Team in Production and Operations Management

USING TEAMS IN PRODUCTION AND OPERATIONS MANAGEMENT

Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations.

A Forensic Accountant is a crime fighter who applies accounting concepts to legal problems. "People who work in this growing field investigate such white-collar crimes as business fraud, improper financial reporting, and illegal investment schemes" (Boone & Kurtz, 2012, p.503). There are many skills that a forensic accountant needs to possess to do well and be successful in this field. The five (5) skills that I find to be most important are accounting, analytical, investigative, communication, and be detail oriented.

Forensic accountants need to have strong accounting skills to work as an accountant. "A basic use of forensic accounting skills can enable an organization to take the appropriate steps in the event of a suspected fraud" (Box, 2011). Too develop the best solutions, they have to be able to apply and become accustomed to a variety of accounting concepts and principles that are based on the circumstances. According to the New York State Society of CPAs, "a forensic accountant does not require a license or specific education in accounting, but professional certified public accountants hold a bachelor's degree in accounting to qualify for licensure by the state board of public accountants". A forensic accountant may also acquire accounting skills on the job.

To do well in the job, forensic accountants must also have analytical qualities. Having this characteristic helps the accountant to analyze financial documents to find errors and evidence in a legal case. They really need to be ready to see what is occurring and what can take place. A forensic accountant is somewhat like a detective, very curious and wanting very much to find out whether or not a crime has been committed. "This skill needs to be applied in business whenever an audit takes place and when and if the company has been charged with committing a fraud" (Birritteri, 2001).

Forensic accountants must have investigative skills to expose activities that are illegal in the company's financial documents and reports. "These core skills are supplemented with experience in financial matters such as capital budgeting, corporate financial planning, and working capital management. They utilize these skills to answer specific questions such as "Where is the money?" "What caused the damages?" and "What were the damages?" (Asaolu & Owojori, 2009, p.185). Investigations should be done in a way that involves a process such as identifying the facts and issues that are relevant and collecting of the evidence. "Some professionals in the field mix an accounting and criminal justice education to acquire the skills to work as a forensic accountant. Universities and colleges may provide training programs for forensic accountants that include coursework in investigation techniques" (Hanson, 2007).

Communication consists of interactions between many elements and it is an ongoing process. The ability to communicate effectively, in both written and oral forms, is essential in giving bases of opinion. For example, in the workplace, an accountant may need to write to a supervisor, a shareholder, company's management, government agency, or others. The accountant must be able to explain difficult financial transactions, reports and exhibits in a clear and easy manner. "These skills are necessary for forensic accountants to testify in court and is particularly important when a forensic accountant explains findings to a judge and jury" (Digabriele, 2008). Good communication skills promote strong relationships in business.

A Forensic Accountant must show strong attention to detail when going through financial transactions during an investigation. They need to have an eye for details, being able to point out things that are suspicious or just don't add up. Details are a key factor and when an accountant is focused and interested enough, he/she will be able to figure out where things went wrong or how they resulted in being out of place. Since the financial section of an organization consists of many numbers and transactions, an accountant has to be detail oriented to ensure the numbers have been properly calculated to get the results desired. The investigator must look through every detail of the financial documents to see the evidence that is required for a case. An error in the practice of forensic accounting can be a setback and be costly due to the time an accountant will have to spend correcting it.

Describe the role of a forensic accountant within a courtroom environment.

Forensic Accountants within a courtroom environment are engaged as expert witnesses, and often have to provide a deposition and testify in a court of law. They can testify about the facts of the case and can also give their opinions. "Regardless of how educated, experienced, and trained forensic accountants may be, their credibility is weakened if they are unprepared or not familiar with the facts of the case" (Hanson, 2007).

Forensic Accountants are used both by the defense and the court in narrowing down a conclusion. They provide information about strengths and weaknesses in the case and are used by the court to iron out many details. They have developed the kind of knowledge needed from the professional training that has been provided to them as well as from their experience. Forensic accountants' services are used by the lawyers and help them to reduce the paperwork while also finding out where exactly the problem is. These accountants' also provide consultation if and when needed.

Analyze the legal responsibility a forensic accountant has while providing service to a business.

Looking at the kind of work that the forensic accountants do, they are hired when a case is in what is called the discovery phase and/or evaluations are taking place. "To do well in forensic accounting, Forensic accountants have the legal responsibility of having a good understanding of the civil and criminal law, familiarize themselves with the balancing act/ privacy law and know what the documents are saying, and ensure they are using the right procedures for gathering evidence to avoid having to defend themselves in a court of law" (Birritteri, 2001). When there is a case where damage is involved, accountants are used to uncover the level of damage