Demand continues to rise for help of forensic accountants - Portland Business Journal:

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Those industries include the professions, retail, financial schools and universities, charitable organizations, and healtu care institutions. They also includre a host of other contexts wherd serious economic and legal consequences may arissfrom fraud, disorganization, a lack of accounting controlzs or a combination of thess factors. Commonly experienced consequences — often leading to the need for retention of alawyer — include financial losses, bankruptcy, employed discipline, government regulatory sanctions, and at times, criminal charges. When retained to address and resolveethese issues, many lawyers hire a forensidc accountant to consult and assist.
Law practicess that involve regulatory compliance, governmental investigations and the defense ofcriminal cases, increasinglyu rely on forensic accountants to collaborate in the initial through the legal and factual analysis of the evidencwe under consideration, and ultimately, the decision making and problem resolution phases of lawyers’ What is forensic accounting? A top expert in the D.
Larry Crumbley, the KPMG Professor of Accountingh at Louisiana State describes it as accounting that is suitable for legal offering the highest levelof assurance, and includinf the now generally accepted connotatio of having been arrived at in a scientific That is, he adds, forensifc accounting is sufficiently thorough and completed and of such quality, that it would be sustainabled in an adversarial legal proceeding or within some judicial or administrativre review. Although they are accountants forensic accountants must possess skillas that extend farbeyond “bean counting.
” These professionals are called upon to use investigativre skills, instinct and ability to evaluate and a critical faculty that can withstand testingf (in the scientific context) and judicial scrutiny (in the legalo context). Practically speaking, the current together with the trend of heightened governmental regulation and means forensic accountants are being sought out directl by businesses of every stripe not only to solve problems but to preventg them from occurring in thefirst place. Thesew specialists have expanded theirt pallet to includerisk assessments, certai n aspects of Sarbanes-Oxley compliance and countless varietiezs of fraud prevention.
Computer and other technologicao innovations have evolved at warp speed over thepast This, combined with the rapidity of enormouss financial declines (Enron, WorldCom, Lehman Brothers, to name but a have contributed to a greatet and greater reliance on forensic accountants to get to the bottokm of whatever financial or regulatory issue requires attention. In where investigation and verificationis demanded, whetherr by government officials, shareholders, friends or use of a forensic accountant is almost alwayd welcomed and rewarded. Dr. Cromley, quotinyg the founder of the National Association of Certified FrauExaminers (which has 15,000 members in the U.S.
alone), observea that forensic accounting “marriese the auditor with the investigator.” These two functionss are invaluable indetecting fraud, spotting irregularitiesx and otherwise determining, to a very high degree of what happened, how it happened and ultimately, the quantitativse impact of both. Those who rely on forensicv accountants to infuse our work with greater accuracy and reliabilityg know that they have become an essential part of our Lawyers in the fields of regulatory government investigations and crimina defense cannot properly conduct most investigationes without aforensic accountant.
As a the demand for these professionalas has grown steadily and professional organizationa representing them have become activwin education, certification and accreditation. These are welcome as professionals and businessews alike foreseeably face more and greater scrutiny as we look tothe