Accounting is primarily concerned with the day-to-day transactions of a business. The daily activities, which can be measured in terms of money, are recorded in a systematic and summarized way for future use. The role of a accountant is the recording of these transactions and processing them into account information.
Accounting graduates usually are employed as accountants, and an average accounting salary is very remunerative. An additional qualification, a graduate degree, or a master’s in forensics, is often an added advantage. A new career in forensic accounting usually offers a challenging path. Newbies are required to work in the different disciplines of accounting as required by their clients. Since the job entails that you do most of the work as per client requirements, the responsibilities also stem from the clients. As a forensic accountant, you are responsible only to your client. The job is to book office workers and to protect the interests of the business partners in the dissolution of the firm.
Responsibilities originating from obligations
The responsibilities arise out of obligations of tasks. Like an independent auditor, a forensic accountant has to examine the books of accounts, accounting statements and documents with a preconceived knowledge, and report on their findings. The work is to be undertaken with the client’s objective foremost in mind.
Educational qualification and professional training
A basic degree in accounting with additional training in forensic accounting is usually a requirement. Training in forensic accounting is given, including forensic collection, investigation, interpretation, analysis and the so-called investigation techniques. Some accountants have CPA certification and are professionally qualified. The National Association of Forensic Accountants provides ongoing training, which if achieved is of repute to the professional. Training programs are aplenty and can be attended for further study into the field.
Forensic accountants work for the clients as per specifications. Some clients require employee activities to be investigated. For some it may be perspective mergers that make them require forensic accounting. The legal industry also needs their service for investigations, and providing evidence in specific cases. The job outlook also permits forensic accountants to work with an accounting or legal firm, and on a freelance basis.
The accounting salary itself is very lucrative and this career provides a range of salary ranging from $69, 000 to $100,200 per year. At present, the scope for such a career is very promising. It is lucrative, with immense potential in the future. The job growth in accounting and auditing are expected to overtake all the other jobs, and this can lead to a professional career in forensic accounting.