Moreover, the integrity of the supposedly independent external auditors who issued certifications that attested to the fairness of financial reports became questionable. Said certifications were being made even if the figures were untrue and misleading. These practices were perceived either as a matter of incompetence in investigating fraud or as an act of abetting the fraudulent corporations in misleading the public investors and lenders.
As a matter of fact, the forensic accountant as an independent investigator is also tasked to determine the degree of the CPA's participation in submitting financial statements that tend to mislead.
Inasmuch as every sector or industry is supported by an accounting system, whether manual or computer based, the analytical skills of a separate and independent set of expertly trained investigative accountants have become necessary in every fact-finding team. Their role as a new breed of accounting professionals is to provide litigation support by expertly explaining the accounting manipulations and gather relevant evidence that the courts of law will uphold.
Forensic accountants play important roles in showing proof of financial motives and methods employed in order to perpetrate white-collar crimes in different levels. Their opinions are held in court as free from bias since they have gained additional training as investigative examiners to support litigations.
Investigative accounting is regarded as a tool for regaining public trust, which was manifested by the accountants who were instrumental in providing sufficient evidence to bring down the spate of white collar crimes that beset and plagued the country in the recent past. To gain more insights, readers are encouraged to learn more by reading a separate article entitled History of Forensic Accounting.