With problems such as fraud, hacking and data breaches increasingly resulting in losses for organizations, there is a growing need for accountants who specialize in financial investigation, auditing and litigation support services. The online Master of Business Administration (MBA) with a Concentration in Forensic Accounting program from the University of North Carolina Pembroke (UNC Pembroke) equips professionals with the skills and business acumen needed to excel in this high-growth field.
Designed for students hoping to advance in their careers, this flexible online degree program opens the door to in-demand forensic accounting roles in a variety of settings including corporations, law enforcement, government agencies and accounting firms that specialize in auditing. Students gain skills in areas such as fraud prevention and investigation, litigation support services and the use of technology to find fraud within organizations. Core curriculum also explores functional business areas including economics, marketing, management and strategic planning.
Important Trends in Forensic Accounting
One of the most significant developments within the field of forensic accounting is the increased reliance of corporations on this specialized skill. As IBIS World, a provider of industry research, points out, many firms that offer forensic services focus on fraud prevention, detection and response products. “As improved internal controls and audit functions are essential to prevent this economic crime, forensic accountants are often employed to ensure fraud is not committed,” according to IBIS World.
Forensic accounting is particularly critical in the modern digital economy where online fraud has become prevalent. As a result, the forensic accounting services industry is poised for significant growth, according to IBIS.
The Role of AI in Litigation Support Systems
The rise of artificial intelligence (AI) has caused a seismic shift in the field of forensic accounting and litigation support. AI has changed the way forensic accountants approach their work by creating new opportunities for efficiency and effectiveness. For example, forensic accounting is known for being slow, painstaking work that requires meticulous attention to detail and the need to review vast quantities of information to find evidence of fraud. But, according to the NJCPA, “AI-fueled applications can rapidly and faultlessly dissect big data collections, identifying outlines and anomalies that could elude the human eye.”
One aspect of AI that deserves special attention for litigation support and forensic analysis is machine learning. According to Investopedia, this refers to computer programs that can adapt to new data without human intervention, allowing them to parse large quantities of data on their own. Machine learning can be particularly useful when looking for malicious patterns within datasets. “This capability allows auditors to concentrate on more subtle and high-risk behaviors,” states the NJCPA. “As a result, AI can detect fraudulent transactions and identity theft.”
How Education Prepares Professionals for the Field
Fraud investigation is important work. In UNC Pembroke’s MBA with a Concentration in Forensic Accounting program, courses like Forensic Accounting and Forensic Analysis — with their focus on legal and technical knowledge — equip students with specialized skills so they can thrive as forensic accountants and litigation support specialists.
Professionals interested in qualifying for roles in this high growth field can earn their degree 100% online in as few as 12 months while they continue to work. With the right tools and education, forensic accountants can play a powerful role in mitigating the negative impacts of financial crimes on organizations and society.
Apply today for UNC Pembroke’s online MBA with a Concentration in Forensic Accounting.
