Why Demand for Forensic Accountants is on the Rise
In the last 40 years, the world has seen a great surge in demand for forensic accountants, the professionals who essentially prevent or track fraudulent activities.
They are both accountants and investigators. Some even refer to them as “bloodhounds,” a nod to their excellent tracking abilities. Basically, there is much more to the job of a forensic accountant than meets the eye, and their abilities make them much needed in light of the current state of the economy.
In order to best describe the reasons for the continued demand, let us first take a look at what being a forensic accountant actually means.
Defining the profession is no mean feat. Even though this is a specialized area of accountancy, it is extremely multidisciplinary. In a nutshell, though, in the event fraud takes place, the accountants discover what happened, how it occurred, who is to blame and what can be done to fix the damage.
Moreover, if a company is wise enough, its forensic accountants are there to prevent catastrophes entirely. A professional leads a traditional inspection of suspicious transactions, gives predictions and estimates and suggests solutions. Obviously, such an employee would be considered an invaluable asset in any company.
As mentioned, there is an ever-growing demand for these experts, not only due to their highly desirable skills, but also because of the ongoing market situation.
For instance, Great Britain is in need of professionals, since the government has been assigning a lot of resources to money laundering cases. What is more, forensic accountants are always in high demand on an international level, especially when it comes to harming the environment. Environmental disasters are known to be intriguing and challenging cases in which the real culprit is hard to find.
Besides governments, big corporations are also coming to realize the significance of predicting and recognizing any fraudulent operations within the company. As timely investigation can save millions, good forensic professionals are more than welcome, to say the least. In fact, an enterprise can benefit greatly from a forensic accountant who is constantly employed by the company and works from the inside, since they possess greater insight in comparison to an external professional.
But these aren't the only significant parties that make use of the services of forensic accountants. These experts are also becoming common parts of high-profile divorces. Spouses tend to hide their assets so as not to be forced to share their wealth during the court settlement.
For this reason, the accountants are asked to conduct a thorough investigation and reveal if any sources of income are being kept hidden. Overall, it can be concluded that white collar crime is on the rise. Even though marital matters may seem like just another family problem, hiding one’s property and revenues is a serious crime in its essence.
Also, technology has, without a doubt, facilitated lots of fraud. Nowadays, there is a plethora of ways to hide one’s traces and avoid suspicion. On the flip side, new programs for tracking suspicious behavior are being developed all the time, so this is a never-ending cycle.
Finally, there is the last and perhaps the most surprising reason why it is so easy for forensic accountants to find a job. The truth is that a lot of them state they possess the knowledge, but they are not either experienced or educated enough for such a role. We have already mentioned the versatility of fields a forensic professional is supposed to deal with. As much as the job is in high demand, there are as many applicants falsely presenting themselves as forensic experts.
All things considered, it could be said with certainty that the demand for forensic accountants is only going to rise even more. Hopefully, the high demand will soon match a high-quality offer.