Forensic Accounting in Practice Research Paper Example | Topics and Well Written Essays - 1250 words

Forensic Accounting in Practice - Research Paper Example Few are discussed below (Davis, 2010). Analytical This refers to the ability of an individual to analyze and interpret current situation with respect to future strategies. This is related with other skills such as detail orientation, responsiveness etc. Analytical skills are applied to different business operations, for instance, forensic accountants are needed to analyze legal documents where analytical skills help them in identifying the fraudulent activities. Intuition Intuition is required to give value added services. This skill is mostly acquired by knowledge, learning and experiences while developing the required capabilities. However, few researchers believe that intuition stems from natural habits and personality of an individual. Intuition is needed by the forensic accountants to improve logical analysis and programmed functioning of mind. For instance, forensic accountants use intuition to make opinions regarding financial reports and also to make linkage between different activities which might give a clue to the final fraud. Team Player This relates to the ability of a professional forensic accountant to work in cooperation with others. Team players are also required to perform the managerial activities such as leading, organizing, motivating etc. The investigations against frauds going in an organization cannot be conducted without an efficient and effective team. For instance, if a team is analyzing the financial statements, trends and ratios of a firm than all the working individuals are required to have clear opinion and consensus about the conclusions. Therefore people who are not good team players cannot coordinate well in such business operations and investigations. Auditing Auditing refers to the official inspection of financial reports and statements. The auditing skill is actually acquired by learning and qualifying the necessary courses for becoming a forensic accountant. However, experience plays a vital role in the overall development of this skill. Huge corporations especially those which are on large scale revenues are needed to conduct financial survey to identify the fraudulent activities. They hire auditors for this purpose and also to ensure the transparency of finances. Research It plays an important role in almost all the business operations but for the forensic accountants it is even more crucial. This is primarily because of the extensive research and investigations required to indentify a financial culprit. Forensic accountants have to be efficient in both primary and secondary research skills to effectively utilize them in different business operations. For instance, when a fraud is identified in an organization then the past activities and financial transactions of the culprit are extensively scrutinized which require the forensic accountant to be exceptionally good at research. 2. Describe the role of a forensic accountant within a courtroom environment. Forensic accounting is getting popularity due to recent cases of fraud such as the one of Enron. The role of a forensic accountant is changing dramatically with respect to the courtroom environment. Since major part of the fraud investigations depends upon accounts therefore accountants must be able to present their view point supported with evidence in courts. These evidences are then evaluated by the lawyers, juries, attorney and judges (Stuart, 2006). Following is a brief description of forensic accountan