Forensic Accountant
Controller Job Description
A forensic accountant investigates incidents of fraud, bribery, money laundering and embezzlement by analyzing financial records and transactions, tracing assets, and more. Securities fraud, asset misappropriation, identify theft, compensation disputes, and trademark and patent infringements are just some areas of focus for forensic accountants. Law enforcement agencies, including fraud investigation units of major corporations and financial institutions, often turn to these highly skilled professionals for help in uncovering and analyzing evidence used for solving and prosecuting financial crimes. Legal teams also ask forensic accountants to serve as expert witnesses for their cases. Corporations are increasingly seeking forensic accountants in their internal audit, finance, compliance and global investigation departments.
Like all types of accountants, forensic accountants must be detailed-oriented. The process of detecting financial irregularities and noting small discrepancies that can indicate a larger pattern of fraud requires careful focus and attention. Forensic accountants spend a lot of time looking at and interpreting numbers. Good listening skills are an important part of good overall interviewing skills that forensic accountants should also have. Analytical skills are important for all accountants. In the case of a forensic accountant, analytical skills are necessary throughout the process of reviewing documents and numbers and while interviewing people. The forensic accountant would then use those analytical skills to construct a picture of what kind of financial crime may have taken place in order to present that evidence to others. Forensic accountants need communication skills for more than just interviewing people. They need to be able to clearly communicate their conclusions in both oral and written forms. They may work closely with law enforcement or court officials. It is important for people in forensic accounting to be adaptable and solve problems effectively. The course of an investigation may change quickly based on new information or some other factor. A forensic accountant needs to have the creativity to imagine various scenarios and possibilities and consider whether they are consistent with the evidence.
In order to become a forensic accountant, you’ll first need to earn either a bachelor’s or master’s degree in accounting or finance. While some schools offer a formal forensic accounting degree, students can also customize their course load, majoring in accounting or finance, while rounding out their education with courses in criminal justice. Although no specific licensing is required to become a forensic accountant, you may also plan to take the CFE exam to earn the CFE credential designation. While this is not a necessary requirement to becoming a forensic accountant, it does help individuals stand out, having demonstrated a high degree of expertise in this niche area. A CFE designation can earn you approximately 30% more salary than those without the certification. Certified forensic accountants are also expected to periodically take continuing education courses to keep their credentials.
Typical duties of a Controller
• Reviewing documentation to evaluate the case and identify areas of financial loss
• Obtaining documentation necessary to support or refute a claim
• Helping the lawyer ask questions frame in the appropriate financial context, both before and during a trial
• Helping with settlement discussions and negotiations
Skills:
• Problem solving
• Attention to detail
• Interpersonal skills
• Logical approach
• Communication skills
• Application of law
Qualifications: Accounting or financial degree program; Certified fraud examiner (CFE)