Offering Forensic Accounting Services

From divorce to mergers to criminal investigations, forensic accountants are in high demand in Pennsylvania. It is a great field for any CPA or accountant to go into. Forensic accountants combine their knowledge of accounting with investigative skills to do deep dives into financial trails to find hidden assets, determine the accuracy of financial reports, uncover discrepancies, and expose crimes. 

Forensic accountants work in a wide variety of fields and often pick a niche or two in which to become experts. They can work in civil and criminal investigations. Some areas include:

• Fraud, corruption, embezzlement, and tax evasion (Tax evasion was the only way the government could put the notorious gangster Al Capone behind bars.)

• Money laundering, Ponzi schemes, insider trading, terrorism financing, and securities fraud (Bernie Madoff’s Ponzi scheme bilked thousands of investors out of $65 billion over 17 years before he was stopped and sent to prison.)

• Bankruptcy, insolvency, and insurance claims

• Business valuations, royalty evaluations, and mergers

• Forensic auditing and accuracy of a company’s financial statements (Enron used misleading accounting practices to overvalue their company and commit one of the largest accounting frauds to date.)

• Economic damages in personal injury, business disputes, torts, and other cases

• Valuing of marital property, seeking hidden assets and fraud in divorce settlements

Forensic accountants are not strictly required to take additional certification but it is highly recommended in order to demonstrate your credentials and expertise.

The Certified Fraud Examiner (CFE) credential is preferred by most companies hiring a forensic accountant. It requires a CPA, two years of accounting or auditing experience, and passing their CFE exam. According to one study, CFEs are able to command a 32% premium in salary over non-CFEs.

As a forensic accountant, you can have your own practice, or you may work for an insurance company, law firm, financial institution, government agency, or private business. You may even be called upon to testify in court as an expert witness.

Forensic accounting is an exciting field with significant growth potential. PSTAP offers a variety of courses that can help you prepare for a career in forensic accounting. Reach out to our PSTAP membership to gain some insight and advice about the field. Our members are always happy to support other accountants and CPAs in growing their careers.