Look below Essay Example | Topics and Well Written Essays - 1500 words

Look below - Essay Example The determination of the five important skills that the forensic accountants must posses It is important to know that the field of forensic accounting is a special arena of accountancy that deals with engagements with the outcomes from real as well as anticipated disputes. The word forensic means suitable for use in law court and it is referred to that standard that the potential result that the forensic accountants’ personnel have to work. The forensic accountants are also known as forensic auditors and they often have to engage themselves in providing expert advice at the eventual trial. The accountants require some type of skills in order to perform effectively in the market. The most important skills that the accountant requires are analytical characteristics, ethical, investigative, auditing skills, communication, interpersonal as well as specific credential requirements. The forensic services contribute an important part in the client services list and with the view to b ecome a productive accountant it may not gets transformed into productive accountant. The effective forensic accountant should have some professionalism to define the broad spectrum comprising of knowledge and skills. The services of forensic accounting comprises of the following: The application and the implementation of the knowledge as well as investigative skills acquired by the certified public accountant Collecting, analyzing as well as evaluating the evidential matter Interpretation and the outcomes in the courtroom or some other administrative venues The next tabulation will show the forensic knowledge required in the process The professional responsibilities and the practice in management Resolution to dispute, laws and courts Preparation and planning of the business process Collection of information and documentation of important information Invention of new techniques Reporting, experts and testimony The core skills of the CPA comprises of forensic accountants knowledge a nd some special forensic knowledge. The core skills in the arena of education, training and the accounting principles along with some attested services conclude the skills from the traditional accounting perspectives. However on the ideas of forensic accountant the same set of skills may not be adhered to these basic skills. Some of the areas explored and relevant to the forensic account and accounting are mentioned below. The characteristics and the traits The niche skills The advanced skills The specialties required and the certifications The arenas for advancement It should be noted that there must be some gap between conceiving the skills and the requisite knowledge along with the ability to transfer the skills into implementation of forensic accounting practices. The skills and the traits point out to the necessity for the accountant to search for the related information and the implementation of the information in the process to solve the problem accrued in the business (Rick, 2010). Then necessity to use analytical practices in forensic accounting engagement may be in the initial processes but it is the most important overall characteristics. The analytical proficiencies are important are important attributes for the forensic accountant (Charles, Ramona & Suzanne, n.d.). The results of different studies show that analytical characteristics are very important in forensic accountant’s ability to opt for the value added services and calls