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According to the Forensic CPA Society, forensic accounting is the, "specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation." What does this mean in layman's terms?
Basically, a forensic accountant goes through financial statements of a company to determine if any fraud or other illegal activities has occurred.

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"Forensic accountants inhabit a cloak and dagger corner of the accounting world. Their job: respond at a moment's notice when a client spots trouble - anything from procurement fraud to a top executive cooking the books to industrial espionage."
- Justin Pope, Associated Press
"You have an external auditor - that's like a guard dog. Maybe a bulldog," he said. "An internal auditor is a seeing eye dog. A forensic accountant is a bloodhound."
- Dr. Larry Crumbly, editor - "Journal of Forensic Accounting"
Forensic Accounting is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. "Forensic" means suitable for use in Court, and it is to that standard and potential outcome that forensic accountants generally have to work.

Forensic accountants often have to give expert evidence at the eventual trial. Forensic accountants not only utilize their accounting and auditing skills, but also use their investigative skills to determine what events actually took place in a financial setting.

Engagements relating to civil disputes may fall into several categories:

Calculating and quantifying losses and economic damages, whether suffered through tort or breach of contract

Disagreements relating to company acquisitions, perhaps earn outs or breaches of warranties

Business valuation

Forensic accountants often assist in professional negligence claims where they are assessing and commenting on the work of other professionals.

Engagements relating to criminal matters typically arise in the aftermath of fraud. They frequently involve the assessment of accounting systems and accounts presentation - in essence assessing if the numbers reflect reality.

Forensic accountants may be involved in recovering proceeds of crime and in relation to confiscation proceedings concerning actual or assumed proceeds of crime or money laundering.

Forensic Accounting encompasses two areas:

Litigation represents the factual presentation of economic issues related to existing or pending litigation. In this capacity, the forensic accountant quantifies damages sustained by parties involved in legal disputes and can assist in resolving disputes before they reach the courtroom.

If a dispute reaches the courtroom, the forensic accountant may testify as an expert witness. Knowledge of the courtroom sets the forensic accountant apart from a typical accountant.

Investigation is the act of determining whether criminal matters such as employee theft, securities fraud (including falsification of financial statements), identity theft, or insurance fraud have occurred. Investigation may also occur in civil matters. A forensic accountant may be hired to search for hidden assets in a divorce case.

While forensic accounting and fraud auditing are related, fraud auditing is more anticipatory. Fraud auditors try to control a situation before something happens, whereas a forensic accountant may be hired after the fact. A forensic accountant is usually hired after a company suspects theft, fraud or embezzlement.

Forensic accountants are suspicious. They must be able to apply their accounting knowledge to legal issues. A forensic CPA will be asked to write expert reports, assist in depositions, testify as an expert witness, conduct fraud investigations and assist in civil and criminal investigations.

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"Forensic accountants inhabit a cloak and dagger corner of the accounting world. Their job: respond at a moment's notice when a client spots trouble - anything from procurement fraud to a top executive cooking the books to industrial espionage." - Justin Pope, Associated Press "You have an external auditor - that's like a guard dog.

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Some of the responsibilities that you will have in this career are:
- Investigating and analyzing financial evidence
- Calculating losses due to neglectful financial actions
- Business Valuation
- Testifying in court based on investigation of financial statements and records

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Forensic accounting is becoming a very popular major for college students. Due to "tough economic standings and a higher level of company governance" careers in this field are expected to grow. Some of the top universities at which to study forensic accounting are:
Northeastern, Boston, MA
Southern New Hampshire University, NH
University of North Carolina, NC
University of West Florida, FL

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This article was first published in the March 2017 Malaysia edition of Accounting and Business magazine.
When the going gets tough, the forensics get going. Practitioners believe that the demand for the services of forensic accountants is growing because of the tightening economic conditions and the increasing scrutiny of how companies are governed. In such circumstances, there is heightened sensitivity to fraud, and that translates into more efforts to detect and prevent it, as well as to take legal action against the wrongdoers.
The garden-variety work done by accountants and auditors is often inadequate in this area because the scope and nature of that work is normally not designed to find something that has been artfully concealed in today's complicated business operations. This is a job that calls for specialist experience and skills. In many instances, a forensic accountant is a detective, an examiner and an expert witness rolled into one.

While just about everybody agrees that forensic accounting is a specialised area of accountancy, if you ask 10 practitioners to define it, you are likely to get 10 different ways of looking at it. That just shows how much a forensic accountant may be required to do.

'Simply explained, forensic accounting seeks to uncover the what, why and how behind the computation and reporting of figures. The aim is to ascertain or confirm the substance of those purported transactions,' says Andrew Heng, a partner at Ferrier Hodgson MH, the forensic and litigation support arm of Baker Tilly Malaysia.

Tan Kim Chuan, forensics partner at KPMG in Malaysia, describes a forensic accountant as a financial investigator with specialised multidisciplined skills. He adds that a forensic accountant must be knowledgeable about business processes and fraud risk management because they are frequently brought in to help companies prevent and detect fraud and misconduct.

'A more appropriate term is "forensic professional" because he not only investigates fraud and misconduct but also has the skills to help to mitigate the risk of fraud in organisations,' he says.

To Pete Viksnins, a director with the PwC Malaysia forensics practice, forensic accounting encompasses a wide range of services - everything from traditional investigations of 'cooking the books' to predictive data analytics and compliance consulting. Therefore, he says, it goes well beyond financial investigations. 'Rather, we perceive the unifying concept to be the application of the forensic "mindset" to help solve complex client issues, including quantification of economic damages and investigating complicated accounting schemes.'

Unfortunately, it appears that corporate Malaysia has yet to properly grasp what forensic accounting can do for it. Viksnins describes this as a transitional state in which many clients do not yet fully appreciate the capabilities of forensic accountants or the value these professionals can bring to businesses.

After the event

More often than not, companies turn to forensic accounting only when things have already gone wrong. Brian Wong, partner, assurance and business risks, at PKF Malaysia, notes that forensic accountants are usually hired after fraud has been discovered. 'Their appointments are typically aimed at enhancing the quality of evidence to support an effective civil or criminal action,' he says.

Tan hopes to see more companies invest in fraud prevention and detection programmes, including getting the help of forensic professionals. 'Boards of directors should realise that fraud can impact their organisations and thus it is a business imperative for them to take preventive measures,' he says.

'More so, there are available analytic tools that can be leveraged in detecting any red flags of fraud within their organisations. In short, they should take a proactive approach instead of waiting until they are hit by fraud incidences, which are often very costly, both financially and to their reputation.

Viksnins agrees that it is almost certainly less expensive to prevent fraud than to deal with its after-effects. 'I'd like to see companies being more open to conversations about the benefits of having a fraud risk assessment or proper compliance programmes in place,' he says.

In Malaysia, that may happen sooner rather than later because there are several factors at play that will encourage corporations to seek the services of forensic accountants.

Make companies liable

A pivotal development in Malaysia is the government's plan to make companies liable if employees commit bribery or other forms of corruption. Wong believes that this move will prod companies into establishing stronger governance and control mechanisms. He also highlights the regulators' push to improve corporate governance in Malaysia, saying that this supplies the impetus for corporations to exercise greater corporate responsibility, and to improve their risk management and internal control frameworks.

Just as business is becoming more sophisticated, so, too, is fraud. Therefore, companies need assistance in dealing with this mounting challenge. Tan points out that dispute advisory is a growth area for forensic professionals. This involves providing expertise in civil disputes and giving evidence in court and arbitration proceedings.

The global economy also has a role. Given that instability and lethargy seem to be the order of the day, companies and individuals will have to deal with more financial pressures, and this tends to lead to an increase in fraud and corruption.

All this means that now may be a good time to become a forensic accountant. 'The key element of forensic accounting is the wide variety of assignments one can get,' Heng says. 'Each assignment is unique, incredibly challenging and rewarding.'

Asked for the attributes that make a good forensic accountant, practitioners come up with a long list, thus reflecting the breadth of the role. Among the preferred qualities are technical competence, creativity, sound ethics and morality, communication skills, street smarts, a probing mind, attention to detail, ability to connect the dots, and perseverance.

'Forensic accounting is an intriguing area, and for people who feel compelled to help solve puzzles, this is the field of choice,' says Viksnins.
Errol Oh, journalist

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Demand for forensic accountants is growing

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This article was first published in the March 2017 Malaysia edition of Accounting and Business magazine. When the going gets tough, the forensics get going. Practitioners believe that the demand for the services of forensic accountants is growing because of the tightening economic conditions and the increasing scrutiny of how companies are governed.

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No special certification, besides a bachelor's or master's, is necessarily required to become a forensic accountant, but many companies prefer their forensic accountants to have either a CPA or CFE credential. The parts of the CPA exam include:
Auditing & Attestation (AUD)
Financial Accounting & Reporting (FAR)
Regulation (REG)
Business Environment & Concepts (BEC)
The parts of the CFE exam include:
Fraud Prevention and Deterrence
Financial Transactions
Fraud Schemes
Investigation and
Law.

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Association of Certified Fraud Examiners - Associate membership Details and Benefits

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Many forensic accountants can further their careers and job prospects by joining some of the  networks for forensic accountants. One of the more popular ones is the Forensic CPA Society. In order to get into the FCPAS you have to take a test for entry. There are five parts to the test, which are:
Criminal Interrogation and Confessions
Corporate Fraud Handbook
Financial Investigation and Forensic Accounting
Forensic and Investigative Accounting and
Principles of Fraud Investigation
Some of the benefits of being admitted into these networks are the ability to be promoted by the society and you can add their credential to your name. Ex. John Doe CPA, FCPA.

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Continued Professional Education is most often required for CPA's and CFE's in most states. In Wisconsin, for public practicers, for every three years after obtaining their CPA license, you must obtain 120 hours of CPE with no less than 20 hours per year. If you aren't practicing publicly, you need 90 hours every three years, with 15 minimum each year.

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How to become a CPA in Wisconsin - WI | Exams and License | Certification | CPA Requirements

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b. If you are still attending school or have recently graduated, make certain that the Wisconsin State Board of Accountancy will accept your credits. To be acceptable to the Board, all credits must be earned from a school that holds accreditation granted by a regional or national institutional accrediting agency recognized by the Secretary of the Department of Education.

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Many fraud offenses, if found guilty, are treated as felony offenses.When the victim of fraud loses over $2,500 it is classified as a felony in Wisconsin. Fraud under an amount of $2,500 is a misdemeanor. Common types of fraud include bankruptcy fraud, tax fraud, and insurance fraud. Last year, worldwide, around 2400 cases of occupational fraud occurred. Within that, the median amount lost was around $140,000.
http://www.attorneytraceywood.com/Fraud.cshtml

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There have been several big examples of fraud in the history of the United States. Some of the biggest ones are Enron, MF Global, and the Bernie Madoff ponzi scheme.
MF Global-  MF Global was a middle man between buyers and sellers of futures.  When it collapsed in 2011, 1.5 billion in customer assets were frozen and lost; the customers could not withdraw their money. MF Global also invested around 6.3 billion in European countries faced with severe debt, which is a big event in the bankruptcy of the company. According to Fortune in 2014, MF Global's "customer accounts, will likely now be receiving a stunning 100 cents back on every dollar of their principal." I was unable to find any information about customers receiving their money back.

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Forensic accounting degree programs are typically found at the graduate level and are available from several top institutions. Two of these schools are part of the College University of New York and the State University of New York systems. CUNY John Jay College of Criminal Justice, the University at Albany - SUNY, and Florida Atlantic University are three schools that offer programs for aspiring forensic accountants. The programs teach students to use legal, financial, and investigative skills to prevent, determine, or investigate financial fraud. John Jay College offers a graduate certificate in the field, while the University at Albany - SUNY and Florida Atlantic offer a master's degree program in forensic accounting.

Now we'll learn how these schools are ranked by the U.S. News & World Report and cover distinct aspects of their programs.

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best forensic accounting schools: list of top schools

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Best Forensic Accounting Schools: List of Top Schools

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Forensic accounting degree programs are typically found at the graduate level and are available from several top institutions. Two of these schools are part of the College University of New York and the State University of New York systems. CUNY John Jay College of Criminal Justice, the University at Albany - SUNY, and Florida Atlantic University are three schools that offer programs for aspiring forensic accountants.