collageThe field of forensic accounting and auditing is not popular in Zimbabwe. Drawing upon an in-depth survey, it explores how the forensic profession is perceived, the profile of those working in this field, types of services offered, essential knowledge and skills required, the academic and professional response to its growth, and whether it can be considered as a profession.
n Zimbabwe, forensic is regarded as a multidisciplinary field of scientific activities associated with law enforcement agents such as the police. These fields include blood analysis, anthropology (bone analysis), chromatography, decomposition, DNA profiling, dactyloscopy (fingerprinting), chemical detection, etc. Less focus is given to occupational fraud which will be addressed by forensic accounting and auditing, with very little prospects of it becoming a recognized profession in the foreseeable future.
Brief synopsis of Forensic Accounting and Auditing field
Forensic Accounting is a specialized area which integrate and fuse tools with accounting/auditing/legal expertise which would culminate in a deliverable for, used in or appropriate to civil or criminal courts of law, in internal or institutional disciplinary hearings and for a, regulatory and public discussions relating to the different evidential, dispute and litigation situations.
Instead of to understand if the accounts or systems comply to set standards or specifications, forensic accounting and auditing is investigative. Forensic Accountants/Auditors are trained and skilled-up to see beyond the financial and accounting records and to deal with forensic issues cutting across numerous evidential settings, e.g. criminal and civil cases, business transactional issues (this is inclusive of highly sophisticated cybercrimes), bankruptcies.
Whilst forensic auditing may buttress from, is related to or uses similar base accounting principles in one way or the other, there are vast differences between Forensic Accounting/Auditing and other forms of Accounting/Audit e.g. , Financial Statements/Traditional Accounting/ Audit, Internal Audit, IT Audit. Rather, forensic audit concocts all these skills with technological, organizational, business, environmental aspects, culminating in a forensics expertise that transcends disciplines, industries and sectors.
The Department of Forensic Accounting and Auditing currently offers a Bachelor of Technology Honours Degree in Forensic Accounting and Auditing. This is available on a full time basis but in the very near future, the Department intends to launch the degree on a Block Release basis. The following programmes shall also be offered once we have released our first graduates of the Bachelors degree programme.
What Is a Forensic Accountant?
A forensic accountant uses accounting and analytical skills to investigate financial transactions of a person or business. They are often relied upon as experts in legal cases that deal with financial fraud or embezzlement. Due to their training that combines accounting alongside the ability to see the story numbers may tell, they are able to use their skills to uncover what those numbers are trying to hide.
What Do Forensic Accountants Do?
Forensic accountants assist corporations, government entities, and other organizations with the increasingly complex — and increasingly critical — task of identifying fraud, embezzlement, and related financial crimes, along with providing critical investigative insight into civil issues such as breaches of contract or bankruptcy filings. Applying specialized skills like the collection of evidence and reconstruction of transactions, forensic accountants perform in-depth financial analyses which serve as key evidence in civil and criminal legal proceedings, along with helping organizations identify and mitigate fraud risks.
As the U.S. Bureau of Labor Statistics (BLS) explains, “Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials.” But don’t think that means your days as a forensic accountant will be repetitive or routine. According to Peter Grupe, formerly special agent in charge of white collar crime cases for the FBI’s New York office, “There really isn’t a typical day in forensic accounting. Some days you might be crunching numbers, some days you might be conducting interviews, and on other days, you might be reviewing documents.”
How To Become a Forensic Accountant
Whether they work with government agencies, business entities, or individual taxpayers, forensic accountants are expected to possess a high level of proficiency and are generally required to hold a bachelor’s degree or master’s degree in accounting or a related field, such as finance. While these types of programs generally require four years or longer to complete, National University offers a unique accelerated structure that enables students to graduate and pursue full-time careers sooner.
If your target goal is to become a certified fraud examiner (CFE) — an optional professional certification, similar to becoming a certified public accountant (CPA) — you will also need to earn your CFE credential, a four-stage process you can review here, and we will cover later. Otherwise, continue reading to learn the four step process you can follow to become a forensic accountant. Continue reading to learn more about graduate and undergraduate degree programs, professional organizations, the CFE exam, and career paths you may wish to consider.
Step 1: Training and Education
- Bachelor of Science Degree in Accounting — The Bachelor of Science in Accounting (BS Acc) at National University is a great way to start your journey toward a wide range of careers in and related to forensic accounting by teaching core skills and fundamental principles for accountancy. Though to be a forensic accountant you will need to be on the CPA track, and a Master’s degree is needed. Coursework covers topics such as business and individual taxation, data analytics, auditing, ethics, and more — all of which can be completed 100% online for a flexible and convenient learning experience.
- Master of Science Degree in Accounting — Advance your studies and your career by pursuing a graduate degree in accounting, like the Master of Accounting at National University. With two unique pathways for students with and without undergraduate degrees in accounting, our accredited master’s degree in accountancy is ideal for learners from all types of academic and professional backgrounds.
- Courses in Criminal Justice — Along with a course in forensic accounting (ACC652M), which is part of the Master of Accounting (though not BS Acc) curriculum, National University also offers a variety of criminal justice courses, degree programs, and certificate programs which can support a graduate or undergraduate degree in accountancy. Examples of courses in criminal justice at National University that may be of interest to accounting students include digital evidence, network defense, and law for small businesses. Some of our criminal justice programs include the Master of Forensic Sciences, BS in Cybersecurity, and Certificate in Legal Studies. Students may also wish to major in accounting and minor in a field related to criminal justice.
Want to learn more about how to get into forensic accounting? Talk to one of our friendly and informative admissions counselors to receive detailed information about the programs offered by National University.
Step 2: Join Forensic Accounting Professional Organizations
- Association of Certified Fraud Examiners (ACFE) — The Association of Certified Fraud Examiners, whose slogan is “Together, Reducing Fraud Worldwide,” describes itself as “the world’s largest anti-fraud organization” and states its mission as “reducing fraud and corruption worldwide.” The ACFE is also notable for administering the ACFE exam and, for those who pass (and meet all other criteria), providing the CFE credential discussed above. Learn how to become a member of the ACFE or renew your ACFE membership.
- National Association of Forensic Accountants (NAFA) — The National Association of Forensic Accountants describes itself as “the oldest association of CPAs specializing in forensic/investigative accounting,” in addition to being “the fastest growing.” NAFA offers “intensive training in the methodology of Forensic Accounting Services…several times per year,” covering topics such as the role of the forensic accountant, forensic accounting services and methodology, and sample forensic accounting case histories. Learn about how to join NAFA and why to consider applying for membership.
Step 3: Become a Certified Fraud Examiner
Much like more general accounting fields have a designation for certified public accountants (CPAs), forensic accountants also have their own distinction. This distinction is known as a certified fraud examiner (CFE). The CFE accounting field also has its own professional organization, the Association of Certified Fraud Examiners, which offers career advice, work requirements, and preparation for taking the CFE exam.
Step 4: Forensic Accounting Career Paths and Applications
A degree in accounting opens up countless career paths, offering students opportunities to explore a diverse array of industries and specialties within the scope of forensic analysis. Here are just a few examples of the many forensics-related fields and career pathways a student can enter after obtaining a graduate or undergraduate degree in accounting in combination with obtaining (CFE) Certification :
- Tax Fraud
- Money Laundering
- Securities Fraud
- Hidden or Misappropriated Assets
- Family and Marital Disputes
- Insurance Claims
- Business Economic Losses and Bankrupt
- Identify Theft
Where Do Forensic Accountants Work?
Forensic accountants can work within more traditional financial sector businesses, such as public accounting firms, insurance companies, or banks. Due to their unique skill set, forensic accountants can also be called upon to testify in court as expert witnesses in cases of fraud or embezzlement. However, they can also work with law enforcement, working alongside the police or government agencies. In some instances, forensic accountants are employed directly by the Federal Bureau of Investigation (FBI), the Central Intelligence Agency (CIA), and the Internal Revenue Service (IRS).
Forensic Accounting Salary
The Bureau of Labor Statistics does not provide salary information specific to forensic accountants. However, Robert half and the BLS does report that accountants and auditors earn a median salary of over $77,000 per year, and a high-end salary of $144,750 a year, with a projected 7% change in employment from 2020 to 2030. Forensic accountants are in high demand, like other types of accountants throughout the country.
According to the Bureau of Labor Statistics, it’s anticipated that accounting occupations will see approximately 6% of new job growth. The government agency also notes that the employment rate of accountants and auditors is directly tied to the growth of the economy, requiring more professionals with the ability to examine and review financial records.
Bachelor of Technology in Forensic Accounting and Auditing in Zimbabwe
Career Options in Bachelor of Technology in Forensic Accounting and Auditing
- Technopreneurs in Forensic Accounting & Auditing
- Forensic Accountants/Auditors
- Fraud Examiners/Investigators
- Fraud and Forensics Consultants
- E-Commerce Crimes Consultants
- Lead Investigators
- Fraud Risk Managers
- Expert Forensic Witnesses
- Regulatory Compliance Auditors
- Risk and Compliance Managers
- Fraud and Forensics Academics and Researchers
- Fraud and Forensics Trainers.
- Anti-money Laundering Officers
- Fraud Control and Corruption Prevention Practitioners
Programs and Courses Related to Bachelor of Technology in Forensic Accounting and Auditing in Zimbabwe
- Bachelor of Commerce in Internal Auditing
- Certificate in Auditing Services, Cash flow statements and preparation of financial statements
- Bachelor of Commerce in Accounting and Management
- Bachelor of Business Administration in Accounting
- Bachelor of Science in Accounting
- Bachelor of Commerce in Accounting
- Bachelor of Accounting
- Master of Science in Accounting and Finance
- Master of Commerce in Accounting
- Bachelor of Technology in Industrial and Manufacturing Engineering Technology
- Bachelor of Technology in Polymer Technology and Engineering
- Bachelor of Technology in Information Technology
- Bachelor of Technology in Food Processing Technology
- Bachelor of Technology in Pharmaceutical Technology
More Undergraduate Courses and Programs in Zimbabwe
- Bachelor of Accounting
- Bachelor of Arts in Education
- Bachelor of Arts in Education with English
- Bachelor of Arts in Education with Geography
- Bachelor of Arts in English and Communication Studies
- Bachelor of Arts in Gender and Cultural Studies
- Bachelor of Arts in History with Education
- Bachelor of Arts in Humanities
- Bachelor of Arts in Humanities and Social Sciences
- Bachelor of Arts in Music with Education
- Bachelor of Technology in Information Security and Assurance
- Bachelor of Technology in Radiography
- Bachelor of Technology in Software Engineering
- Bachelor of Agricultural Sciences in Agricultural Economics
- Bachelor of Agricultural Sciences in Animal Science and Rangeland Management
- Bachelor of Agricultural Sciences in Crop Science
- Bachelor of Agricultural Sciences in Environmental Sciences
- Bachelor of Agricultural Sciences in Forest Resources Management
- Bachelor of Agricultural Sciences in Horticulture and Landscaping
- Bachelor of Agricultural Sciences in Irrigation Engineering
Forensic Accounting and Auditing Course
Event Details
This Forensic Auditing and Accounting course is to empower the investigator or the overseer with:
- Fundamentals of accounting practices and financial statement analysis.
- An overview of the forensic accounting legal environment
- An understanding of the forensic accountant’s responsibility, forensic accounting and fraud examination
- In-depth study of the procedures in fraud detection including:
- Methodologies to identify and categorize fraudulent practices
- Various approaches to the collection of evidence
- Fraud investigation procedures
- Reporting, and the recovery procedure following legal prosecution
- Business Valuation Strategies
- Knowledge to plan and strategize viable frameworks and procedures for fraud detection and prevention
- The essential expertise and to become a more effective and efficient forensic auditing and accounting investigator/overseer.
COURSE CONTENT:
Introduction to Forensic Accounting and Fraud Examination
- Fundamentals of accounting practices
- The essentials of forensic examination
- Responsibilities of accounting investigators and auditors
- The forensic accounting legal environment
Understanding Corporate Fraud
- Synopsis of white-collar crimes
- Overview of effective fraud investigation
- Types of corporate fraud
- Psychology of the fraudster profile
- The Fraud Triangle theory
- Implications of corporate fraud to internal and external stakeholders
Examination of Financial Statements and Analytical Techniques
- Scope and types of financial statement frauds
- Analysis of financial statements and audit reports
- Horizontal and vertical analysis
- Financial ratio analysis
- Anomaly detection to identify nonconformities
The Fraud Investigation and Engagement Processes
- Techniques for recognizing the symptoms of fraudulent behaviour
- Review of the investigation process and case initiation
- Evidence collection techniques–
- Gathering & Assessing Observational Evidence
- Gathering & Assessing Financial Evidence
- Gathering & Assessing Non-Financial Evidence
Data compilation and analysis
- Importing & Analyzing data utilizing MS Office tools
- Root cause analysis (RCA) of corporate fraud
- Understanding the analysis of data based on Newcomb-Benford’s law
- Overview of Data-driven Fraud Analysis Techniques
- Evaluating the extent and scope of fraudulent practices
Reporting of Findings and Analysis
- Auditor responsibility and reporting standards
- Forensic audit report template
- Risk assessment and reporting
- Business Valuation and Damages reporting
Fraud Prevention
- Examining the existing internal control environment
- Understanding the COSO Model (“Internal Control-Integrated Framework”)
- Control Environment
- Risk Assessment
- Control Activities
- Information & Communication
- Monitoring
- In-depth review of COSO’s Fraud Risk Management Guide 2016.
- Learning the ‘Evaluate – Identity – Deter – Respond’ cycle of managing corporate fraud
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