Forensic accounting, sometimes referred to as investigative accounting, is a unique career field that combines accounting with information technology. A forensic accountant uses sophisticated computer programs to analyze financial data and find evidence that would be legally valid during a court proceeding. Forensic accountants are often asked to review financial records for mergers and acquisitions. They may also serve as advisers to a corporation’s audit committee or work to resolve shareholder disputes within a company.
Increasing number of cheater people and organizations on accounting and result of its economic damages, economic and commercial disagreements and increasing number of misleading enforcements for the users of financial statements (such as Fuzzy Accounting and Creative Accounting) has been caused of existence of Forensic Accounting. It has widespread practice area in developed countries. Forensic Accounting uses techniquies of researching, accounting and inspecting. So Forestic accountants need to have abilities to do that job. In this research I am going to determine most important skills and legal responsibilities of forensic accountants and role of forensic accountants in courtroom.
Required and Expected Skills According to AICPA’s CFF Credential Committee’s survey, the most important skills that a forensic accountant should have are; Thinking analytical (It is the main requirement, like medicine knowledge of a doctor.) , being detail-oriented ( If the accountant can’t focus on the case and can’t see the details of the case there won’t be enough opportunity to use his/her analytical skills) , having ethics (If the accountant doesn’t care about the ethics the rest of the skills doesn’t mean anything because the skills will not be used for an ethic purpose ), being responsible (It is for all kind of jobs actually, if you don’t care about the responsibilities that you have in the organization it doesn’t work even if you are the smartest person in the area) and insightful (That gives different perspectives of views to the accountant and it helps to solving the case). All of these need to be together in my opinion. Because even one of these skills is missing, the rest of skills are not going to be useful anymore. Each of them completes each other. I can’t imagine a forensic accountant who is thinking analytical, detail-oriented, responsible and insightful but doesn’t have ethics. Even this person makes everything perfect he/she doesn’t use these skills for a good way, a person without ethics shouldn’t be doing this job. Forensic accounting combines the analytical skills of a detective with the number crunching skills of an accountant. Those who seek a career in forensic accounting often enjoy solving complicated number puzzles or brainteasers. They persevere without becoming distracted through the study of intensive, detailed documents over long periods of time. Forensic accountants must work well under the pressure of pending deadlines and they must be able to communicate effectively in a wide variety of settings. According to the Forensic Accounting Department of California State University, analytical skills, legal knowledge and proficiency with numbers all necessary skills to have as the determination to put together many small elements in order to create a big picture. Also needed is the confidence to perform independently as part of an investigative team. Most forensic accountants earn a bachelor's degree in accounting and become Certified Public Accountant. Many also train in such areas as criminal justice or law enforcement. Earning a graduate degree in business administration with a concentration in accounting helps make a person more marketable as a forensic accountant. It can also be beneficial to become a Certified Fraud Examiner.
Courtroom Duty Forensic accountants has a critic role in courtroom. For many years, attorneys on both sides of the courtroom have turned to forensic experts to support their position as well as to identify the potential strengths and weaknesses in the arguments of opposing counsel. Additionally, attorneys can use expert consultants as a “second set of eyes” to assist in reviewing and assessing the data obtained from other consulting experts so as to improve their own case. Why would an attorney need to hire such an expert? Like your doctor or mechanic, this individual is hired specifically for his or her expertise and experience in areas that may be unfamiliar to the attorney. Cases involving economic damages and involved accounting analyses can often get bogged down in minutia, and a consultant’s highly specialized area of expertise can be invaluable to the lawyer trying to cut through the sea of paperwork, interpret that specific discipline’s jargon and communicate it to the court in user-friendly terms. Forensic accountants become experts in the detection, prevention and deterrence of fraud and are often called upon to testify with respect to: Criminal Activities engaged by Perpetrators, Fraudulent Financial Transactions, Calculating & quantifying losses and economic damages, Disagreements relating to company acquisitions and Business valuations.
Legal Responsibilities Forensics involves a pretty wide range of responsibilities. But they can be categorized into a few broad segments. In short, the forensic accountant will use his knowledge of accounting and the laws of the state or nation to analyze a client’s financial record. This is not done only if a crime is detected. Many companies have forensic accountants on the payroll just to ensure that their accounts are in order and they are complying with all the laws. The main duty of a forensic accountant is investigation into the accounts to uncover evidence of manipulation of records for financial gain. This is done manually as well as with the use of sophisticated software especially designed to comb through mammoth volumes of financial data. One of the first things that any forensic accounting assignment will have to do is look into the accounts for any errors or irregularities. This is a very basic requirement and will be the first step whether they are investigating the shop around the corner, a multinational company, or a government organization. It is from this first overview that you can glean the accounting techniques or patterns of that particular client. If any complex transactions exist, a detailed analysis will be required to ensure that it is all on the up and up. This can take a long time and may sometimes have to be painstakingly conducted by hand. If any discrepancy is revealed, then it is the forensic accountant’s job to assist with recovering the assets that have been lost. He may be required to testify in court, draw up graphs or make presentations that explain financial jargon to the jury, and assist the lawyers with cross-examination of the opposing expert. In case of fraud, embezzlement or money laundering, the forensic accountant also needs to calculate the extent of the financial damage for insurance purposes as well as for the client to be able to claim compensation in a court of law. He may have to sit in on legal negotiations, attend the trial, contribute to testimony, and provide his unique insight into the financial aspects of the case in order to help his client achieve a favorable verdict or settlement. Each case or forensic accounting job from start to finish can take weeks or months, depending on the size of the company and the extent of the crimes. And at the end of it all, the forensic accountant will have to write out a detailed report about his investigation.
Sample Cases
There are famous cases which are solved by forensic accountants such as Al Capone, Orinda-Moraga and divorce case of Paul McCartney and Heather Mills. Alphonse Capone, more commonly known as Al Capone or ‘Scarface’ grew up in a rough neighbourhood and became involved in ‘kid gangs’ at an early age. His younger years were taken up by scams, violence and even a few arrests, and he quickly become one of the most infamous gangsters of the 20th century, mob boss of the Chicago mafia. Along with a known history of assaults, robberies and murders, amongst his many sometimes illegal businesses were brothels, distilleries, dog tracks and nightclubs. Capone was an excellent businessman, perhaps too good, leaving behind a paper-trail of accounting books keeping track of his finances. Despite his sharp skills and ruthless ways, ironically it was the use of forensic accounting by the Federal Bureau of Investigation (FBI) and the Internal Revenue Service (IRS) that led to his downfall. Government agencies had been trying to catch the gangster for a long time on racketeering, Prohibition charges and more, but this was proving difficult due to the severe lack of evidence. Anyone involved in the gangster’s work had been paid off or even ‘silenced’, protecting him from being apprehended. By 1931, law enforcement agencies had built up a case proving Capone’s tax evasion. Agent Frank J. Wilson had delved through about two million documents and files, tracked down witnesses, and traced bank deposits in order to obtain the evidence required for a conviction. Eddie O’Hare, who ran Capone’s racing tracks and acted as his attorney, worked behind Capone’s back to help Wilson find this evidence. O’Hare was later murdered. The investigation was long and painstaking, Wilson and his family received numerous death threats, and the jury was switched at the last minute due to bribery problem. His attorney attempted to bargain for a plea deal, but Capone retracted his guilty plea after the judge warned he may not follow prosecution’s sentencing recommendations. Despite all of this, Al Capone was found guilty in October 1931, sentenced to eleven years in prison plus thousands in fines. This very famous case led to the boasting phrase; ‘Only an accountant can catch Al Capone’. 
 In 1996, a city manager in California's Contra Costa County became suspicious when a local disposal service company asked for help keeping itself afloat. Orinda-Moraga Disposal Services wanted to raise rates on its customers and needed the Contra Costa Sanitation District's approval. However, the company had recently stated its desire to lower rates. The wary city manager hired forensic accountant Dan Ray to uncover the truth. After examining Orinda-Moraga's records, Ray discovered that the company sent checks to nonexistent people at several companies that had fake addresses. The disposal company's owner deposited the checks into an account. He had created these companies to illegally siphon money from Orinda-Moraga, and inflated its business costs to justify the rate increase. Ultimately, Orinda-Moraga's owner and his partner were found guilty in civil and criminal suits. 
Forensic accountants are also retained to assist in uncovering potentially hidden assets during divorce proceedings. The recent high-profile divorce of Sir Paul McCartney and Heather Mills included a dispute over how much McCartney was actually worth. He claimed to be worth about $785 million (400 million pounds), but Mills said that McCartney was worth about $1.6 billion (800 million pounds). She retained a team of forensic accountants to delve into his assets. Mills hoped that if accountants proved that she was correct, the divorce ruling would be overturned and she could receive a larger settlement. As of June 2008, the initial ruling hadn't been overturned.

References
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