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The Pros And Cons Of Forensic Accounting

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Forensic Accounting: Dr. Larry Crumbly (2017) sees forensic accounting as a specialty area of accounting that describes engagements that result from actual or anticipated disputes or litigations. In general terms, it is a practice that invites use of accounting skills to investigate fraud and malpractices in the corporate space and bureaucracies, and analyze information drawn from such investigations for the purposes of use in legal proceedings. According to the Forensic CPA Society, there are numerous types of forensic accounting engagements especially when it comes to civil litigations and disputes. These engagements include: Calculating and quantifying losses and economic damages, whether suffered as a consequence of extortion and/or breach …show more content…

As seen above, forensic auditing involves a wide spectrum of engagements that particularly revolve around investigative work. The investigation includes financial malpractices and fraud investigation. Yet further, forensic accountants are invited as expert witness in the event the investigated fraud is subjected to judicial proceedings. Forensic accounting on the other hand refers to specific progressive procedures carried out to produce evidence (Gerson, J., Brolly and Skalak, 2011). It is a procedure that involves auditing techniques to identify and gather evidence to prove the nature of the fraud and develop the context of the fraudulent activity. For instance, forensic auditing revolves around proving how the fraud has been perpetrated the motive behind the fraud, partners involved in the fraud, and any suggestion of the motive to destroy evidence. In summary, forensic accounting is a branch of forensic auditing that uses the set auditing principles to put financial fraud into context, and prove the commitment of such …show more content…

One of the most acclaimed body that provided forensic accounting certification and accounting education is the Forensic CPA Society. Instituted in 2005, and operating in over 37 countries, FCPA Society has developed a comprehensive “FCPA” certification study and testing courses upon which those who successfully undergo the course is accredited not only as a holder of CPA, but also a global certified forensic accountant (Forensic CPA Society, 2017). Other recognized certification bodies include Association of Certified Fraud Examiner (ACFE), Certified Fraud Examiner (CFE), American Institute of Certified Fraud Examiner (AICPA), among

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