Top Forensic Accounting trends to keep an eye on in 2023Interested in a career in Forensics, or already well-established but keen for an additional challenge? Check out out top trends for 2023 here.
Forensic Accountancy skills are in high demand. Occurrences of fraudulent activity are increasingly common, perhaps due to an upsurge of solo enterprises and entrepreneurs setting up without in-depth knowledge of their financial obligations. Or, because modern businesses now have the means to mask sham practices more easily within their FinTech.
Whether brought into a business to investigate suspicious activity, or to act as a deterrent, the niche skillset of a Forensic Accountant is invaluable to countless companies. Legal or compliance departments/businesses and insurance firms alike are requiring greater numbers of specialists who can combine accounting prowess with legal and IT expertise to uncover and assess financial irregularities.
That’s why organisations such as BDO, Evelyn Partners, AON, MDD and Marsh McLennan are well respected for the value they’re adding. And careers in Forensic Accounting are perhaps more rewarding than ever, with specialists such as Nishad Morjaria, Maggie Stilwell, Faye Hall, Daniel Ryan and Gervase MacGregor leading the way to make Forensics an attractive career choice within the Accountancy world.
Are you interested in a career in Forensic Accountancy? Or are you already well-established in Forensics but keen for an additional challenge? If you already hold accounting qualifications (i.e., CPA, ACCA, ACA, CFE, CA) and have auditing experience, transitioning into Forensics or furthering your existing Forensics career is within reach.
Here we’ll reveal some of the current top trends in Forensics to provide guidance on upskilling for this exciting, upcoming field.
There are few businesses worldwide that weren’t affected in some way by the Covid pandemic – undoubtedly the largest and most widespread example of business interruption in recent times. In the UK alone, the Association of British insurers published that its members expected to pay up to £2.5billion for Covid-related claims during 2020.
But while Covid-19 is just one instance of business disruption, there are many more events that can lead to a business claiming from an insurer. Theft, fire, flood, explosions, hurricanes, earthquakes, lightning, to name just a few. An expensive industry at any time, which is substantially amplified when fraudulent claims are also added into the mix. Aviva recently reported a 13% increase in fraudulent claims – and while that figure doesn’t only relate to business claims, it provides us with insight into rising severity of fraud.
Do you think you could excel in this interesting subcategory of Forensic Accounting? Fraud examination is perfect for accountants/auditors with a specific interest in analysing, detecting, and investigating deceitful declarations. If you can then gather evidence and clearly communicate it to Boards, legal teams or even in a courtroom, you’re making a significant impact through potentially saving insurance providers millions each year.
Expert Witness Services
If the legal side of Forensics is of particular interest, why not consider branching out into Expert Witness Services? Ideally suited to Forensics specialists with considerable experience, a career as an expert witness can be extremely fulfilling, as well as generously compensated.
Using a combination of valuation skills, computer auditing techniques, documentation reviewing, cash counting and interviews with relevant parties, a Forensic Accountant acting as an expert witness will play a fundamental role in disputes to unveil the truth through financial investigations. Whether it be in matrimonial disputes or commercial disputes, testifying experts are currently in high demand.
Due to the uprise in business scams, expert witnesses are frequently required to provide an objective and unbiased opinion and evidence at court hearings. Could you support judges and juries in reaching a verdict? Becoming an expert witness could be a great direction to head in.
A really interesting area for Forensics specialists to expand their knowledge in Business Development (BD). If you can combine your technical knowledge with sales and people skills, you’ll expand your network of clients and your portable book of business.
BD has become important for Forensics professionals wanting to grow their network, as the larger your portable book of business, the more valuable you become to organisations looking for Forensics candidates. We help individuals with Forensics expertise and portable clients to pitch themselves at the highest salary level for their portable book of business without outpricing themselves in the market.
Developing skills in BD, specifically networking and sales, and combining them with in-depth accounting know-how is a great way to further your Forensics career.
In today’s digital landscape, forensic accountancy and cybersecurity go together. Therefore, if you can add knowledge of cybersecurity to your list of competencies, you’re going to be a strong forensics candidate.
According to a report by IBM, the average cost of a data breach has climbed 13% from 2020 to 2022.
Understanding how to identify instances of hacking and data breaching will assist companies (and especially insurance companies) in saving not only costs, but also time plus other economic and reputational damages. Plus, if you can help organisations to learn and evolve following breaches to prevent further problems, you’ll be adding immeasurable ongoing value.
But Forensic Accounting and cybersecurity are very specialist capabilities that aren’t always easy for employers to find. While you’re still predominantly a Forensics specialist, as opposed to a tech prodigy, individuals working as Forensic Accountants now tend to work closely with cybersecurity teams. If you’re keen to get ahead in Forensics, widening your comprehension of cybersecurity will stand you in great stead.
Are you looking to progress in Forensics? The sector’s booming with a variety of opportunities! With a surge in companies looking for this niche expertise, we’re here to help accountancy or auditing professionals who want to take the next step in Forensics.
We also have relationships with organisations looking for seasoned experts who can assist with their next project. And because we know the market, we’ll make sure you’re not outpricing yourself. We’ll work with you to understand your personal/managed BD revenue and how much is portable, before matching you with roles at just the right level, in companies where you’d be a great fit.