Forensic Accounting

Forensic Accounting is an area where accounting, auditing, and investigating abilities are used to analyze the information that is suitable to use in the court of law. Forensic Accountants are engaged in clearing damages of the frauds related to insurance, personal injury, business disputes, business interruption, divorce and marital disputes, construction and environmental damages, cyber-crime, products liability, business valuation and more. They analyze, interpret, and summarize the complex business and financial matters. Forensic Accountants are trained to provide clear information regarding the fraud and look into the reality of the situation. The major function of forensic accounting is to put forward the nature of financial crime in front of the court.     

Forensic Accountants usually conduct forensic research, audit, evaluate financial information given, and identify thefts. They mostly work for insurance companies and banks, and they are responsible for investigating and preventing any frauds related to finance. They make sure that set rules and regulations are being followed and keep a check on finances of an organization. Along with that, they also work with accounting firms and provide consultation to clients regarding fraud prevention.

• 10 + 2 in Commerce Stream (Recommended)
• Bachelor’s degree in any field for 3-4 years (Optional)
• Professional certification for CA/CS/CWA or CPA  
• Diploma/ certificate in Forensic Accounting                      

Significant Statistics

• Most of the forensic accounting courses are available at master’s level
• Graduation degree from a recognized university is required to become a certified forensic accountant in India
• Work experience of at least three years is required with 75% in CFAP examination

Pros

• Forensic Accountants professionals are highly in demand 
• Remuneration in the field is quite good
• This field is a great combination of law and accountancy

Cons

• An added skill and not a complete career domain
• Long working hours
• A lot of dedication and honesty is required