What's a forensic accountant do?

I'm fascinated by forensic accounting but no clue what the job actually entails. Is it like detective work but with numbers? Considering accounting as a major in college and want to explore its different facets.

You're right on the money concerning forensic accounting being akin to detective work but with numbers. Essentially, forensic accountants use their knowledge of accounting principles and legal concepts to investigate financial discrepancies, fraud, and disputes. They play an essential role in unraveling complex financial transactions and helping to decipher fraudulent activities.

Forensic accountants have a wide range of tasks. For instance, they might be called upon to scrutinize financial statements for signs of potential fraud, such as fundamental discrepancies or suspicious transactions. They might participate in litigation cases, either supporting the process of gathering evidence or providing expert testimony in court.

In businesses, they can conduct internal audits to ensure compliance with financial regulations and corporate policies, help with risk management, and may even be involved in due diligence assessments for mergers or acquisitions. They can also assist in resolving disputes related to bankruptcy, insurance claims, or contract issues.

The field of forensic accounting calls for a keen eye for detail, knowledge in accounting and finance, a strong understanding of laws and regulations, and excellent problem-solving skills. For anyone aspiring to become a forensic accountant, an accounting degree is usually the first step, followed by gaining a Certified Fraud Examiner (CFE) or a Certified in Financial Forensics (CFF) credential, which can significantly enhance your credibility in the field.

Remember, it's a diverse field with a good degree of challenge and excitement, especially if you enjoy sleuthing and have an aptitude for numbers. You might find this specialty a perfect blend of technical accounting skills with a touch of criminal justice.