I have learned some of the most important concepts in the course ACC-421-Q3329 Auditing and Forensic Acct. Two of them are the concepts of expert witness and fraud investigator in forensic accounting. This course has covered some of the most crucial topics which will cause me to think in a different manner about circumstances going forward. A key topic covered in module four in this course where I learned to identify the types of evidence to prove a fraud has occurred. 

Professional skepticism is a key concept which is associated with this course. This is because of the prerequisite to apply it in every condition by the forensic accounting professionals. From this course, I have learned that I need to uphold a healthy level of professional skepticism during all the steps of an investigation. I have come to know that keeping a questioning mind all the time is necessary for the identification of discrepancies or doubtful patterns.

From this course, I have come to know that auditing and forensic accounting are at the joining of law, accounting, and investigation. Now, when I read or hear about a fraud case, I think about using my financial expertise as well as investigative skills as a forensic accountant for detecting fraudulent activities by gathering necessary evidence and analyzing them.

I would like to mention that the skills that I have acquired on this course will be helpful in my professional as well as personal life. If I start my career as a forensic accounting professional, the acquired skills will help me to get started in my career by providing necessary assistance in solving distinct types of fraud cases. For example, the acquired skill to examine various aspects of financial statements will help me identify and understand potential fraud areas. In addition, the ability to apply professional skepticism in every aspect of an investigation will assist me to identify potential fraud scenarios. In addition, these skills will boost my confidence, which will be a positive aspect of my personal life.

In the beginning of this course, I was more interested in pursuing my career in some other field of the accounting profession, such as an accountant. However, the contents of this course have changed my viewpoint as now I am more interested in uncovering financial statement frauds by using my auditing and forensic accounting skills. I have found it more interesting to uncover financial frauds rather than carrying out the bookkeeping activities for a company. Even though both these professions are strongly associated with the accounting profession, I find it more interesting now how the auditing and forensic accounting profession works. I can say that I have changed my field of interest in completing this course.

MY PEER POST

The topics of understanding a forensic accountant's role when preparing for an interview and being an expert witness covered in this course caused me to think differently about situations going forward. A strong understanding of the legal system and relevant financial laws and regulations is essential for forensic accountants, as they often provide expert testimony in court and assist in the resolution of financial disputes.

This course has helped me to develop professional skepticism by shifting my mindset and attitude that includes a questioning mind and a critical assessment of audit evidence. It helped me to develop the ability to recognize that a fraud may be present and to identify situations that may indicate possible misstatement. It's all about asking the right questions, following up answers and knowing when to move on.

The factors I now consider when reading or hearing about a fraud case is the Fraud Triangle. Pressure, opportunity, and rationalization are three factors that make up the fraud triangle. Having this knowledge, I am able to understand the factors that lead to fraud and other unethical behaviors. I can use the skills I have practiced in my personal life byunderstanding the time value of money, risk assessment, and other types of financial analysis to make smart financial decisions. I would use these skills to sharpen my analytical skills, critical thinking, and attention to detail. Thesequalities are essential in the accounting industry and transferable to various aspects of life.

This course has provided an in-depth knowledge of what all entails to be a successful forensic accountant. Becoming a forensic accountant is the profession I am interested in pursuing and is the same field that interest me at the beginning of the course. The variety of work such as investigating misappropriation of assets, money laundering and the funding of terrorism is quite thrilling! Alongside this variety of work, I believe there is satisfaction of helping to ensure justice and bring criminals to account.

DIRECTIONS:

Address the following, based on the details provided in the peer's post:

How do the most important concepts you learned from this course compared to those of your peers?

Consider additional skills practiced during this course that your peer did not mention. How might these skills be useful to them in their professional life?