Forensic Accounting

Topics: Enron, Financial statements, Fraud Pages: 4 (1369 words) Published: May 25, 2013
The oxford Advanced Learners English Dictionary (2000:548) defines forensic as belonging to, used in, or suitable to a court of judicature or to the public discussion or debate. American Accounting Association (AAA) cited in Okoye (2000:1) defines accounting as the process of identifying, measuring, and communicating economic information to permit informed judgment and decision by the user of the information. Izedonmi (2000:1) sees auditing as an independent examination of the financial statement of an enterprise prepared by the management of that enterprise by an appointed person called auditor, in order to express a professional opinion whether or not those financial statements show a true and fair view position of the enterprise as at the end of the financial period, in accordance with the auditor’s term of engagement as well as other relevant statutory and professional regulations. Also Oladipupo (2005) defines investigation as an examination of the records and accounts of an organization for a special purpose. The integration of accounting, auditing and investigation yields the specialty known as Forensic Accounting. Forensic accounting in the view of Howard and Sheetz (2006) is simply the process of interpreting. Summarizing and presenting complex financial issues clearly, succinctly and factually often in a court of law as an expert witness. It is concerned with the use of accounting discipline to help determine issues of facts in business litigation. Form business, government, regulatory authorities, and the counts, evidence indicates that a high level of expertise is necessary to analyze current complicated financial transactions and events (Razaee, Crumbley and Elmore, 2006). As a result, forensic accounting has been thrown into the forefront of the crusade against financial deception (Rumaswamy, 2005). Bolgna and Linquist (1995) defined forensic accounting as the application of financial skills and an investigative mentality to...
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