The Past, Present, and Future of Forensic Accounting

G. Stevenson Smith, PhD, CPA, CMA

In BriefAt one time, the practice of forensic accounting was not recognized as a separate practice area distinct from auditing. Over the decades, the auditing function separated itself from fraud detection. As this occurred, forensic practice began to develop, and fraud investigation and litigation services began to be offered. As forensic practices followed their own separate path, the services provided changed into those of an investigative nature. Today, with the rash of cybercrimes being committed against every business connected to the Internet, the nature of forensic practice is poised to expand into new territory. This article reviews the history of forensic accounting, and makes predictions about what the future holds for this practice area.