BUS 508 – Contemporary Bus
November 15, 2013
Determine the most important five skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations.
As the annual price tag for fraud at American business soars to nearly $1 trillion,
the demand for Certified Public Accountants that provide forensic accounting services has increased exponentially- a spike that appears in no danger of waning over the next several years. (Carlino, 2010)
With the demand for forensic accounting services increasing, it is very beneficial for ...view middle of the document...
” ( Forensic Accounting Career Information, 2012) The analytical skills that are required to succeed will certainly benefit all involved in the investigative process of litigation and court proceedings. The attorneys utilize the forensic accountant more than anyone in helping their investigative team become more aware of the actual facts of the criminal or civil case. They become part of the team that analyzes all evidence and uses all of their analytical characteristics to help the team reach a conclusion of guilt or innocence in the court proceedings. This exemplifies just how important the forensic accountant has become when they are as highly regarded as the judge or attorney in the court’s eyes. Since this importance of forensic accountants has become so crucial in court proceedings, attorneys are striving for more assistance from the profession of forensic accounting more than ever before. “The need to be analytical in a forensic accounting engagement may be the initial and most important overall characteristic, without which other traits and abilities would be difficult to develop.” (American Institute of Certified Public Accountants, 2010 )
A very important skill that is needed for the forensic accountant is the trait of being ethical. Being ethical in the business environment means to have “standards of conduct and moral values governing actions and decisions in the work environment.” (Boone & Kurtz, page 36, 2013) When an accountant is dealing with the legal and judicial systems of the United States, one has to be ethical for all involved in the process. When one knows the consequences of having bad ethical behavior, knowing right from wrong in business and society can be a great downfall. In recent times, numerous ethical business scandals have been highlighted over the news and media. These scandals have helped establish guidelines for ethical behavior in regards to financing and reporting of financial data in publicly traded companies. The unethical behavior behind these scandals has led to congress passing a law called the Sarbanes-Oxley Act of 2002. This law requires all companies to “establish new rules and regulations for securities trading and accounting practices. Companies are now required to publish their code of ethics, if they have one, and inform the public of any changes made to it.” (Boone etal, page 39, 2013) Public scrutiny has placed an emphasis on businesses practicing unethical behavior in the workplace and businesses that do not adhere will be punished both financially and legally.
Being confident in one’s profession and ability is also vital in becoming a forensic accountant. When one is confident in their work, it shows publicly that confidence and reassurance are key characteristics in being a professional. When a forensic accountant is in the courtroom under oath testifying to facts and details about a particular case, confidence and assurance emits physically and emotionally when one is confident in...