The branch of accounting that uses the knowledge of accounting, auditing, and investigative skills to launch or conduct an assessment into the financial system of a business or individual.
Forensic simply means “to make appropriate for a court of law.” A forensic accountant works with this scope as well. They investigate the operations of an organization to present evidence for financial crimes in court.
In other words, forensic accountant analyzes, interpret and summarize complex financial and business transactions to provide evidence admissible in court in a legal proceeding.
Forensic accountants are experts in the field of forensic accounting with speciality and proficiency in accounting, auditing, and investigation. To be able to provide evidence against financial crimes in court, the forensic accountant may be required to
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- Prepare visual aids to support their report to be admissible in court and
- To testify in court in a financial crime (fraud, embezzlement, etc.) legal proceeding.
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As a matter of professional qualifications, it is required to have certification in Chartered Fraud Examiner (CFE) examination and other relevant qualifications.