a. Apart from fraud related investigations, what other investigations are forensic accountants commonly engaged in? b....

a. Apart from fraud related investigations, what other investigations are forensic accountants commonly engaged in?

b. What are the three essential characteristics possessed by a forensic accountant?

Solutions

Expert Solution

Investigations other than fraud related investigations, forensic accountants are commonly engaged in are:

* Criminal related - They do it on behlf of Police and they prepare reports to present evidence.

* Shareholders' or Partnership related - These are generally for compensation or benefits.

* Personal Injury / Motor Vehicle Accidents related - They help to quantify economic losses or damages.

* Insurance Claims related - They help to settle claims from either party.

* Matrimony related - They help to trace and value assets.

* Business Economic Losses - Disputes related to Contract, construction, product liability, trademark and patents or losses from a breach of agreement.

* Professional Negligence related - They investigate accountant's profession or when there is a breach in following GAAP.

* Mediation and Arbitration - They provide alternative dispute resolution (ADR) services.

Analytical Mind

Analytical mind is important in forensic accounting. It helps break down a projlem into smaller parts and fir them back to understand the reasons.

Given the investigative nature of forensic accounting. Analytical kind is a must in order to see through the macro problem and arrive at reasons hidden within.

Ethical

Being ethical is extremely important in the field of forensic accounting. As your major task involves detection of fraud or finding inconsistencies. Someone with low ethical values can use the information obtained through forensic accounting to his/her own benefit.

Inquisitive

An inquisitive mind is curious and looks for answers. Being in forensic accounting field this becomes real important as the accountant has to dig deep into the financials and be able to find out what figures look suspicious.

ekkarill92 answered 1 year ago

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