Forensic Accounting in Practice Over Research Paper

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This means laying out for the jury and the judge the role of different parties and how this contributed to illegal activities. It is at this point when everyone can understand the full context of the case. (Singleton, 2010) (Golden, 2011)

Analyze the legal responsibility a forensic accountant has while providing service to a business.

The legal responsibility of a forensic accountant is to determine when fraudulent activities have taken place and report them to stakeholders. Moreover, they play a role in establishing different safeguards which are preventing this from happening. The combination of these factors, is illustrating how they are at the forefront of protecting the accuracy of the financial information provided by the firm and its practices. (Singleton, 2010) (Golden, 2011)

Research two (2) cases where forensics accountants have provided vital evidence in a case. Summarize the cases and the importance of the forensic accountant's role during each case.

Two cases where forensic accountants have provided crucial evidence are with Enron and the Bernard Madoff scandals. In the case of Enron, no one knew who was responsible or the role of different individuals. This was shocking as the company had reported false information about their earnings and it was the 6th largest corporation in America (based upon market share).

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Forensic accountants played a role in determining where the fraud took place and the perpetrators. This led to the convictions of Ken Lay, Andrew Fastow and Jeff Skilling. (Fox, 2004)

As far as Bernard Madoff scandal is concerned, forensic accountants identified how the Ponzi scheme worked and what allowed it to continue for 18 years. This was after it was announced that this respected Wall Street financer and former CEO of the NASDAQ. Told his son a how the family business was nothing more than a con. Actuaries played an important part in determining what enabled the scheme to continue for so long. At the same time, they have been instrumental in helping the trustee to identify and go after key assets. (Lewis, 2011)

Conclusion

Clearly, forensic accounting can assist firms with mitigating risks. This is because it provides procedures for identifying and preventing fraudulent activities. Moreover, it gives executives the tools to deal with these threats when they are small. In the future, this helps firms to increase productivity and protect their brand image......

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