Blog 3
The role of a forensic accountant is to assist the
courts, solicitors and clients to analyse, interpret, summarize and present
complex financial and business information.
Replacing the standards APS11 and G2, a revised
edition APS215 Forensic Accounting Services was introduced. Requirements were
tightened to enhance professional standards as the demand placed on forensic
accountants grew Australia. However, there is concern that some professionals
do not understand the changes.
Practice Note CM7, Guideline 1.1 specifies that when
in court, an expert witness is required to use the experts area of expertise to
assist the courts. In order to have expertise knowledge in the forensic
accounting field, he/she should be aware of any regulatory changes to assist
the court.
As with any area of expertise, I think it is an
expectation that a professional will be update to date with any changes that
occur in their field. I used to be employed at a consumer electronics store.
Due to the nature of technology, the products we offered were rapidly and
frequently changing. It was expected and also essential to know these
changes and how these changes impacted certain products in order to assist the
customers. Likewise, a forensic accountant should know the regulatory changes
whether acting as an advocate to assist their clients or giving evidence as an
expert witness to satisfy their duties in court.
Appendix:
http://www.michaelkirby.com.au/images/stories/speeches/2000s/2011/2525-FORENSIC-ACCOUNTING-CONF-MARCH-2011.pdf
http://www.apesb.org.au/development/APESBCMS/ver1.3/uploads/news/speeches_presentation/25112014025238_APESB_Presentation_-_CAANZ_Forensic_Accounting_Conference_-_29_Oct_2014.pdf
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