Forensic Accounting is also known by other names like Forensic Accountancy or Financial forensics. Forensic Accounting has been defined as “accounting analysis that can uncover possible fraud that is suitable for presentation in court”. Copy the link given below and paste it in new browser window to get more information on Forensic Accounting:- http://www.transtutors.com/homework-help/accounting/forensic-accounting.aspx

3. The History of Forensic
Accounting
 1931
 World War II
 1980s: Real estate bankruptcies, junk bond schemes, and
lawsuits
 1988 ACFE was formed in Austin, Texas
 Initially called “investigative accounting”
 Increase in regulatory, tax and criminal statutes became
law

5. The Need for Forensic Accountants
• A 2001 survey found the following:
• 37% of the country’s top 100 accounting firms are increasing their
forensic and fraud services
• The average organization loses 6% of revenue to employee fraud
and abuse
• The typical perpetrator:
• Colleges and universities are responding
• Many frauds are not reported
• There are 13,000 CFEs in the ACFE, compared to 2,300 just 10
years ago
• Wells Report

6. What Does a Forensic Accountant Do?
•Attempt to obtain the truth and develop an
expert opinion
•Sniff out corruption
•Pore over financial documents, reconstruct
records, interview people, and present
report interpreting and explaining
complicated financial information
•Solve a large puzzle

7. The Services a Forensic Accountant Provides
 Damages
 Antitrust Analyses
 Accounting
 Valuation
 General Consulting
 Other Analyses

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