Blog 3 - Regulation for Forensic Accountants

To me, it seems like being a forensic accountant is a career that is always changing. Why? Because the world is changing. Technology, the internet, the amount of data on this earth is breeding at a rapid pace, and what worked for the forensic accountant 10 years, ago just won’t work in this day and age.

With a digitalized world, the tightening of regulation enables professionals to meet greater demands, as indicated by the Honourable Michael Kirby AC CMG (2011). I think its natural to assume that if technology continues to develop, the role of a forensic accountant is going to have to adapt and mould into something new every few years. When clients rely on you for advice, it’s absolutely imperative to keep up with the development of not only Accounting standards, but the regulatory environment (BDO, 2014).

Speaking to a family friend recently who is an Accountant, she was explaining to me how she frequently gets notifications about any changes in the law. On top of this, she is also travels frequently with colleagues to attend conferences that discuss regulatory change in her particular sector. I think this proves that regulatory changes and changes in the law are taken very seriously by the everyday Accountant. 

References

BDO. (2014). Singapore's 100 Leading Graduate Employers 2013/14. Retrieved from http://www.bdo.com.sg/GTIMediacollated.pdf 

Kirby, M. (2011, March). Forensic Accounting - New Rules and Opportunities . Presented at the Business Valuation and Forensic Accounting Special Interest Groups Conference. Retrieved from http://www.michaelkirby.com.au/images/stories/speeches/2000s/2011/2525-FORENSIC-ACCOUNTING-CONF-MARCH-2011.pdf