Table of Contents

Job Name

Forensic Accountant

Brief description

Forensic accounting is the fastest growing area of accounting. It is able to provide both an exciting and finacially rewarding career (Forensic accounting Information, n.d.). Forensic accounting is the integration of accounting, auditing and investigative skills and is often associated with investigation of criminal matters. A forensic accountant interprets, summarises and presents complex financial and business-related issues in a manner that is both understandable and properly supported before a court of law. (ATO, n.d.). Forensic Accounting evidence is oriented towards a court of law, whether that be criminal or civil. (Bologna et al. 1995, n.d.)(Forensic accounting Information, n.d.)

Forensic Accountants can be engaged in public practice or employed by insurance companies, banks, police forces, government agencies and other organisations. (Alan Zysman, n.d.). The accountants work in most major accounting firms and are needed for investigating mergers and acquisitions, and in tax investigations, economic crime investigations all kinds of civil matters, even in terrorist investigations. Forensic Accountants work throughout the world, in public accounting, corporations and all branches of government. (Forensic accounting Information, n.d.)

Forensic accountants work in fraud investigation in circumstances where crime is known or suspected, and in insurance claim assessment and commercial disputes. They may perform the following tasks:

• investigate and analyse financial evidence in fraud cases
• assess financial data to look for fraudulent activity
• compile reports to communicate findings to companies and law firms
• assist in legal proceedings, including testifying in court as expert witnesses
• make written valuations on the economic loss suffered by a client
• educate clients about measures to prevent fraud, particularly in areas such as payroll, procurement and warehousing/inventory. (Hobson GradCareers, n.d.)

A Forensic Accountant is almost always reactive, which distinguishes them from fraud auditors who tend to be actively involved. Forensic Accountants are trained to react to complaints arising in criminal matters, civil litigation and rumours and inquiries in corporate investigations. (Bologna et al, 1995, pg.42-43) Forensic accountants are different to auditors and have distinct skills, training, education and experience. A forensic accountant looks beyond merely the numbers and grasping the substance of situations. (ATO, n.d.) The objective of forensic accounting is related specifically to the issue defined by the party engaging the accountant i.e. the client defines the goal. The accountant may use certain examination techniques similar to those used by auditors but the objective is quite different. (Distinguishing forensic accounting services from financial auditing and fraud auditing, 2007)

Forensic accounting is also known as litigation support, dispute analysis, litigation services and expert witness services. (Forensic Accounting Special Interest Group, n.d) Forensic accounting    A science (i.e., a department of systemized knowl­edge) dealing with the application of accounting facts gathered through auditing methods and procedures to resolve legal problems. Forensic accounting is much different from traditional auditing. It 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 a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work.
A Forensic accountant is thus a person who applies accounting principles, theories, and discipline to facts and hypotheses at issue in a legal dispute. The forensic accountant melds the skills of an investigator and accountant to look behind the numbers and the financial statements. 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 relevant legislation is contained in the Proceeds of Crime 2002. Many forensic accountants are also Certified Fraud Examiners and/or Certified Public accountants. Forensic accountants utilize an understanding of business information and financial reporting systems, accounting and auditing standards and procedures, evidence gathering and investigative techniques, and litigation processes and procedures to perform their work. Forensic accountants are also increasingly playing more proactive risk reduction roles by designing and performing extended procedures as part of the statutory audit, acting as advisers to audit committees, fraud deterence engagements, and assisting in investment analyst research.Accountant work in areas such as:
Risk assessment
Compliance reviews
Training
Corporate intelligence
Investigations.

Duties & responsibilities of this role

 Duties and responsibilities of this role are to:

• Prepare legal reports and participate in legal conferences with lawyers and their clients
• conduct white collar crime investigations (Finance Director. com, 20 June, 2007)
• Work closely with a specialist team of claims assessors (SMF Recruitment, July 13, 2007)
• Idenitify and investigate suspicious or fraudulent claims (SMF Recruitment, July 13, 2007)
• Provide assistance to the underwriting division in determining appropriate measures to mitigate future losses  (SMF Recruitment, July 13, 2007)
• Prepare reports which are suitable for court aswell as other parties
• Analyse forensic results
• Forensic economic reports
• Documentation inspection and information gathering
• Liaise with clients to determine core issues behind finacial discrepancies and reconcile them (QPL, August 13, 2007)
• Dispute resolution (MW Recruitment, 31 July, 2007)
• Contract disputes and construction disputes (Parente Randolphs, 13 August, 2007)
• Litigation support (MW Recruitment, 31 July, 2007)
• Expert witness services (MW Recruitment, 31 July, 2007)
• Quantification of loss (MW Recruitment, 31 July, 2007)
• Fraud assessment
• Valuations (MW Recruitment, 31 July, 2007)
• Financial analysis (MW Recruitment, 31 July, 2007)
• Professional negligence and damage quantification in litigation disputes. (MW Recruitment, 31 July, 2007)
• To conduct background checks for integrity due diligence (Seek, 08 August, 2007)

        Handling financial and forensic accounting issues. (Godfrey and Company Ltd, August 14, 2007)

-        Call monitoring of call centre credit card or personal loans operations
-        Credit assessment of loan applications
-        Fraud investigation and analysis
-        Identification of existing and emerging fraud risk
-        Delivering reports to key stakeholders
-        Supervising a team and providing analysis to partners on strict deadlines
-        Evaluation of compliance with statutory and/or approved regulatory requirements
-        Implementation of risk-based audit methodologies
-        Can guide investigation in consultation with investigators
-        Could lead investigation process, establishing facts and proving each element of the offend beyond reasonable doubt
-        Knowledge of the key fraud risk
-        Awareness training
-        Clear policies and standards
-        The development of a strong culture of ethics and honesty
  
Key skills

• Strong accounting skills and legal knowledge
• Persistence, and the ability to think creatively
• Analytical and research skills are also crucial (All Business Schools,n.d.)
• The ability to work independently or as a part of a team
• Willingness to look at detail, without missing or losing the 'big picture'
• Confidence to handle confrontation, pressure and deadlines
• Develop lasting relationships with clients (Finance Director. com, 20 June, 2007)  
• Accuracy and attention to detail
• Verbal and written communication skills in order to work well with clients and fellow team memebers
• Extensive numeracy skills
• Computer literacy
• Teamwork skills
• Analytical and problem-solving skills. (Hobson GradCareers, n.d.,QPL, August 13, 2007)

Job C:

• Openness to learn new things.
• Interpersonal skills for interaction with customers.
• Motivation and passion.

(Godfrey and Company Ltd, August 14, 2007)

-          CPA qualified
-          At least 2 years experience in audit, management accounting or insolvency
-          Forensic accounting exposure or insurance experience highly desired
-          Tertiary qualification are considered essential
-          Advanced excel skills - high computer literacy
-          Persuasive communication (verbal and written) and sharp memory skills
-          Your skills have been gained within a forensic accounting role in either a 'Big 4' or mainstream CA firm
-          You will need to demonstrate the ability to work autonomously within a team environment
-          Strong interpersonal ability
-          Due diligence

For more senior roles:

 Leading and developing a team as a large network to help develop business opportunities (seek.com, August 16)

Job requirements

Experience in a management accounting role is ideal but not essential. Applicants should have strong analytical and problem solving skills, be an approachable team player, have highly developed and effective communication skills, have a pro-active and energetic attitiude. Must have an appropriate Australian or New Zealand work visa. (SMF Recruitment, July 13, 2007)

• A degree in accounting or equivalent qualifications from a recognised tertiary institution
• Experience in audit and managment accounting is an advatage.
• Advanced understanding of microsoft excel.(QPL, August 13 2007)
• legal or CA as well as commercial background (MW Recruitment, 31 July, 2007)
• forensic project experience (MW Recruitment, 31 July, 2007)
• experience within either business or tax services (MW Recruitment, 31 July, 2007)

Job C:

• Qualified accountant.
• Background in auditing, forensic accounting, chartered accounting, insolvency or financial fraud investigation is desirable.
• Advanced financial modelling skills (Microsoft excel).
• Written skills for producing reports.
• Flexible working style.
• Must be eligible to work in New Zealand.

(Godfrey and Company Ltd, August 14, 2007)

This is a newly created role with enormous potential! Working with an internationally recognised name in Insurance you will be based in the Sydney or Brisbane CBD Head office Forensic Finance Team. It aims to provide a supportive environment in which hard work is rewarded but where it is understood that you have a life outside of work.
This role is essentially a Financial Accounting position with forensic investigation focus. You will be required to plan and attend hostile meetings for document inspection and information gathering. Liaise with clients onsite to determine the core issue and reconcile financial discrepancies with Insurance companies. Prepare reports for court and other parties; including forensic economic loss reports.

• Independent expert reports
• Reconstruction of books and records
• Formulations of discovery strategies duty
• Modelling of hypothetical scenarios
• Investigation of business fraud
• Preparation of preliminary and formal valuation and loss quantification reports
• Reasonableness review or formal critique of opposing reports
• Direct case work involvement (ATO, 24 Oct, 2006)
• Recognise or identify an anomaly or discrepancy that is suspicious in nature
• To find out the who, what, where, why, when and how of the situation

For more senior director roles you will have:

A strong forensics background
knowledgeable in writing economic and valuation reports
Proven track record in leading and developing a team as well as a large network
Be self motivated and driven with a desire to build your own business

Salary

This position entails an $80 000 salary package. (SMF Recruitment, July 13, 2007)

$85,000 - $95,000 depending on individual skill level. (MW Recruitment, 31 July, 2007)

Entry level accountants earn between $40 000 and $55 000 p.a. according to industry standards, but a highly skilled and experienced individual has the ability to earn in excess of 6 figures p.a. (Finance director.com, 20 June 2007).

According to leading recruitment specialists, the Industry Standard Salary for entry-level qualified Forensic Accountants can earn between $37 000 and $78 000 p.a. Forensic Accountants in senior or management positions earn anywhere up to $250 000 p.a. (Hobsons GradCareers, n.d.)

Income of persons working full-time, 2001
Accountants
Income Per Week ($)          Share (%)

1000 or more---------------49.7

700-999---------------------29.2

500-699---------------------15.1

Less than 500--------------6.0

(Table courtesy of www.myfuture.edu.au)

 Job C:

NewZealand $80,000 - $150, 000 (plus benefits). The salary is performance based. (Godfrey and Company Ltd, August 14, 2007)

This equates to Australian $70,003.50 - $131,257.00 (Oanda 19/08/07)

•  Work with an International Giant in Insurance
•   Go behind the scenes with investigative approach hands on role
•   Salary $ 75000- $ 85000
•   CBD location with Laptop, Car, Phone and incredible Bonuses

For more senior/director roles salary is $200,000 (seek.com.au, August 16) 

Industry/Organisation

The business is a leading provider of wealth management and financial protection products in Sydney Metro, NSW. The position is within the Financial Protection business unit. It is a public organisation. (SMF Recruitment, July 13, 2007)

The position advertised by MW Recruitment is with a CA firm, considered a market leader in Forensic Accounting. It is a career role with a successful CBD firm who are well regarded in the marketplace for their expertise in the area.

 Job C:

• The position advertised for Forensic Accountant, financial claims loss adjuster is with a New Zealand based company Godfrey & Company Ltd. They are a specialist commercial losses adjuster and loss consultancy company. They work in the insurance industry through project-managing commercial claims and losses in New Zealand, Australia and the South Pacific. (Godfrey and Company Ltd, August 14, 2007)

Senior role opportunities present the potential to form a partnership and the ability to build your own business.

Job listings

Position Name: Forensic Accountant
Date Posted: 13/07/07
Ad listed by SMF Recruitment
URL: http://mycareer.com.au/jobs/sydney/accounting/management-accounting/5236807+forensic+accountant.aspx

Position Name: Forensic Accountant
Date Posted: 13/08/2007                                                                                                                                                              Ad listed by QPL
URL: http://mycareer.com.au/jobs/melbourne/financial-services/corporate-advisory/5329369+forensic+accountant.aspx

Position Name: Forensic Accountant
Date Posted: 31 July 2007
Ad listed by MW Recruitment
URL: http://www.seek.com.au/users/apply/index.ascx?Sequence=62&PageNumber=1&JobID=10073228

Job C:

Position Name: Forensic accounting, financial claims loss adjuster.

Date posted: 14/08/07

Ad listed by Godfrey and Company Ltd

URL: http://www.seek.com.au/users/apply/index.ascx?Sequence=48&PageNumber=1&JobID=10200921

Position: Forensic Accounting Supervisor

Posted: 16-8-07

Listed By Oliver Group

Salary: $80 000 package

URL: http://www.seek.com.au/users/apply/index.ascx?Sequence=44&PageNumber=1&JobID=9385092\\

Position: FORENSIC DIRECTOR

Posted: 16/8/2007

Listed by: HAYS

Salary: $200,000

URL: http://www.seek.com.au/users/apply/index.ascx?Sequence=8&PageNumber=1&JobID=10221363

Differences observed

These jobs have different duties and responsibilities. While some of these coincide with each other, there are differences because the roles are in different industries. 

From comparison of other job listings it is seen that these jobs require many key skills which are similar in many aspects, although this is true their roles within the organisation differs from job to job. Its is for this reason that each job has a varying salary ranges. The jobs may sometimes use the same or similar information systems, but the goals and objectives between them are largely different. This career in particular although providing training requires an individual to have a high level of previous study and experience where as other job listings require little prerequisites. This is evident when looking at alternative job listings, a post by About Recruitment ( found at  http://mycareer.com.au/jobs/sydney/accounting/financial-management-accounting/5281185+forensic+accountant+consultant.aspx?style=enhanced) did not require applicants to have any previous experience, where as the QPL ( 13 August, 2007) requires all applicants to have at least two years of experience in an accounting field. 

One role is with a wealth management firm while the other is with a firm that specialises in forensic accounting. Working in the wealth management firm you would be investigating fraudulent or suspicious claims that are made to the company, whereas working in a forensic accounting firm you would be working for clients who need the services of a forensic accountant.

Some firms require highly qualified and experienced individuals to fill their positions, while others require individuals with only basic, sometimes nil qualifications and a few years of experience working in a particular role.

In relation to searching for different job advertisements the most helpful website is JobSearch.com.au. This is a webpage that provides links to various job search engines.The three most helpful and valuable search engines were Career One, Seek and MyCareer. Once I searched for "forensic account" in all three search engines, I found that CareerOne was my first choice and was the top search engine. It is a very well presented, helpful and practical website. MyCareer has categorised each job advertisement, each one clearly giving details of the job, including salary, the date listed, the name of the recruitment agency, and the location. All these details were well presentated and very helpful.

Using CareerOne and Seek as my choice of search engines, I looked at all positions in forensic accounting available around Australia. Here are the results, as of 19 August, 2007.

	Career One	Seek
Adelaide	6	-
Brisbane	4	16
Canberra	-	-
Darwin	-	-
Melbourne	8	13
Perth	1	3
Sydney	8	25
Tasmania	-	-

The main recuitment agencys I came across are listed below;

• Michael Page International
• QPL Limited
• Australian Tax Office
• Hays

 The majority of forensic accounting roles listed or advertised having very similar roles and salaries no matter what industry they are employed in, whether it be insurance, wealth management, banking or private practice. roles generally include financial and fraud investigation and assisting in the litigation process. Salaries for these sort of roles are generally between $70 000-$80 000. Large differences in salary however are noticed when the position becomes a management position. some are advertised to have salaries of $110 000 per annum plus. senior forensics can expext to earn upwards of $250 000 (GradCareers 2007).

Other References used

All Business Schools, (n.d.), Forensic Accounting Career Infomation. Retireved 12 August, 2007, from

http://www.allbusinessschools.com/faqs/forensic-accounting.php 

Australian Taxation Office (2006). Careers in the Tax Office - forensic accounting. Retrieved August 6, 2007, from

http://www.ato.gov.au/careers/content.asp?doc=/content/80430.htm

Bologna, GJ. Linquist, RJ. (1995). Fraud Auditing and Forensic Accounting: new tools and techniques (2nd ed.) John Wiley & Sons, Inc.

...,(2007), Distinguishing forensic accounting services from finacial auditing and fruad auditing. Retrieved August 11, 2007, from

http://www.nafanet.com/index_files/forensicaccounting.htm

Finace director.com, 20 June 2007, Forensic accuntant with litigation experience. Retrieved 13 August, 2007, from

http://www.financedirector.com/jd12.asp?ID=99404

Forensic accounting Information, (n.d.), Forensic Accounting Information, Retrieved 11 August, 2007, from        

http://www.forensic-accounting-information.com/

Forensic Accounting Special Interest Group (n.d) About Forensic Accounting. Retrieved August 7, 2007 from
http://www.charteredaccountants.com.au/resource_centre/special_interest_areas/forensic_accounting/overview

Forensic Accountant - Shanghai Retrieved 08 August, 2007 fromhttp://www.seek.com.au/users/apply/index.ascx?Sequence=88&PageNumber=1&JobID=9894644+

Hobsons GradCareers (n.d.) Accounting Roles. Retrieved August 5, 2007, from

http://www.gradcareers.com.au/careers_in_business_finance_management/accountancy/accounting_roles

QPL, 13 August 207, Forensic Accountant. Retrieved 14 August, 2007, from
http://mycareer.com.au/jobs/melbourne/financial-services/corporate-advisory/5329369+forensic+accountant.aspx 

Zyman, A. (n.d.) Forensic Accounting. Retrieved August 6, 2007, from
http://www.forensicaccounting.com/three.htm#start

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