Regardless of the term accounting in forensic accounting, the discipline isn’t related to simply reading financial statements that are available to the public or dealing with other accounting issues; the usual accountants, portfolio managers, investment analysts, and etc. already do the regular financial tasks. Instead, forensic accounting scrutinizes the financial documents that are internal which aren’t readily available to the public; these documents are usually considered in litigation affairs. Generally, the field of accounting was undergoing a major overhaul; before the recent economic crisis that has devastated some parts of the western world, the accounting scandals regarding WorldCom and Enron pushed the field towards change. Accounting in general was put under scrutiny as a result of increasing white collar crime and the economic crisis pushed that process even faster and further. Ergo, there was an increasing need to have forensic accountants and the field in general needs proper development in its education system and practice for it to be effective.

Overall, the laws of the developed world favor the ones who commit white collar crimes rather than a person robbing a convenience store with a gun. The problem with policymaking in the current democratic regimes is that it’s a paradox that allows white collar crimes like WorldCom and Enron to get away or only end up with a milder outcome than the robbers who may physically go out and do it with a gun. Of course, debating the overall of the current democratic systems is beyond the scope of this paper, but the evolution of democracy has led to this paradox in policymaking. The paradox is that there are two different ideologies that are responsible for creating policies; on one side there is the ideology to form policies based on the interests of the people as a whole; these policies consider what is good for the masses and create such policies as required. On the other hand, the other ideology that is also responsible for forming policies are the self-interest groups; these self-interest groups may have influence over certain civil servants to form policies based on their own specific interests which may not align with the interests of the general population. For instance, a company may influence a civil servant by offering an attractive job after their term if they influence certain policies in specific ways. As a result, the individuals that commit white collar are often those that have the influence and power to forge policies as they may require. Therefore, while some companies like WorldCom and Enron may be caught, there are potentially a whole amount of entities committing white collar crime which some may be getting away with by working the system. The paradox in policymaking has forged a system where powerful corporation can influence the system so that they may get their way. As a result, there is a stronger need for forensic accountants more than ever before.

However, the education field of forensic accounting is limited at best; just being a good accountant doesn’t equal an efficient forensic accountant. For starters, a forensic accountant needs a large variety of knowledge and abilities. Unfortunately, due to the high demand of forensic accountants, a lot of traditional accountants are getting in the field in hopes to progress in their career. The problem is that with the issues in the economy, policymaking, white collar crime, and etc., forensic accounting encompasses so much more than just investigating fraud with numbers. Forensic accountants require a plethora of knowledge they include collecting and analyzing evidence, having specialized knowledge, knowledge of investigation techniques, and interpreting and presenting findings adequately in various legal institutions; a forensic accountant requires not only knowledge of accounting, but also legal proceedings and investigation techniques.

Thus, the forensic accountant not only needs to know how to investigate and determine potential fraud, but they also need to communicate the matter adequately in the various legal entities that need to be dealt with. Regular accountants are just aware of how to format numbers for a company’s reports for various purpose; they lack the ability to investigate when someone may be trying to hide something and the ability to communicate that data to people that may not know much about accounting or need to. Investors and other relevant parties an accountant deals with all have some knowledge of accounting and a specific format is required; however, forensic accounting adds a whole new element of investigative, interpretative, and communicative techniques.

In conclusion, forensic accountants need a meta-level type thinking to succeed in their field. The differing ideologies that go into policymaking are just one aspect that needs to be considered for the forensic accountant. For instance, a physically fit individual that knows how to shoot a gun can’t just become a police officer; cops require tact, diplomacy, investigative skills, and a whole lot more to deal with tense situations. Without proper communication techniques, a cop may actually bloat up a situation to dangerous levels since the people they deal with are already in tension and at high risk of causing trouble. Similarly, a simple accountant is unfit to be a forensic accountant due to the lack of extra skills needed to be one. The high demand for forensic accountants translates into regular accountants delving into this field: this is a bad idea. With all the problems in policymaking and the economy, forensic accountants require a deep pool of knowledge. In the end, the relevant government agencies are beginning to realize that importance of having the required knowledge for the forensic accountant. Overall, educational institutes are adding the necessary skills in the field but there is still some way to go. Current research suggests that most forensic accounting educational programs lack the bigger picture thinking needed to succeed in the field. The educators themselves would require a vast knowledge of different fields for the program to be successful. Fortunately, there is a blueprint now on how to develop the field of forensic accounting as it is needed in the modern world.

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