Complicated times call for more financial oversight, experts say - Phoenix Business Journal:

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A number of factors — including companiexs looking to account for everydollar spent, increasex surveillance of money and public demand for accountability in the use of government bailoug money — are contributing to the field’s said Joe Epps, president of in “The way I describe it to my students is that forensif accounting is essentially financial said Epps, who teaches a forensicx accounting class at . “Who got money, and where did they get it? What were the returns on those monies?
” Specialized forensi c accountants not only investigate money laundering and other typesdof fraud, but also may ensure accountability in businese practices and provide valuations for courrt cases and other legalp instances, Epps said. Adam Miller, seniorr manager of ’s valuation and forensic service centerin Phoenix, said forensidc accounting skills are ideal for many other typee of work, including providing businessees with specialized consulting to aid in growthu and investment. “We’re doing a lot more consultinf now,” Miller said. “We’re doinhg financial modeling for peoplewho say: Shouldx I invest $2 million more in my business today?
” Millere said he thinks the field will grow, and firmws and government agencies increasinglty will include financial oversight professionals among their in-house “It’s an oversight function to give somebody comfort that the money’se being used (properly),” Miller Epps, who has been an accountant for 30 said forensic accounting has grown significantlyu over the past decade. In the CPAs without forensic accounting backgrounds oftenn were used in court investigations intofinancial “As time has gone by, attorneys and law enforcement ... have come to realizre that not every CPA has the skill set and inclinatiobn to be aforensid accountant,” he said.
That increased demand has prompted universitiess to add forensicaccountinvg curricula. The Carey School, for example, began offering forensic accounting classedslast spring. “There’s an awful lot of dynamics out ther that increase the need forforensicc accounting,” Epps said, “particularly given the public awarenesss of fraud in all its many aspects and the proliferation of litigatiobn ... and even terrorism too, where (governments look) for monety laundering.” Miller said it takes time for forensidc accountants to mastertheitr field, and his firm offers internshi programs for college students. “A learning curvw for a new person ...
could be anywher from one to five years for them to really become effective in theirparticular area,” he Epps said he sometimes prefers hiriny college students rather than experienced accountants so he doesn’f have to “unteach“ bad habits. “Idf 100 accountants are hired, 97 or 98 of them will go intogenerakl garden-variety accounting,” he said. “My suggestion to someonr who really wants to get into forensic accountingf is to search for opportunities in thefederal government, or look for a firm that specialize s in forensic accounting.
” Ashley an assistant at the , is studyiny forensic accounting at ASU and said in an e-mail to the Phoenic Business Journal that she finds the fielr intriguing, including its name. “Combining the skills of a detective with the knowledge of an accountanr to examine numbers and the reality of a businessx situationis thrilling,” she said. “Thde catchy title also got me hooked.
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