Forensic accountants are in demand
Q. I am currently in Class XII in commerce stream. I have decided to pursue CA after completing Class XII and eventually forensic accounts. Please tell me the opportunities for a forensic accountant in India and abroad and the average salary. Also what are some options that I can fall back on after BCom other than this course?
A. Forensic accounting is the branch of accounting that utilises the principles of accounting, auditing and investigation skills to handle legal matters. Its main function is to investigate and analyse financial records of any client or firm to determine whether any financial activity is legal or illegal. With the increase in the rate of white collar crimes, such as securities fraud and banking and investments embezzlement, the demand for professionals, who are experts in financial procedures and have strong analytical as well as investigative skills, is on the rise.
Most forensic accountants work in major accounting firms and are needed for investigating mergers and acquisitions, and in tax investigations, economic crime investigations, all kinds of civil litigation support, specialised audits, and even in terrorist investigations. They can also work with the police department, or intelligence agencies, particularly when investigating criminal or international cases, as well as with insurance companies and law firms. You can take up the
Certificate Course on Forensic Accounting and Fraud Prevention (FAFP) are offered by ICAI ( Institute of Chartered Accountants of India) that you can join after clearing your CA Exams.
Options After BCom
After BCom there are many options, other than CA, which include courses in banking which will enable you to work in the banking sector, or in tax management. Cost & works accountancy also offers good career prospects. Other options can be:
Certified Financial Analyst (CFA), Cost Accountancy (from ICWA), Company Secretaryship (CS), Stock Broking or MBA. Some other higher study options for commerce graduates are e-commerce, computer applications, financial accounting and so on.
You can also pursue Diploma in Systems Audit (DISA) which may also be helpful.
The most recognised qualification for Forensic Audit is Certified Fraud Examiner (CFE) offered by Association of Certified Fraud Examiners.
The basic requirement for that course is just bachelor’s in any field with Fraud related 2 years professional experience.
