Forensic accounting offers an exciting career path

By Jessica Salerno-Shumaker, OSCPA senior content manager

Accountants aren't typically associated with taking down criminals, but professionals who pursue forensic accounting might find themselves doing just that.

“Follow the money,” said Annette Hoelzer, CPA, interim lead faculty for Accounting at Franklin University. “Because almost all crime is going to involve money in some way, either money to help finance the crimes such as terrorism, or they're committing the crime to get the money, such as embezzlement.”

Forensic accountants work with law enforcement to examine documents such as bank or credit card statements to lead to the crime. Hoelzer said forensic accountants can work for the FBI, the ATF, the IRS, the State Auditor and more.

Franklin University is one of the few schools to offer a major in forensic accountancy, and Hoelzer said they are currently working on developing a Masters of Science in Accounting with a specialization in forensic accounting and fraud examination. Hoelzer is the faculty liaison with the central Ohio Association of Certified Fraud Examiners students subdivision, and said forensic accounting was even used to catch Al Capone on tax fraud, although it wasn’t called forensic accounting back then.

She said many internal auditors will earn their Certified Fraud Examiner credential, because employers want them to analyze and monitor risk in the business. It’s also used in business valuations to monitor corruption and mergers and acquisitions. Forensic accountants must also be aware of legal implications, such as how to treat evidence so it’s submissible in court.

“If a company suspects someone of embezzling, you can't just shut their computer down or turn it on, you ask separate specialists to come in because you could destroy the evidence,” Hoelzer said.

The ideal forensic accountant is detail-oriented, Hoelzer said, as they are often going through a wide range of documents to find evidence, and also need to be able to think creatively when it comes to how a possible crime might be committed. While students who are interested in this area can prepare for it after graduation, it’s also a ripe opportunity for professionals with years of accounting experience, she said.

Those who are interested should start by taking a course or two to see if they enjoy the work and eventually earn the CFE certificate.

Forensic accounting is a fast-paced and exciting area to work in, she said, and those involved often up developing a passion for the work.

“It's a fascinating area,” Hoelzer said. “It's because you're reading about these cases. What my students find the most interesting is when they have an assignment where they discuss a case, but then they'll go even further and research it even more because it draws them in.”