Forensic Accounting is not new to the job world. Forensic accounting is what helped Elliot Ness put Al Capone behind bars for tax fraud. The increasing amount of white collar crimes of embezzlement, securities fraud, banking and investment misappropriations, organized crime activities, and ponzi schemes have caused the increase in stricter accounting governmental regulations. With the increase in regulations, comes the increase in demand for applicants with strong knowledge of accounting procedures and financial experience coupled with strong analytic and investigative skills to enter the career field of forensic accounting continues to grow.
What is Forensic Accounting?
Forensic accounting uses legal, technology, and investigative accounting and auditing techniques to either prevent or expose financial fraud and illegal practices. Forensic accountants work with government agencies such as local law enforcement, FBI, and the Internal Revenue, the Bureau of Alcohol, Tobacco and Firearms. These government supported forensic accountants investigate everything from money laundering and identity-theft-related fraud to arson for profit and tax evasion. Businesses, law firms, insurance companies, financial and other organizations also use the services of forensic accountants to expose or prevent internal fraud. These specialized forensic accountants may be involved in investigations in divorces, bankruptcy, and regulations accountability. Due to the nature of the work, forensic accountants are often called upon as expert witnesses. They also may work with professional organizations to develop auditing procedures and regulations, act as advisors to audit committees and assist in investment analyst research.
Education
Most forensic accountants have a bachelor's degree in accounting with a CPA designation, and many have additional academic preparation in fields like criminal justice or law enforcement. Many colleges and universities now offer a graduate degree in Forensic Accounting.
Salary
Forensic accountants can earn anywhere from $30,000 to $60,000 a year in an entry-level position in the forensic accounting field. With experience, forensic accountants could see an annual salary of six figures.
Job Outlook
2008-09 Occupational Outlook Handbook: Increased focus on and numbers of financial crimes such as embezzlement, bribery, and securities fraud will increase the demand for forensic accountants to detect illegal financial activity by individuals, companies, and organized crime rings.
Investigative And Forensic Accounting
As a child, Coenen loved to ask questions and was a strong math student. A CPA licensed in Wisconsin and Illinois, Coenen received her Master of Business Administration degree and a Bachelor of Arts in Criminology and Law Studies with honors from Marquette University. She later went on to earn the designation of certified fraud examiner (CFE).
Coenen worked as a probation officer for the Internal Revenue Service and had a stint with Arthur Andersen, the once-reputable “Big Five" accounting firm convicted in 2002 of shredding documents related to an audit of the now-defunct Enron Corporation. Coenen joined forensic accounting firm Peters & Associates in Milwaukee as an auditor but left the firm in 2000 to pursue her passion for investigating fraud.
Sequence started out in 2000 with little money and no clients. With a laptop and a copy machine, Coenen began by working from home. She used a post office box as her company’s address. To make ends meet, Coenen initially prepared tax returns and taught accounting classes at Bryant & Stratton College in Milwaukee and Concordia University in Mequon, Wisconsin.
In 2005, Coenen opened an office in Chicago. A believer in networking, Coenen attended local chamber of commerce meetings, Metropolitan Milwaukee Association of Commerce meetings, and bar association meetings with the aim of building up her clientele. Today, the majority of Coenen’s business comes from referrals.
Coenen attends conferences across the country, has launched a blog, and writes for several industry publications. She no longer believes in hiring and managing employees and has personally investigated hundreds of cases of fraud in a variety of industry sectors. Her investigations have involved embezzlement, investment fraud, financial statement fraud, and insurance fraud. A sought-after litigation expert, she has served as an expert witness in several cases involving damage calculations, commercial contract disputes, shareholder disputes, and criminal defense. She serves as an adjunct professor at Concordia University and as an adjunct faculty member for the Association of Certified Fraud Examiners.
Both Erik Johnson & Amit Agarwal are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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