IF THE MENTION of forensic accounting only conjures up images of forensic medical novelist Patricia Cornwell totting up the royalties on her latest book sales, it is time to think again.
A crackdown on money used to fund international terrorism, tracking and recovering misappropriated money, increasing demand for good corporate governance and even identifying hidden assets involved in divorce cases have made forensic accounting the fastest-growing area of accounting with plenty of job opportunities.
In contrast to the more commonplace stereotype of an accountant as a dull bookkeeper with a passion for Mensa quizzes, the forensic accounting professional is more in line with a private investigator with a financial sixth sense for the illegal or unusual.
Forensic accounting involves utilising accounting, auditing and investigative skills to assist in legal matters. It covers three main areas - litigation support, investigation and dispute resolution.
'Forensic accountancy is certainly the sexy side of the accountancy profession because those involved need to look beyond the numbers and deal with the business reality of a situation,' said Chris Fordham, Deloitte Touche Tohmatsu Forensic & Dispute Services principal.
The term forensic accountant was first coined by the company around 1996, when it was engaged to investigate the Bank of Credit and Commerce International scandal.