Nelli Mwalilino
Reflective Essay
Forensic accounting as a profession is gaining importance considering the widespread incidence
of financial crimes including embezzlement. Further, forensic accounting skills that have been
acquired during the course are particularly considered critical in case of bankruptcies as it is
imperative in these cases to ascertain the party at fault. Considering the number of stakeholders
involved and the use of technology and other techniques in order to enhance the complexity of
various transactions, it often can become quite difficult to understand the intended trail of the
various transactions. Additionally, while on the face, the bankruptcies may be attributed to failure
of business but in actuality these may be on account of corporate frauds or systematic
embezzlement of funds by senior management or selected personnel. It requires a through
investigation using the various key points which have been highlighted in the given course which
would be essentially quite helpful.
Additionally, forensic accounting is a useful skill for a plethora of professions such as auditing,
lawyers and therefore not limited to only accounting. Further, the use of these skills is not limited
to financial frauds or bankruptcies but also includes various civil crimes besides contractual
disputes. Also, the professionals with these skills are not only required for the investigation of a
particular fraud or wrongdoing but are also required in order to prevent the happening of a
particular fraud. With the advent and increasing penetration of e-transactions and the resultant
complexity in transactions, the scope of the learning derived seems quite pivotal. These skills
would enable that the confidence of the investors continue to remain in the various companies as
this would help in the overall decrease in the incidence of the frauds A key tool in this regard would be the availability of various records especially of key
transactions. Further, in cases of bankruptcy a through forensic audit would need to be conducted
in order to determine if any transactions in the past financial statements were misrepresented or
not. This is imperative since in case of a plethora of bankruptcies, there are symptoms that are
persistent for a significant amount of time before this actually materializes into a bankruptcy. As
a result, the responsibility of losses caused to the various stakeholders can be narrowed down on
the culprit. Further, in organizations or businesses where there is typically high risk involved,
these skills would prove to be handy as these would analyze selected transactions to identify any
funds which are embezzled or diverted from intended use as represented in the transaction
records.
With the increasing menace of terrorism, funding of terrorism along with money laundering has
gained a lot of attention. On back of the skills acquired through the course, it would be possible
to contribute to this cause ensuring that illegitimate transfers to terrorist organizations through
complex transactions can be avoided. Usually the complexity of these transactions is such that
the professionals lacking forensic skills are not able to detect any irregularities in these. As a
result, it is imperative that forensic accounting skills need to be deployed by the professionals to
sense any discrepancy and hence play a critical role in global security and peace.

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