Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that investigates whether firms engage in financial reporting misconduct.
Where can I study forensic accounting?
Macquarie University will be the only university in Sydney offering a Master of Forensic Accounting and Financial Crime and is the only Australian university program that CA ANZ has agreed to accredit.
What do forensic accountants do?
Forensic accountants examine data to determine where missing money has gone and how to recover it. They may also present reports of their financial findings as evidence during hearings, where they often testify as expert witnesses. Forensic accountants working at some agencies are more likely to testify in court.
Who hires forensic accountants?
Forensic Accountants are employed by public accounting firms’ forensic accounting divisions; by consulting firms specializing in risk consulting and forensic accounting services; or by lawyers, law enforcement agencies, insurance companies, government organizations or financial institutions.
Below are steps to Become A Forensic Accountant In South Africa
Here is one possible path to becoming a forensic accountant:
Step 1: Graduate from high school (four years).
Aspiring forensic accountants are encouraged to excel in math, computer science, statistics, and psychology classes.
At this stage, some students may choose to intern or volunteer in forensics, accounting, computers, banking, or other relevant fields in order to enhance their university applications, garner letters of recommendation, and learn job-ready skills which can benefit them further down the road.
Step 2: Attend a bachelor’s program in forensic accounting or a related field (four years).
As stated above, forensic accountants typically have at least a bachelor’s degree. Application requirements for four-year colleges typically include sending official transcripts;
having a competitive GPA (e.g., >3.0); completing specific courses (e.g., statistics, calculus, computer science); writing a personal statement; submitting official test scores (e.g., SAT, ACT, or TOEFL for non-native speakers of English); and paying an application fee.
Step 3: Take the uniform certified public accountant (CPA) examination (timeline varies).
The National Association of State Boards of Accountancy (NASBA) offers the uniform CPA examination to aspiring (forensic) accountants which comprises four sections on the fundamentals:
auditing & attestation, business environment & concepts, financial accounting & reporting, and regulations. Students must pass this exam with at least a score of 75 out of 99.
Step 4: Garner professional experience, especially in forensic accounting, internal auditing, fraud detection, white-collar crime investigations, and other relevant areas (one to three years).
Prior to seeking the state-based CPA license and other professional certifications, prospective forensic accountants typically need hands-on experience to complement the didactic instruction of their university education.
Step 5: Seek state CPA licensure and other professional certifications (timeline varies).
First, requirements to get one’s state CPA license vary by state or jurisdiction.
For example, in addition to 150 semester hours of qualifying accounting and business courses at the university level, the California Board of Accountancy requires 12 months of experience working in accounting and 500 hours of verifiable work. The American Institute of Certified Public Accountants (AICPA) provides a convenient table of state requirements for becoming a licensed CPA.
What qualifications do you need to be a forensic accountant?
HOW LONG DOES IT TAKE TO BECOME A FORENSIC ACCOUNTANT?
Step 1: Enroll in an accounting program.
Step 2: Complete specialized courses in forensic accounting.
Step 3: Earn your bachelor’s degree.
Step 4: Consider a master’s degree.
Step 5: Look for job opportunities.
Step 6: Earn certification.
How much does a forensic accountant earn in South Africa?
The average salary for a Forensic Accountant in SA is R 303 000 gross per year (R 25 250 gross per month), which is 9% higher than the South Africa’s national average salary. Salary Range: a Forensic Accountant can expect an average starting salary of R 154 130. The highest salaries can exceed R 910 000.
What subjects are needed to become a forensic accountant in South Africa?
Core subjects
Accountancy, Auditing, Tax and supportive modules on the level of Chartered Accountancy;
Law modules (e.g. Criminal Law, Law of Criminal and Civil Procedure, Law of Evidence, Labour Law);
Forensic investigative modules.
Is it hard to become a forensic accountant In South Africa?
As technology advances and fraud becomes more difficult to detect, forensic accountants will be vital to stopping financial crime. Want to prepare yourself for this exciting and fast-paced career? It takes time, dedication and professional licensure.
Are forensic accountants in demand In South Africa?
Qualified forensic accountants are in high demand, and the career options available to them are diverse. With your Master of Science in Accounting, you can pursue opportunities with legal, insurance, corporate, government, and other business industries.
Do forensic accountants carry guns?
Section Chief Timothy Gallagher of the Financial Crime Section says the forensic accountants work side-by-side with the agents. Timothy Gallagher: They do everything an agent does except for execute arrest warrants and carry a gun.
How do you become an FBI forensic accountant In South Africa?
Minimum Education Requirement: To be considered for a career as a Forensic Accountant, applicants must have an undergraduate degree in accounting or a degree in a related field such as business administration that included or was supplemented by 24 semester hours of accounting (six of which can be in business law).
How much does a forensic accountant earn in South Africa?
The average salary for a Forensic Accountant in SA is R 303 000 gross per year (R 25 250 gross per month), which is 9% higher than the South Africa’s national average salary. Salary Range: a Forensic Accountant can expect an average starting salary of R 154 130. The highest salaries can exceed R 910 000.
What subjects are needed to become a forensic accountant in South Africa?
Core subjects
Accountancy, Auditing, Tax and supportive modules on the level of Chartered Accountancy;
Law modules (e.g. Criminal Law, Law of Criminal and Civil Procedure, Law of Evidence, Labour Law);
Forensic investigative modules.
How many years does it take to become a forensic accountant In South Africa?
4-6 years
Becoming a forensic accountant can take 4-6 years or longer depending on an individual’s career goals. Professional accountants interested in becoming forensic accountants can enroll in a forensic accounting certificate program or complete a master’s in forensic accounting.