STUDY REVEALED THAT FORENSIC ACCOUNTANTS NEEDED AS ECONOMY WORSENS

NEW YORK, NY… August 2, 2001...In accordance with the opening of the American Bar Association’s 124th annual meeting at the Hyatt Regency Hotel in Chicago, Kessler International the world’s leading forensic accounting and investigative consulting firm, announced today they would share the results of a new survey that confirms the growing need for experienced forensic accountants. 

A nationwide study conducted by Kessler International showed that 39 percent of organizations have considered the need for a forensic accountant within the past. Twenty-eight percent said they already sought help from a forensic accountant, 18 percent said they required no assistance, and 15 percent were unsure of whom or where they should turn to for help. 

According to some experts the results are indicative of the stock market woes and the sluggish economy, which have forced organizations to take a harder look at their numbers and seek help in determining why they suffered a financial loss. The experts elaborated and said, forensic accountants are being employed heavily because of company downsizing, noting that some management and control layers within firms have been eliminated causing fraudulent activities to go unnoticed. 

Other experts pointed to the intense economic pressure, with more companies facing bankruptcy jobs and careers are at risk and employees feel pressured to maintain and support performance levels, forcing many to commit corrupt acts.

Whatever the reasoning may be, more and more forensic accountants are being called upon to meticulously search through documents, discover new information, and help put together the irregular pieces of a company’s financial puzzle. 

"Fraud can sometimes be the difference between a company posting a profit or a loss," said Michael G. Kessler, President & CEO of Kessler International, a firm that is headquartered in New York and has offices that span the entire globe. "The results of our survey are indicative of the tightening economy that is causing companies to hunt down any threat to their financial well being."

The forensic accountants at Kessler International recommend immediate and efficient action, if a company suspects any type of fraudulent activity. For example, if an organization notices their profits are slipping, a huge deficit, or an inventory loss they should seek the assistance of a forensic accountant who would be able to determine the reasons for a loss. 

"Forensic accountants must have the skills of both a private investigator and a accountant," Kessler said. "They should also be experienced problem-solvers, since accountants look at the numbers while forensic accountants look behind the numbers." 

US News and World Report listed "forensic accountant" as one of the "20 hot job tracks" of the future and has made this branch of accounting trendy. But Kessler International experts said the fields’ popularity has attracted many in-experienced accountants who lack the skills to carefully and cost-effectively conduct inquiries.

Kessler said companies and attorneys should look beyond the hype and rely on experienced forensic accountants, who can easily decipher between legitimate and fraudulent transactions and who can carry out the investigation flawlessly.

"The most important thing is to conduct every investigation in a manner that meet the standards of our legal system, and at Kessler International we do exactly that," Kessler said.

For more information about Kessler International or for detailed information about its Forensic Accounting Department, contact Michael G. Kessler at 212-286-9100 or visit their website at www.investigation.com