THE RELEVANT SKILLS FOR

ACCOUNTANT IN
FORENSIC ACCOUNTING
TOWARDS
IMPLEMENTING ACCRUAL
ACCOUNTING
PUBLIC SECTOR
REFORM
What is an Accountant?
▪ Is a professional who performs accounting functions such
as account analysis, auditing or financial statement
analysis.
▪ They perform multiple accounting duties which vary based
on where they work.
▪ Most accountants are responsible for a wide range of
finance-related tasks.
Roles and Responsibilities of an Accountant

01 COMPILING FINANCIAL 04 ANALYSING FINANCIAL 07 DEVELOPING AND

STATEMENTS DATA IMPLEMENTING FINANCIAL
RECORD-KEEPING SYSTEMS

02 PERFORMING FINANCIAL 05 ASSISSTING WITH THE 08 SUPERVISING

CALCULATIONS PREPARATION OF ACCOUNTING
BUDGETS ASSISTANTS

03 REPORTING ON 06 ENSURING COMPLIANCE 09 GIVING FINANCIAL

FINANCIAL WITH RELEVANT ADVICE
PERFORMANCE FINANCIAL LAWS AND
REGULATIONS
OBJECTIVES OF PUBLIC SECTOR ACCOUNTING
ANALYSIS AND
INTERPRETATION
Performance measurement
CUSTODIAN AND
STEWARDSHIP ROLE

COMPLIANCE WITH
STATUTORY AND
OTHER
REQUIREMENTS

ACHIEVE THE 3Es

Economy, Efficiency and
Effectiveness
 THE USES OF FINANCIAL REPORTING OF
PUBLIC SECTOR ENTITIES

Evaluating accountability Decision making about the Determine whether

over the use of public allocation and uses of financial resources have
resources funds and resources been properly utilised
 Providing an
accurate picture
for all financing
and service
provision.

Improve the
quality of
government
financial
statements

Improve
INFORMATION GENERATED BY government
ACCRUAL BASED ACCOUNTING performance
 In order to complete tasks
successfully, accountant
should have knowledge, ability
What are the and competence. These
qualities, known as skills, can
Skills? be developed to help
accountant gain expertise in a
specific area.
DEFINITION
An ability to do
an activity or job well, especially because
you have practiced it
 Categories of Skills

JOB SKILLS LEADERSHIP SKILLS ORGANISATIONAL LIFE SKILLS

To ensure a job is Have the ability to SKILLS Personal life skills
performed properly communicate well, Have the ability to
motivate, handle, delegate organise both inputs and
responsibilities, listen to corresponding outcomes
feedback, and have the
flexibility to solve
problems
ACCOUNTING
SKILLS
 Able to listen
carefully in order
to accurately
gather facts and
figures from
clients, managers,
or other
stakeholders.

Pay strong
attention to detail

SOFT SKILLS in order to keep

information
accurate and
organized

Able to clearly
articulate the
results of their
work and present
their findings in
written reports.
 Able to use
advanced
accounting
software and other
computer-based
tools to work
effectively.

Must understand

TECHNICAL the basic functions

of a business to
accurately analyze
SKILLS and interpret
financial data.

Collecting and
analyzing financial
data is a large part
of accounting and
is an important
aspect of
identifying
patterns and
potential issues.
ANALYTICAL
SKILLS
DEFINITION
Analytical skills refer to an individual’s
ability to identify a problem, investigate to
find out relevant facts, and find a logical
solution.
Accounting professionals must be able to read and interpret figures and
data. This skill could apply in a wide range of circumstances, from auditing
data to finding mistakes or fraud. Accountants have to be accurate,
numbers-minded and analytical.
The
Importance
of Analytical skills remain Analytical skills are used

Analytical among the most important

skills for accounting
professionals, especially
when detecting patterns,
brainstorming
observing,
ideas,
collecting,
Skills in those in disciplines such as
forensic accounting.
interpreting, integrating new
information, synthesizing
information, and making
Accounting decisions based on the
situation.
 Creativity
• The ability to think critically in
order to find optimal solution.

Communication
• The ability to communicate
analysis that has been
conducted.
 Data analysis
• The ability to analyse large
volumes of data and identify
patterns and trends.
Research
• The ability to collect data and
thoroughly research all relevant
information to learn about the
problem before attempting to
solve it.
Critical
Thinking

• Critical thinking refers to the ability to

implement knowledge to solve
unforeseen problems. Accountants who
have honed their ability to think critically
can solve problems objectively.
• Part of effective critical thinking involves
gathering various data points that
accountants can use to find solutions to
complex financial problems and predict
challenges that may impact the future.
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SPECIALISED SKILLS

23
 • Auditing involves reviewing organizational or governmental
financial statements to ensure that no laws or regulations have
been broken.
• Financial accounting focuses on keeping track of an
organization’s financial statements over a long period of time.
Accountants need financial accounting skills to prepare
statements for use by stakeholders.
• Ethics is the moral pillar that holds all accountants ethically
Specialised responsible. Accounting professionals understand the laws,
regulations and ethical consequences of certain financial
Skills transactions.
• Business intelligence involves leveraging data to improve an
organization’s workflow, prevent inaccuracies and identify key
performance indicators (KPIs). Accountants use business
intelligence tools, such as data visualizations, to monitor
financial and operational trends and present this information
to stakeholders.
FORENSIC ACCOUNTANT
Forensic accountants use a combination of accounting and
investigation skills to investigate the accuracy of financial
information.
Forensic accountants often takes more than just accounting skills to
find the stories behind the numbers and uncover the fraud

Forensic accountants assist in risk management and risk reduction.

 3 Important Ingredients
to Create a FORENSIC
ACCOUNTANT
01
Mentality
02
Method
03
Experience

• In a public sector organisation, the role of an account is similar to

an accountant’s role in any other organisation.
FORENSIC ACCOUNTANT

MENTALITY METHOD EXPERIENCE

Needs to understand Needs to have

Has the ability to
various methods used sufficient experience in
differentiate the right
in fraud investigation. fraud investigation in
from the wrong,
Such knowledge can be which he or she will
courage to stand up for
acquired through have a chance to utilize
what is right, ability to education and training. the knowledge
withstand the pressures
previously acquired
from the works, and
through education and
puzzle solving mindset.
training.
THE IMPACT OF DIGITAL
TRANSFORMATION ON
ACCOUNTANT
 Accounting automation Data Analysis
1 - Less time spent on 3 - Develop
manual tasks and more an analytical mindset in
time on meaningful order to keep up with the
analysis trends and remain
competitive.

2
12 Transparency and Security
- Public expectation for
accurate reporting to restore
trust and credibility of the
profession.
- Maintain strong security
practices
Pace of Transformation 01
Poor Support
05
Complexity 02 Lack of Digital
06 Transformation Strategy
Changing Too Fast 03 Deciding when to use
07 professional judgment/rely
on software.
Unremedied Skill Gap 04
08 Data security, privacy,
and other important legal
issues.

Challenges Face by Accountants in Digital Era

 Challenges - Payment System

01 New payment providers operate outside existing

regulatory frameworks.

02 An increase in the number and value

of transactions will increase fraud.

03 The demise of some existing payment

systems

04
A move away from traditional notions
and concepts of money and currency.
 WORLD
ECONOMIC
FORUM
REPORT
2020
.
Perceived skills and skills groups with growing demand by 2025
Source: Future of jobs survey 2020
33
"While digital solutions provide useful
outputs, human intervention remains
essential, such as in the areas of problem-
solving, exercising assessment, identifying
strategic insights and conveying them
across the organization”.

34
HOW CAN AN
ACCOUNTANT STAY
RELEVANT?

1. It requires a broad upskilling along the entire

spectrum from soft skills to hard skills
2. It will become vital to know about these
digital tools and their usage possibilities
relevant to the organization.
3. Mapping what skills will be in demand and
which will be redundant.

35
CONCLUSION
▪ Accountants have a significant role in this
increasingly connected and interconnected
ecosystem. Nothing in the future is certain,
and the unforeseen interactions between
these technologies promise to be both
interesting and challenging.
▪ The demand for forensic accountants is on
the rise. A forensic accountant needs to
possess relevant credentials and skills.
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