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This paper discusses about forensic accounts and the concepts of the forensic accounts. It also describes the importance of the skills that are need for the forensic accounts and evaluates the need for each skill. This paper includes the relationship between the skill and the applications of the skills. It examines the role of the forensic accounts within courtroom environments. This paper also analyses the legal responsibility of the forensic accounts and provides the services of forensic accounts to a business. It provides the two cases in which the forensic accounts provision is focused and also concludes with this concept by providing the role of the forensic accounts in each case.
The forensic accounts are the one that are very special in the area of accountancy. The area of accountancy refers the engagements for leading the actual disputes of the accounts. The forensic accounts may fall into some categories including economic damage calculations, bankruptcy, securities fraud, business valuation, and the computer discovery. The involvement of the forensic accounts is important in the case of recovering the proceeds and concerning the actual money laundering. The forensic accountants utilises the economic theories, business information, financial reporting, accounting and auditing, data management, investigation techniques in order to gather the effectiveness of the forensic accounts.
1. Significant skills for forensic accounts
The five skills are there that are needed to the forensic accounts in order to provide the better innovation and the effectiveness. The five skills are contributing more for the achievement of the forensic accounts. The five skills are communication skills, auditing skills, analytical skills, organising skills as well as the research skills. These five skills are the foundation for the forensic accounts and they can raise the value of forensic accounts.
Communication and the auditing skills
The communication skill is the essential skills in order to the provision of the forensic accounts to the people. This communication is the ability to communicate findings about the forensic statements with the subordinates, superiors through the utilization of the business writing accounts including the reports and the memos. The auditing skill is the effective skill to the forensic accounts and this skill provides the better planning and the utilization of the tools to the forensic accounting including the audio checklist. The auditing skill contributing is efficiently provided to the forensic accounts in the case of enhancing the accounts.
Analytical and organising skills
The analytical skill is the type of skill that also contributes in enhancing the forensic accounts. It has the ability to the visualization of the forensic accounts, and this skill resolves the complicated problems of the forensic accounts in order to make the accurate and informed decision in the accounting. The organizing skill is the main skill for the forensic accounts. This skill is used to establish the accounting standards and the procedures for the forensic accounts. The organising skill includes the accounting firms for auditing the forensic accounts.
The research skills are the fundamental assets for the forensic accounting in order to provide the essential requirements of the accounting. The forensic accounting is also depending upon the research skills for the implementation of the accounts. The forensic accounts need to have the databases and the resources for further implementation and the data bases are also used for accessing the accounting statements that can be provided by the research skills.
Skills relationship and applications
The above skills are interrelated with each other in the case of providing the better implementation to the forensic accounting. Both skills can provide the perfect delivery to the forensic accounting in order make it better. The five skills include the focusing, implementation, resources allocation, planning, organising to the forensic accounts.
2. Role of forensic accounts
The forensic accounts are contributing more in the case of courtroom environment and this accounting is perfectly suited to the fraud investigation in order to determine the illegal actions of the society. It also well trained in the rules of evidence, accounting information systems, financial data as well as convincing judges. The accounting information system is the source of the forensic accounting and that investigates with the technical methods in order punishing the illegal activities in the courtroom environments. The statistical and the mathematical datas are important on the jury comprehension and they are also driving the fraud trails.
The forensic investigators are utilizing the financial information of the accounts in order to discern, understand, identify, and retrieve the financial information in the courtroom. This forensic account is to indicate the fraudulent methods and the fraud investigators by means of making the effective training to the accountants. The forensic accounts include the several terms in order to play the very big role in the case of courtroom environments. The terms are accounting information systems, advanced fee fraud, CSI effect, computer forensics, electronic discovery, expert witness and so on.
The forensic account is used to estimate the fraud examiner in the courts and also removes the internal control weakness. The forensic accountants can able to identify the fraud investigators by means of the detection and the investigation capability. It also demonstrates the specialized skills in rules of evidence of law, excellent interpersonal skills and the communication skills as well as the identification of patterns of abuse and so on. The Fraud assessment technique is also the source of the forensic account that can determine the fraud actions, and they can find the prisoners in the court room argument by focusing their weakness points in the case of corresponding arguments.
The forensic accounts spreadsheet is the one that can provide the better evidence against the criminal in order to protect the government rules and regulations. The forensic accounts also can modify the required evidence statement that can be converted into picture in order to prove the crimes in the courtroom environments. The CSI effect is also the term of the forensic accounting and this effect help to the courtroom environment by initiating the fairness in the trial process.
The perceptions of the attorneys and the judges of the court will be enhanced by utilising the systems of the forensic accounts. The forensic accounts possess the well background and the AIS to the courtroom environments in order to determine the illegal actions and to development the rules and regulations of the courts.
3. Legal Responsibility of the forensic accounting to the business
The provision of the forensic accounting is very important element in the case of enhancing the business opportunities. The value of the business will be enhanced by the utilization of the forensic accounts the business environments can get the high level innovation due to this forensic accounts. The forensic accounting is the technical knowledge of the business that may focus the resolution of the business.
This forensic accounting involves legally to the business segments when providing the services to the business sectors. The services of the forensic accounting are legally delivered to the business. The forensic accounting is used to provide the services to the business that is business analytics, licensing management services, insurance claims services. This accounting is used to quantify the business income losses, analysis of the post loss revenue, operating expenses, and the cost expenses in order to resolve the losses of the business.
The forensic attorneys deliver the legal advice to the business in making the agreements positively and in this case each client of the business can get the secure financial future. This legal responsibility can also provide the creative and the effective divorce agreements to the business in order to mitigate the business risks. The business owner can manipulate the business legally by the forensic accounts and because of the forensic account reviews the business transactions and the business accounts in ensuring the assets of the business. Hence the forensic accounting can deliver the legal responsibility to the business sectors.
4. Importance of the forensic accounting
Professional accounting practise
The financial forensic accounting concentrates well in the case of Fraud accounting practise, and the business valuation services. In these two cases, the contribution of the forensic accounting is necessary to focus and enhance them. The fraud investigation is the negative factor for the courtroom environment and also fraud investigation can be avoided by the evidence of the forensic accounting. The fraud investigation concerns the fraud and the direct allocations of the financial misinterpretation. The forensic accounting considers the issues that are interrelated to the litigation and the dispute resolution.
The litigation support devices are the important devices to the professional accounting practise. This litigation device is used to the lawyer in order to prepare the interviewing witness and the documenting review and so on. Hence the fraud investigation will be avoided by submitting the essential records and the witness in order to prove the illegal actions in the courtroom environments. The fraud investigation can also be avoided by the obtaining the evidence, taking the crime statements, producing the reports, and finding the fraud allegations thatâ€™s why the professional accounting requires the forensic accounting as the evidence in order to get the effectiveness.
Business valuation services
In the case of business valuation, also it plays the vital role in order to providing the innovation to the business services. The business will be the valuable one by the effect of the forensic accounts. The business interruption, business risks, vulnerabilities, business service losses will be avoided by the forensic accounts among the world. In the case of business, the financial services require the valuation of the price allocations and recurring the testing. The requirement of the financial services in the business will be satisfied and the accounting standards will be secured by the forensic accounting. The forensic accounting performs the business valuation, business interests, and intangible assets for the organizations. The forensic accounts also used for estate and the gift tax, shareholder agreements, corporation conversions, business planning, purchasing price allocations, and for the stockholder disputes. It makes the successful claims against the business income policy by covering the insurance policy of the business and this forensic accounting involves in the case of different interest and the documentation analysis in the case of making the value of business.
The forensic accounting skills and the evaluation of the skills to the forensic accounts were discussed. The role of the forensic accounting in the case of courtroom environments was described and the business operations by the skills were detailed. The legal responsibilities of the forensic accounting to the business service and the importance of the forensic services to the business were evaluated. The importance of the forensic accounting to two cases and also role of the forensic accounts to the selected cases were concluded.