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I need help on this question is about reflective essay one page Nelli Mwalilino Reflective Essay Forensic accounting as a profession is gaining importance considering
I need help on this question is about reflective essay one page
Nelli Mwalilino Reflective Essay Forensic accounting as a profession is gaining importance considering the widespread incidence of financial crimes including embezzlement. Further, forensic accounting skills that have been acquired during the course are particularly considered critical in case of bankruptcies as it is imperative in these cases to ascertain the party at fault. Considering the number of stakeholders involved and the use of technology and other techniques in order to enhance the complexity of various transactions, it often can become quite difficult to understand the intended trail of the various transactions. Additionally, while on the face, the bankruptcies may be attributed to failure of business but in actuality these may be on account of corporate frauds or systematic embezzlement of funds by senior management or selected personnel. It requires a through investigation using the various key points which have been highlighted in the given course which would be essentially quite helpful. Additionally, forensic accounting is a useful skill for a plethora of professions such as auditing, lawyers and therefore not limited to only accounting. Further, the use of these skills is not limited to financial frauds or bankruptcies but also includes various civil crimes besides contractual disputes. Also, the professionals with these skills are not only required for the investigation of a particular fraud or wrongdoing but are also required in order to prevent the happening of a particular fraud. With the advent and increasing penetration of e-transactions and the resultant complexity in transactions, the scope of the learning derived seems quite pivotal. These skills would enable that the confidence of the investors continue to remain in the various companies as this would help in the overall decrease in the incidence of the frauds A key tool in this regard would be the availability of various records especially of key transactions. Further, in cases of bankruptcy a through forensic audit would need to be conducted in order to determine if any transactions in the past financial statements were misrepresented or not. This is imperative since in case of a plethora of bankruptcies, there are symptoms that are persistent for a significant amount of time before this actually materializes into a bankruptcy. As a result, the responsibility of losses caused to the various stakeholders can be narrowed down on the culprit. Further, in organizations or businesses where there is typically high risk involved, these skills would prove to be handy as these would analyze selected transactions to identify any funds which are embezzled or diverted from intended use as represented in the transaction records. With the increasing menace of terrorism, funding of terrorism along with money laundering has gained a lot of attention. On back of the skills acquired through the course, it would be possible to contribute to this cause ensuring that illegitimate transfers to terrorist organizations through complex transactions can be avoided. Usually the complexity of these transactions is such that the professionals lacking forensic skills are not able to detect any irregularities in these. As a result, it is imperative that forensic accounting skills need to be deployed by the professionals to sense any discrepancy and hence play a critical role in global security and peaceStep by Step Solution
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