensic accounting salary that you can expect to receive.

Generally, the forensic accounting salary will range anywhere from $ 40,000 up to $ 100,000 annually. If you are a seasoned professional, you can expect to get a salary that reaches the upper end of the salary range. Although beginners in the field of forensic accounting can receive as a starting salary as basic as $ 30,000, most get a median salary of around $ 56,000. This is because most professionals who become licensed and certified forensic accountants usually already have several years of experience, and have the network and connections to get the better jobs. usually, the forensic accountants who start with the base salary are the younger accountants who studied forensic accounting in universities, instead of finishing a four year general accountancy course and then getting experience and just a couple of actual forensic accounting courses. Those who get experience and training from the field usually get a higher salary.

Another factor that will greatly determine your salary is your location. People who are living in urban areas and in cities usually earn better in the field of forensic accounting, because these urban areas are where most major corporations and companies are found. Forensic accountants are usually employed by these companies, or are employed to testify against these companies in court. If you are living and working as a forensic accountant in New Jersey, for instance, you can earn a median salary of only $ 50,000. If you are living in New York City, on the other hand, you can earn a median salary of up to $ 75,000.

The type of company that you work for will also greatly determine your salary. Forensic accountants who work for large firms and finance-centered companies usually receive higher salaries because their work is central to the company’s operations. Smaller companies, on the other hand, usually offer lower salaries and usually employ younger forensic accountants. Apart from the monetary compensation, however, most forensic accountants receive paid vacations, insurance, and 401(k) plans sponsored by the employer. Not included in the forensic accounting salary are bonuses that can reach up to $ 4,000 annually.

Forensic accounting is a growing field, especially in the wake of recent financial scandals. Simply put, forensic accountants go over a business or individual’s financial records and analyze them for the client’s use. Forensic accounting evidence may be called for in situations as diverse as bankruptcy, inventory falsification, divorce, statutory audits or even major fraud. After analyzing the data of the situation, the forensic accountant will then compile reports or exhibits to be used in court or in other legal proceedings, and may be called upon to testify about their findings. This aspect of the job necessitates the forensic accountant being familiar with legal procedures and knowing what parts of their findings are relevant to the case.

Forensic accountants usually begin as general accountants, since the job requires a strong background in auditing and accounting. Other qualities that employers look for in a forensic accountant are exceptional organization, the ability to be creative in working methods, curiosity about things that seem “off”, and the persistence to sift through extraneous material and the professional judgement to find what matters.

A lot of forensic accounting training is experiential and on the job. However, many countries have forensic accounting organizations that can provide certification, and some universities also offer graduate courses in forensic accounting. Most universities require at least a bachelor’s degree in accounting and sometimes a CPA certification before they will accept a student for their forensic accounting courses. Some people do study forensic accounting on their own since there are many books on the subject, but most agencies recommend taking courses to learn forensic accounting since so much of it is experience-based. Many CPA firms, universities and even police stations offer internships in forensic accounting, which is highly recommended for gaining real world experience.

After gaining basic forensic accounting training, many forensic accountants will also go back to train to be a Certified Fraud Investigator or a Certified Forensic Accountant. Although these qualifications are not required to become a forensic accountant, they provide a definite leg up in the job market, and also provide a great deal of information about law enforcement, which is invaluable in a forensic accounting career.

Once a forensic accountant has their certification, their services can be called upon by many different people, including private investigators, who may need help analyzing the financial records of their clients in a divorce case, insurance companies that use a forensic accountant when valuing probates, or by businesses that are in shareholder disputes. Most forensic accounting assignments begin with a meeting with the prospective client to gain information about the case and check for any conflict of interests, then move on to an in-depth analysis and investigation, culminating in a report of the forensic accountant’s findings.

Because of its variable nature, forensic accounting is an excellent career for a talented accountant who thinks out of the box. Those interested in beginning a career as a forensic accountant can find more information about jobs and local regulations from their country’s forensic accounting organizations.

Dr. Janet Colbert is a CPA and a certified internal auditor, as well as a Certified Forensic Accountant. She has published more than 100 articles in journals such as the Forensic Examiner, Journal of Forensic Accounting, Internal Auditor, and Journal of Corporate Accounting and Finance. In addition, she has written chapters in books and authored a Continuing Professional Education course for CPAs on forensic accounting. She is on the graduate faculty in EKU’s College of Business and Technology and teaches accounting and statistics in the MBA program as well as auditing at the undergraduate level. Hear what she has to say about her scholarship in her first interview for the Focus on Scholarship webcast series.

Brad Sargent helped develop ACFEI’s Certified Forensic Accountant course, and is a former instructor. Here, he gives his testimonial about ACFEI.

Forensic accountants are professionals who use a unique blend of education and experience to apply accounting, auditing, and investigative skills to uncover truth, form legal opinions, and assist in investigations. Forensic accountants may be involved in both litigation support (providing assistance on a given case, primarily related to the calculation or estimation of economic damages and related issues) and investigative accounting (looking into illegal activities).