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Day in and out, the media is awash with all forms of shocking commercial crimes, talk about rampant corruption and fraud, – we can only ponder what the next day will bring.

Greed pushes men of good morals to backslide into corruption whenever an opportunity presents itself. So where are we going wrong?

Can it be that the existing systems that address such issues has failed us as a nation? The major problem is that we have stood still in a dynamic environment where white collar criminals are constantly inventing ways to get away with their deviant conduct.

To those who have never heard of this term before, allow me to introduce forensic accounting and auditing as a panacea to our headaches.

To a novice in this field of study who might be wondering what this is all about, forensic accounting and auditing is defined as the application of investigative accounting, auditing, law and computer forensics in order to collect, analyse and evaluate evidence related to allegations and present the findings in a manner suitable for court hearing

The world witnessed the growth of forensic accounting over a number of years. In North America, it can be traced back to as far as 1817 to Meyer vs Selton a Canadian case that allowed an “expert accounting witness” to testify in court.

A major highlight in the history of forensic accounting and auditing is the case of Al Capone, a bootlegger and gangster who evaded the law, and was only brought to book with the aid of a forensic accountant.

Currently, the world is host to more than 75 000 forensic accountants who occupy positions in certified public accountancy firms, public, private companies and intelligence organisations.

The most common question I come across is, what is the difference between forensic accounting and auditing and the traditionally recognised audit of financial statements?

On one side, the objective of a normal audit is to simply express an opinion on whether the financial statements prepared are free from material misstatements.

On the flip side, forensic accounting is focused at a more granular level; with the detailed development of factual information to either support or refute a fraud related allegation.

Unlike auditing, the concepts of materiality and sampling transactions are not used in forensic accounting. As a forensic accountant, you have no time for guessing, you consider every alternative as mistakes are a leisure you cannot afford.

The role of forensic accountants in business and society is to analyse fraud related allegations. They quantify losses, stand as expert witnesses in court and provide corrective measures that block fraud opportunities.

This role extends to drafting of fraud policies and development of computerised applications that assist in fraud investigation, through the use of computer forensics.

It is a serious offense to accuse someone on unsubstantiated allegations. For such cases to hold water in a court of law, the expertise of a forensic accountant is required.

Evidence provided by a forensic auditor should be conclusive on whether the accused is guilty – lest you send an innocent person to jail. Fraud cases are of a criminal nature and the onus of proof should be beyond reasonable doubt.

In the commercial fraternity; you are never fully equipped until you attain a recognised professional qualification. Forensic auditors can further their studies and be part of the Association of Certified Fraud Examiners (ACFE).

ACFE, the largest fraud fighting organisation conveys the certified fraud examiner credential, one which positions you as an anti-fraud expert. ACFE members are recognised internationally; a prestigious title which racks in six-figure salaries in fortune 500 companies.

As postulated by one of my favourite academic pundits, the dean of the School of Business and Management Sciences – Mr Willard Gwarimbo: “Forensic Accounting is like the sixth sense. A sense which grants the ability to judge deception, a higher degree of professional skepticism and a sight which sees beyond what is written in financial statements.”

I am glad that one of the world’s best Forensic Accounting experts from Universiti Teknologi MARA of Malaysia has praised the HIT Forensic Accounting and Auditing programme, saying it has one of the most advanced training curriculums.

Hats off to HIT for spearheading the launch of the BTech Honours degree in Forensic Accounting and Auditing!

Finally, a word to my fellow aspiring forensic accountants, “you should be prepared for an exciting but challenging job which requires resilience, trustworthiness and ethics”.

Vincent Mhosva is a Forensic Accounting and Auditing Part 2 Student at the Harare Institute of Technology.

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