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The Past, Present, and Future of Forensic Accounting

At one time, the practice of forensic accounting was not recognized as a separate practice area distinct from auditing. Over the decades, the auditing function separated itself from fraud detection. As this occurred, forensic practice began to develop, and fraud investigation and litigation services began to be offered. As forensic practices followed their own separate path, the services provided changed into those of an investigative nature. Today, with the rash of cybercrimes being committed against every business connected to the Internet, the nature of forensic practice is poised to expand into new territory. This article reviews the history of forensic accounting, and makes predictions about what the future holds for this practice area.

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Essentials
Publisher's Column
Perspectives

Case Studies in the New Recognition Guidance

For many years, FASB and the IASB sought to overhaul the guidance on revenue recognition, replacing industry specific conventions with a common, universal approach focusing on contractual arrangements. The result, Accounting Standards Update (ASU) 2014-09, focuses on the satisfaction of contractual obligations in order for revenue to be recognized.
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The New Normal

In 1995, The CPA Journal published an article about the progress the profession had made on “the problem of liability. ”The title, Is the Storm Ending?, should give you a sense of the exasperation CPAs were feeling at the time. They were beginning to recover from the 1990–1991 recession and the savings and loan crisis, and had been besieged with a number of extremel.
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How to Avoid or Minimize
Fraud Exposures

Fraud cuts a wide swath across businesses and other organizations. The typical organization loses 5% of revenue each year to fraud, according estimates from the most recent Report to the Nations, a survey produced by the Association of Certified Fraud Examiners (ACFE 2014). When applied to the 2013 estimated gross world product, this revenue loss translates to a global figure of nearly $3.7 trillion.
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The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at practitioners, educators, regulators, and other financial professionals. Our goal is to provide the Journal’s readers with insight and analysis on developments in the areas of accounting, auditing, taxation, finance, management, technology, and professional ethics.

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