PHI H2005 Unit 7 Assignment 1 Good Question Exploration
Topic Explanation
Throughout this course, we have focused on exploring questions relevant to our respective fields. In my case, I have chosen to delve deeper into the fascinating field of forensic accounting. I aim to comprehensively understand forensic accounting from a legal and general perspective, particularly federal forensic accounting practices.
Forensic accounting fascinates me because it is a specialized accounting often not covered extensively in academic curricula. In fact, before embarking on my accounting path, I was utterly unaware of forensic accounting as a distinct field.
PHI H2005 Unit 7 Assignment 1 Good Question Exploration
Forensic accounting primarily involves the specialization of accountants in detecting and investigating fraud. While instances where fraud is not discovered, occur, there are also numerous cases where fraud is uncovered. This is where the expertise of forensic accountants becomes crucial. In my research assignment, I will explicitly examine forensic accounting at the federal level compared to its implementation at the state or local level.
Identify Questions
The first question that arises in my exploration is: What social experiences have contributed to the necessity of forensic accountants’ involvement in current trends within the federal financial industry? This question sheds light on the historical evolution of forensic accounting and the factors that led to its recognition as a crucial component, particularly within the federal financial industry.
My second question concerns the potential consequences of a federal forensic accountant overlooking fraud during an investigation. This inquiry delves into the ethical considerations and moral integrity of forensic accountants employed by the federal government.
PHI H2005 Unit 7 Assignment 1 Good Question Exploration
It raises significant concerns about the possibility of these professionals disregarding certain fraudulent activities under the assumption that the general public may not discover them. Addressing this question is vital to gain insights into the extent to which federal forensic accountants adhere to ethical guidelines and federal laws.
Finally, my research will also focus on understanding the federal regulations that govern forensic accountants and identifying the appropriate entities to whom they must submit their findings. This question is particularly intriguing because it challenges the assumption that forensic accountants report their results solely to the government agency they work for. In cases where forensic accountants operate as independent contractors for the federal government, it becomes crucial to determine the appropriate reporting channels for their findings.
Analyze
One notable article that contributes significantly to my research is “How will accountants fare…? Under the federal microscope” by R.M Mano and J.A Barton. This article delves into the long-standing debate surrounding the federal government’s involvement in regulating private accountants at the state and local levels.
PHI H2005 Unit 7 Assignment 1 Good Question Exploration
It provides historical context by discussing congressional hearings and the formation of the Wheat Commission in 1971. Chaired by Francis M. Wheat, a former commissioner of the Securities and Exchange Commission (SEC), the commission conducted a study on the establishment of accounting principles and the role of government in regulating the accounting profession.
The article offers valuable insights into the ongoing discourse and lobbying efforts related to federal accounting laws and regulations. It is useful in examining the distinctions between federal and state/local accounting regulations.
Another significant article for my research is “Forensic Finance” by Jay R. Ritter. This article explores various financial examples that could potentially be categorized as fraudulent.
Although the author primarily focuses on four recent cases related to stocks and trading, it provides an intriguing perspective on the role of federal forensic accountants in investigating fraud within the stock market. This article expands my understanding of fraud-related issues and their connection to national forensic accounting.
PHI H2005 Unit 7 Assignment 1 Good Question Exploration
Expanding my research scope, I plan to explore additional scholarly articles from reputable sources, consult relevant publications, and potentially conduct interviews with forensic accountants. This multifaceted approach will enable me to gather a comprehensive range of perspectives and insights on federal forensic accounting practices.
By thoroughly examining these research materials and conducting further investigations, I aim to deepen my knowledge of federal forensic accounting practices, its relationship with the private sector, and the historical context that shaped its current landscape. Through this research, I hope to contribute to the existing body of knowledge and gain a well-rounded understanding of the nuances and intricacies of forensic accounting at the federal level.
References
Mano, R. M., & Barton, J. A. (1995). How will accountants fare…? Under the federal microscope. The National Public Accountant, 40(10), 15. Retrieved from
http://library.capella.edu/login?qurl=https%3A%2F%2Fwww.proquest.com%2Ftrade-journals%2Fhow-will-accountants-fare-under-federal%2Fdocview%2F232367013%2Fse-2%3Faccountid%3D27965
Ritter, J. R. (2008). Forensic finance. The Journal of Economic Perspectives, 22(3), 127-147. doi:
http://dx.doi.org.library.capella.edu/10.1257/jep.22.3.127
