Future of Forensic Accounting and Accountants Essay

Future of Forensic Accounting and Accountants - Essay Example This takes us to our discussion regarding the future aspects of forensic accounting and the role of forensic accountants in the light of the current events and endless possibilities and opportunities in the profession. The current economic recession has yet again revealed the weaknesses in the corporate structure which is under pressure to sustain itself and the crisis which started from prime loans and credit crisis in the financial sector did not take long time to spill over its adversities to other sectors in the US. Similar conditions also prevail in other countries in particular European and Far Eastern countries which rely heavily on US interests in these countries. Present glooming conditions are not favoring businesses and stocks are plummeting as shareholders hold a more conservative approach and feel that presently a more careful approach is required. In this situation businesses are not able to benefit from the capital markets as raising capital becomes difficult and slowing trading activity making businesses fall back on their commitments and disputes are more than likely to happen. In addition to this to stay as a favorable investment choice amongst shareholders it is imperative that companies will indulge in manipulation of their accounts to report healthy view of their companies which may not be the case. Despite of the tougher regulation of the accounting profession and attempts by international regulators to converge all countries on a single set of accounting standards there still remains certain loopholes as participants are not willing to compromise their sovereignty and identification. Fraudsters and culprits are always in search of such gaps that remain in both accounting and legal systems and it is in their interests to misreport their financial condition or avoid such commitments which they may not be able to fulfill. This scenario would surely create further demand for forensic accounting and forensic

Wk2 disc(6100) Essay Example | Topics and Well Written Essays - 500 words

Wk2 disc(6100) - Essay Example This is necessary as theories serve as maps which guide the counsellor as to the handling of the client. Each theory provides the MHC with direction and goals for the clients and helps in evaluating the effectiveness of counselling. MHC’s emphasise the patient’s environment with a comprehensive perspective to treat dysfunction or any pathological condition if necessary. (Hershenson & Strein, 1991) Five different theoretical approaches are psychoanalytic, behavioural, client-centered, cognitive and affective. The basic premise of client-centered theory is that each person has an inherent tendency to develop all capacities to maintain and enhance oneself. Thus the aim of this theory is to bring the client towards self actualization. The MHC using this approach assumes the role of being a genuine and empathic friend towards the client sharing experiences and working to build the clients confidence, which in turn helps in positive changes in the clients self awareness and attitude. This particular approach requires a personal touch that is lacking in many lives of today’s fast paced world. I personally gravitate towards this theory as it coincides with my belief that connecting to each other at a personal level is important to nurture the human psyche and is the missing element and cause of many of present day mental health problems. (Vacc and Loesch, 2000) One common trend in counseling is that of eclectics and integration. That is a combination of methods is used to treat the patient depending on his particular requirements. The transtheoretical model (TTM) is a practical approach that combines eclectics and integration. TTM provides an integrative structure to counseling theories. It is developed to combine various aspects of counseling without detaching practice from theory. (Petrocelli, 2002) TTM is useful in many situations especially for workplace counseling, youth counseling as in educational institutions etc. A major reason for