Career as a Forensic Accountant

Forensic Accounting and Auditing is a very upcoming field in India. With the steep growth in frauds, scandals and white-collar crimes as well as the outcry for accountability and transparency to establish good governance, Forensic Accountants fit the bill to help the cause and sniff out such criminal transactions. Given the day and age, there is no realm that is immune to dishonesty, fraudulence and oppression. Forensic Accounting challenges such acts and hence has penetrated various sectors that are infested with financial treachery. The need and demand for Forensic Accountants is increasing in the following areas:

Ø  Detection of Fraud by Employees within an Organization

Ø  Criminal Investigation

Ø  Settlement for a Retiring Partner

Ø  Cases Relating to Professional Negligence

Ø  Arbitration and other forms of Dispute Settlement

Ø  Settlement Regarding Motor Vehicle Accidents

Ø  Settlement of Insurance Claims

Ø  Settlement of Disputes Arising out of Matrimony

Forensic accounting is the practice of utilizing accounting, auditing and investigative skills to assist in legal matters. Forensic accounting involves legal investigation and analysis of financial documents of any firm or client, who is involved in a legal dispute. It encompasses 3 main areas – litigation (law suit) support, investigation and dispute resolution. People who are professionals in this field are known as 'forensic accountants' or 'investigative accountants'. Forensic Accountant is a person who is one part accountant, one part detective and one part legal expert. Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal.

Forensic Accountants work throughout the business world, ranging from private corporations or firms that help specific companies deal with suspected (or known) fraud and embezzlement to government organizations like police departments, the CBI (Central Bureau of Investigation), FBI or the CIA (Central Intelligence Agency), the Internal Revenue Service, and the Bureau of Alcohol, Tobacco and Firearms. Forensic accountants also frequently work for Public Accounting Firms, Banks, the IRS (Indian Revenue Service), Insurance Companies and Law Firms.

Qualification

Ø  Certificate Course on Forensic Accounting and Fraud Prevention (FAFP) offered by ICAI after clearing your CA Exams.

Ø  Diploma in Systems Audit (DISA) may also be helpful.

Ø  The most recognized qualification for Forensic Audit is Certified Fraud Examiner (CFE) offered by Association of Certified Fraud Examiners. The basic requirement for this` course is just Bachelor's in any field with Fraud related 2 years professional experience.

Ø  Pass the CFAP examination conducted by Indiaforensic Center of Studies with at least 75% marks.

Courses

Ø  Post Graduate Diploma in Forensic Accounting

Ø  Certificate Course in Forensic Accounting Professional

Ø  Certified Anti-Money laundering Expert

Ø  Certified Bank Forensic Accounting

Ø  Certified Vigilance and Investigation Expert

Entrance Exams
In India, CFAP Examinations are conducted by India Forensic and Moderated under the bylaws of Forensic Accounting Research Foundation. 

Institutes

Ø  The Institute of Chartered Accountants of India, New Delhi 

Ø  The Institute of Chartered Financial Analysts of India University (I.C.F.A.I.), West Tripura (Tripura)

Ø  India Forensic, Pune

Remuneration
Forensic accounting is one of the highly paid jobs in India. A beginner can earn a salary between ₹ 25,000 - ₹ 30,000 per month, while an experienced person can earn a lot more than that, probably in six figures.