Forensic Accountant: A New Frontier in The Accounting Profession

Abstract

The collapse of Corporate giants due to white collar crimes & frauds results economic downfall and pushes the investors and the Government in unpleasant situation. Once frauds happened in any organization, the accountants & auditors are facing lot of criticism and litigations due to failure in detecting and plugging frauds. The management struggles to safeguard themselves by introducing internal control system that maintains the transparency in all transactions and adequacy of good Corporate governance practice. The accountants are trying to tighten the loopholes in accounting and auditing system, procedures and building up adequacy in safeguard measures. In this situation, the forensic accountants play a major role in cracking down the white-collar crimes and frauds because of their investigative skills and to go beyond the routine audit and focused attention on detecting the fraudulent transactions. The demand of the Corporate world is to engage the forensic accountants who are responsible in detecting frauds and financial crimes and to report and advise for remedial measures in order to protect against financial loss out of these unscrupulous activities.