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Four examples where forensic accounting may be used

Scenario:

SLL has a partner, Dick, who is involved in a nasty divorce. This partner's soon-to-be former wife Georgia had a very successful company. He feels his wife is trying to hide income from him. Dick asks you if a forensic accountant would be helpful in this situation.

Report on the following:

You do some research for Dick, and put together a report including the following:

1.) A description of what forensic accounting is.

2.) 4 examples of where forensic accounting may be used.

3.) Job requirements for forensic accountants, including whether they should have auditing experience and whether they should they carry the CPA credential.

4.) Your educated opinion as to whether a forensic accountant would be helpful to Dick - supported with research.

Solution Preview

1.) A description of what forensic accounting is.

Forensic accounting is similar to the work of independent auditors but with the additional skills of knowledge of investigate techniques and the ability to prepare, defend and testify as to the contents of the report in court. The basic skills utilize accounting and auditing techniques, but forensic accounting is a specialization within the field of independent accounting.

There is no hard and fast definition of what is involved in forensic accounting because the work may differ in content, investigation and reporting from case to case.

2.) Four examples of where forensic accounting may be used.

The procedures and the skills utilized in forensic accounting ...

Solution Summary

The 394 word cited solution provides good explanations in response to the questions together with examples and suggestions for Dick and Georgia's pending divorce.

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