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

When I first signed up for this course as an elective, I was in a completely different role at a completely different company, and I thought this course would be beneficial for that role. I ended up switching careers last March, but kept this course as my elective since I thought it would be interesting, and it has been. I have learned a lot from this course! One of the things that I found to be very interesting was learning about the fraud triangle. Any time I hear or read about a fraud case in the news my first thought is "why would anyone do that?" When I ask that question, I do not think about the everyday or life pressures that would cause them to do it, or the rationalizations they make to themselves or people around them. Learning that fraud scandals normally start small, and then become much larger over time was also very interesting. This shows that most people that are committing fraud do not start off with a grand scheme in mind. They continue doing what they started doing and it gradually increases over time, as no one notices. This also brings up and shows the importance of internal controls. Internal controls are such an important part of any business. I had started to understand the importance of this with my last role, but after taking this course, I have a new appreciation for the work that I was doing for our internal controls team.

When I first started back to school for my BS in Accounting degree I was working on a Finance team. I knew that I enjoyed accounting, but was not sure what role I would grow into once I completed my degree. I pretty much knew that I did not want to work on a tax team though, as taxes are not my favorite thing. Last March I had the amazing opportunity to move into a staff accountant role on a retirement plan services team. This role is a niche that I had no idea existed, and I am really enjoying it. It has been a learning and growing experience, but I am excited to be starting my second year in this role, with a better understanding of the field. All that to say, this course has not had an impact on the specific field I want to pursue, since I feel like I am already there in my current role.

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?