... 05/19/2013 05/19/2013 forensic accountant CONTEMPORARY BUSINESS forensic accountant CONTEMPORARY BUSINESS 125/19/20135/19/20135/19/2013 fraud busters In today’s world, it is knows by everyone that different developments were taken place in the last periods. Our globalized world in a state of continuous technological change and innovations has been challenged by new generation criminology risk factors. From business, government, regulatory authorities, and the courts evidence indicates that a higher level of expertise is necessary to analyze current financial transactions and events. Forensic accounting is a specialized area of an accounting practice that describes engagements which results from actual or anticipated disputes or litigations. Forensic accounting has been defined as accounting analyzers that can uncover possible fraud that is suitable for presentation in court. A Forensic accountant needs accounting, law, finance, investigative and research skills to identify and prevent fraud. Forensic accountant uses her/his knowledge of accounting, law, and criminology to uncover fraud, as well as gather any evidence and present it to the court....
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...Yekaterina Romanovich American Intercontinental University Unit 1 Individual Project Acct 310- Managerial Accounting February 17, 2013 The importance of a managing accountant to document and understand current spending as well as the cash flow. Reading future money patterns to know where and when to spend while still making money for the company. Using accounting information for managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. The knowledge to look forward and correct predict cash flow. Managing accountants aid companies in direct monitoring as well as measuring the efficiency of their accounting operations. While also focusing on limiting abuse or fraud by employees, managing accountants provide owners and managers with equitable assurance that the company’s financials are in order and there is room for profitable growth in the future. While managers plan the fiscal expenditures for a company, they need to acknowledge current expenses and limit said monies to remunerate back into the company. (Shanker, 2013) Owners and managers can use internal controls to limit the number of individuals who have access to the company’s accounting information. In doing so, they limit the opportunity for abuse of the sensitive information. Although both managerial accounting and financial accounting are crucial to a company’s success, managerial...
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...roles as an accountant and the importance of having an accountant especially when business are involved. Introduction The definition of Accounting is basically a person that keeps track and puts in order a business’s financial records to help that business know if they are gaining or losing money so that the business may continue successfully. Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions (I, 10/1/2012) The primary objectives of accounting consists of an accountant (bookkeeper) keeping track of a company’s debits and credits, without this feature for a company there would not be any way for a company to know whether or not they are gaining or losing money (Instructor, 2002-2005)! Therefore, an accountant will gather information from the company which consists of their total income that has been brought in as well as receipts for everything the company has bought to determine the debit that the company has spent. After the accountant has gathered all of this information, the accountant can than determine the company’s equity rather or not they are losing money or gaining money (Instructor, 2002-2005). There are fourteen different steps when dealing with accounting process. Fist the accountant must gather the information from the business and be able to recognize the information (Internet Center for Management and Business Administration, 2002-2010). Second the accountant must prepare...
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...growth opportunities. To advance my career as renowned chartered accountant Summary of Qualifications: • Perfect understanding of the fundamental accounting concepts with extra ordinary ability to apply them in a varied manner • Holding the valid charter • Extensive accounting practices exploring various aspects of the economy • Excellent communication and comprehension skills • Close exposure to foreign policies and trade policies plasticized by various nations across the world Professional Experience: Adventist Health International-SDA Hospital, Aba, (2011-Present) Chartered Accountant {Treasurer} • Ability to ensure that all financial and accounting reports are prepared in compliance with NASB & IFRS and submitted in a timely manner • Managing their financial systems and budgets • Carrying out periodic risk analysis about the various financial decisions of the organization • Performing periodic financial audit of the company • Conducting regular meetings with the senior management providing expert financial advice for the decision making process • Providing special advise with deeper study with the orientation of raising the profitability of the business • Experience overseeing compliance with internal controls and accounting procedures Eastern Nigeria Union of Seventh-day Adventists Senior Accountant {2003-2010} • Experience reporting on financial results...
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...Running head: Forensic accountant 1 Forensic Accountant Tanya Pace Dr. Gina Zaffino Bus 508, Contemporary Business 11/16/2012 Running head: Forensic Accountant 2 Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations. Although forensic accounting is not a new field, it has become more talked about since cases like Enron came to light. For someone interested in the Forensic Accountant profession they should know that this field can be time consuming, but very rewarding. People who work in this career investigate white collar crimes such as company fraud, fraudulent financial record reporting, and illegal investment schemes. In a recent study by the Federal Bureau of Investigation shows that white collar crimes have cost the United States and estimated 300 billion dollars (DiGabriele 2008). I think five of the skills that a forensic account would need are communication skills, detail oriented, professional and ethical behavior, sound judgment and discretion. Communication skills are vital in any profession. It allows you to convey information for others to receive. The problem with communication is that it can be interpreted differently by other intended parties. As a forensic accountant, communication skills, verbal and non verbal, are important...
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...Working as an accountant is more complex than simply crunching numbers. A successful accountant must possess a particular set of skills, both with handling massive amounts of money-related information and with navigating the sphere in which he works. This is because accountants can work in one of several fields, including working for the public, the government or major corporations. According to the IFAC, international federation of accountants, “the attitude and skills professional accountants require are grouped under five main headings: (a) Intellectual skills (b) Technical and functional skills (c) Personal skills (d) Interpersonal and communication skills and (e) Organizational and business management skills. Above all, an attitude of continual inquiry and life –long learning is essential. An attitude of accepting and seeking continual improvement, both of self and the profession will lead to life-long learning.” Intellectual skills enable a professional accountant to understand the determining forces in a given situation and to predict their effects. Other intellectual skills include the capacities for inquiry, abstract logical thinking, inductive and deductive reasoning and critical analysis. The ability to identify and solve unstructured problems in unfamiliar settings and to apply problem-solving skills in a consultative process is also an important intellectual skill to possess as an accountant. A professional accountant encompassing these traits will have the...
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...Term Paper Kaplan University March 20, 2015 Regulations: Accountants Responsibilities Accountants have many responsibilities in different areas. They have responsibilities to clients, to thirds parties, and to the government. They have a responsibility to know the regulations, rules and laws that have been put in place for accountants. Lastly accountants have a responsibility to perform their obligations and duties by the code of conduct and to the code of ethics. We will start off with the client. The client by definition is the person who pays the professional or organization for services; the person who engages the professional for their advice or services they render. (Legal Dictionary) For these services the client must cooperate with the accountant in every aspect the accountant deems fit, within the scope of their profession. The accountants responsibilities to the client include to act with integrity, objectively, due care, competence, fully disclose any conflict of interest, maintain client confidentiality, disclose fees to client, and serve the public interest when providing financial services, (AICPA code of conduct) Accountants can also have fiduciary duties to a client if the accountant gives advice to a client involving taxes, assessing management or business consulting. Fiduciary is a legal duty to act solely in the best interest of the client. The case below involves an Atlanta-based accountant breaching his fiduciary duty involving client confidentiality...
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...BEING AN ACCOUNTANT There are lots of jobs available for accountants. Accountants can work in almost any industry and any part of the country or world for that matter. The income is pretty good and there are many options of work structure available (i.e., part-time, full-time, self-employment, etc.) Being an accountant means one can choose from wide variety areas including public accounting, management accounting, government accounting, and internal auditing. Most accountant and auditor positions require at least a bachelor's degree in accounting or a related field. Some employers prefer applicants with a master's degree in accounting, or with a master's degree in business administration with a concentration in accounting. Some universities and colleges are now offering programs to prepare students to work in growing specialty professions such as internal auditing. Many professional associations offer continuing professional education courses, conferences, and seminars. Any accountant filing a report with the Securities and Exchange Commission (SEC) is required by law to be a Certified Public Accountant (CPA). This may include senior level accountants working for or on behalf of public companies that are registered with the SEC. CPAs are licensed by their State Board of Accountancy. Any accountant who passes a national exam and meets the other requirements of the State where they practice can become a CPA. The vast majority of States require CPA candidates to be college graduates...
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...CURRICULUM VITAE CA. SAHIL JAIN E-MAIL : sahiljain69@gmail.com MOB. NO. : 09469212042, 09018709963 CAREER OBJECTIVE: To work with a reputed organisation which provides challenging environment, encourages continuous learning, creativity and exposure to new ideas and cultures which stimulates personal and professional growth and to become a reputed professional in the field of Taxation, Accounts, Audit and Finance Department. ACADEMIC CREDENTIALS: ...
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...market for forensic accountants has increased. The increase in white collar crimes due to the economic downturn also has forensic accounting in high demand. These accountants assist in investigating financial, auditing and business related issues and require specialized training. Forensic accountants are retained by lawyers, police forces, insurance companies, banks, and the business community. Government agencies employ forensic accountants as well. Accounting positions at the FBI date back to the 1970s and around 15 percent of today’s agents qualify as special agent accountants. These agents investigate terrorists, spies, and criminals of all kinds who are involved in financial wrongdoing (FBI.gov, 2012). Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations. Forensic accounting is a specialty field within the broader area of accounting. These accountants are more than just number crunchers. The realm of forensic accounting requires a certain type of person who possesses specific skills and traits. Besides the core knowledge and skills of any Certified Public Accountant (CPA), they must know how to use a variety of computer programs and communicate well. The forensic accountant must be able to collect, analyze and evaluate evidential matter. Forensic accountants must also have...
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... The process the chief accountant may ethically approach According to the “Code of Ethics for Professional Accountants”, a professional accountant should comply with the fundamental principles including integrity, objectivity, professional competence and due care, confidentiality, and professional behavior (S100.5). When the chief accountant identifies threats to compliance with the fundamental principles and those threats are not at an acceptable level (violation of HKAS 18), the chief accountant must decide whether appropriate safeguards can be available and applied to eliminate or reduce the threats to an acceptable level. During the decision making process, the chief accountant should exercise professional judgment and consider whether a reasonable and informed third party, and need to weigh all the specific facts and circumstances available (100.7). Threats can be classified into self-interest threat, self-review threat, advocacy threat, familiarity threat, and intimidation threat (100.12). In this case, the CEO instructs the chief accountant to defer the revenue recognition to next fiscal year therefore the chief accountant is facing intimidation threat which occurs when the chief accountant is deterred from acting objectively because of actual or perceived pressures, including attempts to exercise undue influence over the professional accountant. During a formal or informal ethical conflict resolution process, the chief accountant should take into account...
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...The best workplace for an accountant is Government Accounting. The individuals do not garner the high wages that private firms pay, but their benefits and job security are very good. I think that by carefully researching and choosing with government agency I applied in, I could help the government to ensure that the income and expenses that are handled by the agency would be made in conformance with applicable laws and rules. In government service, the IRS might be a good place to work. Management accounting would be another accounting sector that might be a good place for me to work. I could use my talents and skills to analyze financial data for a company as they build budgets and analyze their performance, evaluate their cost structure and manage their assets. This type of work would be very interesting to me, as it would be valuable for the team as a whole. I like this work as it is enjoyable for me to work in a team environment toward defined goals. You can also learn a lot about a company when you know how the finances are being spent, and where the profit is being made. For me though, I think that as great as some of the jobs may be I would love to further my career with accounting. I would love to follow and be successful like my cousin and open my own accounting business. I think that it would be a rewarding experience to be able to help others and build portfolios for them and learn how to invest in the stock market. I know that much of the work...
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...against accountants by clients 6 Action or claims against accountants by third parties 6-7 Action or claims against accountants by the government 7 Accounting-Client privilege 7 Whistleblowing 8 Conclusion 8-9 Reference 10-11 AC502-01N: Regulation Unit 6 Accountant Responsibility Oluseye Akindebe Kaplan University May 05, 2015 Professor: Christopher Zapalski Abstract: Accountants assist to make sure that companies run with competence. They ensure that financial records are kept accurately, and that taxes are paid at the right time. The various responsibilities of accountants to their clients, to third parties, and the government will be discussed. Ethically, accountants are obligated to collect financial data, analyze them, and provide accurate and unbiased financial information for various accounting users like companies, clients, federal government, state, and local governments. Since there are many accounting users who are earnestly waiting to make life changing decisions based on the financial information they received from the accountants or auditors, it is imperative that financial information should be free of misleading information. If accountants are negligent in the process of carrying out their duties by providing misleading information, they should be held liable for their negligence. As stated by (Beatty, Samuelson, and Bredeson, 2013), an accountant is liable for negligence if: 1) “The accountant breached...
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... May 23, 2013 The Forensic Accountant What is a forensic accountant? There are many attributes that are needed to be a forensic accountant. Bolgna and Linquist (1995) defined forensic accounting as the application of financial skills and an investigative mentality to unresolved issues, conducted within the context of the rules of evidence. In 2011, a definition in Accountancy Ireland, noted: “Forensic accounting has been defined as "the science of gathering and presenting financial information in a form that will be accepted by a court of jurisprudence against perpetrators of economic crimes". The field integrates accounting, auditing and investigative competences to detect and prevent financial irregularities in business. (Idowa, 2011). This is a growing field so the definition will grow continuously over time. There is a great deal of gathering information included in being a forensic accountant. The biggest skill is having above average skill when it comes to looking for details. Each detail has to be exact in order when being presented during a case. In order to be successful you have to have a drive that keeps you thirsting for the truth. Anytime that you have to go looking through documents and other financial information you have to pay close attention to detail to make sure that you are getting all the necessary facts. In order to be a forensic accountant and a successful one at that there is many skills that you need to have...
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...Introduction to Accountant Responsibility Essentially, accountants have a responsibility a number of parties, with the major parties in this case being the government, clients and third parties. In today’s capitalist society, the accounting profession is deemed to be a common and important feature. Discussing the responsibilities accountants have to the three parties identified above would, therefore, certainly be a prudent and logical move. Responsibility to Clients To begin with, accountants have a responsibility to keep client information confidential. If an accountant discloses confidential client information to a third party, such an accountant would be deemed to have violated Rule 301. The said rule, in simple terms, states that “a member CPA shall not disclose any confidential information without the specific consent of the client” (Perkins, 2004). In that regard, therefore, an accountant must obtain the consent of the client before disclosing information which could be regarded confidential. The said consent could be in writing. It should, however, be noted that an accountant cannot be deemed to have violated Rule 301 if the information disclosed already happens to be in the public domain. Similarly, an accountant cannot be held liable for the violation of client confidentiality if disclosures of client information are made pursuant to proceedings of a legal nature. Yet another critical responsibility of accountants to their clients has got to do with exercise...
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