Forensic Accountants and Auditors

The U.S. Department of Labor (DOL) predicts the field of accounting will grow faster than the average for all occupations from 2023 through 2033. As the economy grows, more accountants will be needed to prepare books and taxes for new and growing companies. New accountants also will be needed to replace those who retire or change professions. Since more than 1.5 million people currently work as accountants, the number of positions created by normal turnover should be significant. The DOL says that "technological change is expected to affect the role of accountants over the projections decade. Some routine accounting tasks may be automated as platforms such as cloud computing, artificial intelligence, and blockchain become more widespread. Although it will increase accountants' efficiency, this change is not expected to reduce overall demand."

Many accounting organizations and publications cite forensic accounting as a hot growth area for CPAs. One reason for this may be that the job is becoming well known due to high profile cases of financial mismanagement by formerly respected accounting firms such as Arthur Andersen LLP. In this case, forensic accountants were among the experts that investigated the financial collapse of the previously stable company Enron and determined that obstruction of justice was committed by Arthur Andersen LLP employees. The United States Supreme Court overturned this verdict, but the firm has not returned as a viable business.

Corporations, nonprofits, and government agencies are increasingly hiring forensic accountants to identify and document financial wrongdoing and to prepare reports that may be used in criminal and civil trials. “As financial activities are more intensely scrutinized by shareholders and government agencies, the demand for skilled forensic accountants has increased,” reports the staffing firm Robert Half International. “These professionals previously were brought in after a misdeed had been committed, but organizations now are hiring them to tighten procedures to prevent fraud before it occurs.”

In our increasingly complex economy of business mergers, acquisitions, and failures, forensic accountants are increasingly in demand as companies rely on their services to determine if bankruptcy should be declared or if there is a way to remain solvent. The National Association of Forensic Accountants notes that the need for investigative accountants continues to increase in proportion to the insurance industry's growth and complexity. This is because insurance companies use these accountants' skills when determining how to settle claims, such as for business interruptions, inventory damage or loss, or any type of insurance claim where fraud may occur. Due to this demand, the overall outlook for forensic accountants should be good.