A challenging new sub-section in the field of accountancy is a degree in forensics. Whatever the size of a business or company, forensic accounting becomes a necessary entity when there are disputes that need to be litigated in court. This degree is an exalted profession with excellent financial returns. Since the forensic accountant is often requested in legal proceedings as an expert witness, he or she must have the highest degree of accounting knowledge and procedures that are based on scientific foundations.
Masters degrees in forensics contains courses on evidence collection, techniques in conducting interviews and the structure of the judicial system. Forensic accountants are summoned when there are potential or actual disputes as to the findings, inventories and presentations in an accounting system. The forensic accountant examines these findings for evidence of fraud and interprets them using established scientific processes. The findings must be thorough and comprehensive enough to withstand the scrutiny of the court. A forensic accounting masters degree also includes doing case studies and simulating expert witnesses in mock trials. They are taught how to detect irregular financial transactions in government agencies and private corporations. With the trend in technological advances allowing paperless transactions, students are taught how to audit fiscal records using information technology systems.
Forensic accounting differs from general accounting in that, while general accounting recognizes the court as the final arbiters of accounting facts, goes beyond and highlights the evidence of financial transactions and their presentations in the accounting system. Additionally, forensic accounting identifies the legal structure wherein which the evidence may be properly presented for the purpose of establishing responsibility. A masters degree in forensics specializes in cases where there is a need for legal proceedings to determine fraud and accountability, such as falsification of accounts, inventories and their presentations, accountability in lawful audits, transaction reconstruction, divorce, probate asset discovery and detection and many more.
Graduates of forensic accounting masters degree can look forward to a career that is financially rewarding and intellectually stimulating. Aside from being forensic accountants and crime investigators, they can be hired in the fields of merger and underwriting due diligence, investment analyst research, enterprise rick management and audit committee advisory services. In 2009, a holder of a masters degree in forensics earned an annual salary between $49,789 – $70, 992, with those employed in the federal executive branch earning a mean annual salary of $88,190.
Since most job openings require a forensic masters degree, it would be wise to study for one. There are several schools and universities offering an online degree in forensics. You can check them out on the internet.