The course was real good and was very informative which will be useful for further studies and practice in the field of Forensic accounting.
Forensic Accounting, also termed as Forensic Accountancy or Financial Forensics is the specialty practice area of accounting that defines engagements that result from genuine or projected disagreements or litigation. "Forensic" means "apposite for practice in a court of law", and it is to that standard and impending outcome that forensic accountants usually have to toil. Forensic accountants, also referred to as Forensic Auditors or Investigative Auditors, often have to give an expert evidence at the subsequent trial. All of the larger accounting corporations, as well as many medium-sized firms, as well as various Police and Government agencies have specialist forensic accounting departments. Within these groups, there may be further sub-specializations: some forensic accountants may, for example, just specialize in insurance claims, personal injury claims, and fraud, construction, or royalty audits.
Forensic Accounting cases may fall into several categories. For example:
>> Economic damages calculations, whether suffered through offense or breach of contract;
>> Post-acquisition disputes such as earn outs or breaches of warranties;
>> Bankruptcy, indebtedness, and reorganization;
>> Securities fraud;
>> Business assessment; and
>> Computer forensics/e-discovery.
Forensic accountants often contribute in professional negligence claims where they are evaluating and observing on the work of other professionals. Forensic accountants are also engaged in marital and family law of scrutinizing lifestyle for spousal support purposes, determining income available for child support and unbiased distribution.
Engagements relating to criminal matters typically arise in the repercussion of fraud. They frequently involve the valuation of accounting systems and accounts demonstration—in essence judging if the numbers reflect authenticity.
Some forensic accountants major in forensic analytics which is the obtaining and analysis of electronic data to reconstruct, detect, or otherwise support a claim of financial fraud. The main steps in forensic analytics are (a) data collection, (b) data preparation, (c) data analysis, and (d) reporting. For example, forensic analytics may be used to review an employee's purchasing card activity to assess whether any of the purchases were diverted or divertible for personal use.
After the thorough sessions provided under this course, one would be able to assess and judge the usefulness of Forensic Accounting in the cases pertaining to auditing and financial disputes or litigation.