Saturday, August 10, 2019

Forensic Accounting in Practice Research Paper Example | Topics and Well Written Essays - 1500 words

Forensic Accounting in Practice - Research Paper Example Thus, this research paper will provide a brief understanding about the notion of forensic accounting in practice. Question 1 An ordinary accountant cannot always be an effective forensic accountant. In order to become an effective forensic accountant, he/she must possess certain skills and ought to evaluate those skills in profession. The most important five skills that a forensic accountant needs to possess have been described hereunder. Advanced education in appropriate discipline It is regarded as one of the most important skills to be acquired by a forensic accountant. The accountant needs to possess advanced education in appropriate discipline, which will be helpful in conducting his daily activities efficiently. The accountant must have a detailed knowledge about the aspect of auditing, analyzing the risks, identifying any sort of fraudulent activity and finding effective measures to solve those risks as well as fraudulent activities (Nunn et al, 2006). ... Communication skill The oral and written communication skill is required to be possessed by a forensic accountant. This skill is useful in performing various operational functions of a business in an effective manner. The forensic accountants need to communicate with various departments in order to analyze the financial affairs and also for detecting any fraudulent activity. Moreover, a forensic accountant requires communicating with the legal authorities for the justification of the fraud being performed within an organization (Nunn et al., 2006). Core skill Core skill refers to the fundamental characteristics of an accountant. This skill is often viewed to be the combined knowledge of the taxes and the business laws along with better education and experience. Thus, the accountants can utilize their core skills in determining tax systems of the organizations along with working in accordance with business laws and ethics (Davis et al., n.d). Enhanced skill The idea of enhanced skill refers to additional specializations that are acquired by the forensic accountants. The other knowledge which possessed by the accountants such as acting as the evidence of any fraudulent activity in the court room assists the organizations in running their business smoothly (Davis et al., n.d). Question 2 It has already been observed that the major responsibilities of forensic accountants are to analyze the financial affairs along with the detection of the fraudulent activities within an organization. However, the role of the accountants does not end at this point. They needs to act as an evidence of the fraud in the court room (Krstic, 2009). The forensic

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