Assignment: Forensic Accounting in Practice Using the WileyPlus resources, go to the Interactive Case Study “Forensic Accountants: Fraud Busters” example located in Chapter 15. To access the entire...

Running Head: FORENSIC ACCOUNTING IN PRACTICE 1
Forensic Accounting in Practice
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FORENSIC ACCOUNTING IN PRACTICE 2
Introduction
Forensic accounting is termed as an integration of auditing, accounting and skills in
investigation which yields the term. As per the meaning expressed in dictionary, forensic
accounting is “Belonging to, used in or suitable to courts of judicature or to public discussion
and debate." It gives a company’s financial analysis (Accounting analysis) which is suitable
and legal to the court which gives a basis of discussion, debates on dispute resolution and for
other information outputs. It encompasses both Investigating accounting and litigation
support.
Skills and Characteristics of the Forensic Accountant
Forensic accountant requires having a specific skill set as compare to the traditional
accountant
Fundamental forensic knowledge includes:
Professional errands and Laws on Practice management, courts and dispute resolution
Planning and preparation Information gathering and preservation (documents,
interviews/interrogations, electronic data) Discovery Reporting, experts and testimony
(Durkin and Ueltzen, 2009)
Five skills that a forensic accountants need to possess
The forensic accountant must know to investigate white collar crimes for example
incorrect reporting on financial statements, any illegal investment schemes, and frauds. In
order to perform in field there are some required skills such as critical thinking (Strategic),
decision making, problem solving, decision making, Interpersonal skills, leadership skills,
and ethical and professional behaviour this is the framework of skills and qualities a forensic
accountant needs to possess.
FORENSIC ACCOUNTING IN PRACTICE 3
Strategic critical thinking is required in order to set the process of linking data,
insights and knowledge all together to have disciplines so to assess and provide different
views using information to communicate an objective, strategy, and goal and to take
important decisions. The Forensic accountant should be able to so proper articulation of such
strategic principles which are being designed, able to recognize strengths, weaknesses and in
other words a complete SWOT analysis in relevance to a particular objective.
A forensic accountant should pursue a talent to gather and acquire data from different
available resources in order to provide a proper insight to an interpretation so to have a final
conclusion.
In a courtroom, Forensic accountant acts as a witness, he is supposed to present
information before the judge, prosecutor and jury in a way so to convince to each constituent.
He is the one who makes the judge to take right decisions. An effective problem solver and a
creative thinker who gives a proper solution to such problems mentioned above. He is the one
who at times gets involved in analysing financial accounts of the firm, investigating any
illegal activities and in the...