The Association of Certified Fraud Examiners at American University (ACFE@AU)is a new organization that aims to raise awareness about forensic accounting and establish professional networking opportunities for individuals who are interested in the subject.
Forensic accounting, or the investigation of fraud and other financial crimes, is when businesses are investigated to determine whether or not any wrongdoing was committed by the business or select individuals. “Think of it like CSI, but for financial crimes,” said Will McGauran, president of ACFE@AU.
“In real life, when someone gets murdered there’s a dead body. People see the body and think, ‘We should figure out who did it,'” said Will. “With financial crimes it’s a lot harder to figure out the crime. You look at a spreadsheet and think, ‘What am I supposed to be looking for?’ Forensic accounting is a different type of investigation for a different type of crime.”
Will first became interested in forensic accounting when a guest speaker at a Kogod Center for Career Development event said that it felt good to know you’re doing soothing that helps people and enforces good in society. “I like the idea of doing something good that actually makes a difference,” Will said. “I’m not exactly the police officer type, but with forensic accounting I can do some good in the world.”
The ACFE@AU aims to promote awareness that being a forensic accountant is a career path for those involved in a variety of fields, not just accounting. “Law students study financial crimes and work with forensic accountants to prosecute wrongdoers or help victims sue,” said Will, “and sociologists are interested in why the people involved in the crime chose to do it.”
The organization also hopes to be able to network with professionals in the D.C. area and to be included in professional events of the local D.C. metro chapter. “Because we’re AU’s student chapter, we get reciprocity with the local chapter to go to their events and do stuff with them without any additional costs,” Will said. “Our events will help us gain professional momentum and develop ourselves are budding forensic accounting professionals.”
When asked about what kept him passionate about forensic accounting, Will shared a story that deeply resonated with him when watching a documentary about Enron. “There was a local utility company in Oregon where generations of people had worked at and they put all their savings into a 401(k) or retirement fund with the company,” Will said. “Then Enron came and bought the company. When the Enron scandal broke, those people lost everything. They worked hard, saved up, and ended up with nothing, but the executives are out there with millions in the bank and vacationing in Hawaii. That’s wrong, that’s just wrong. If I can do something to stop things like that, that’s what keeps me interested.”
ACFE@AU‘s first general interest meeting will be held in Hughes Formal Lounge on November 10 at 7:30 p.m.
For more information, email acfeatau@gmail.com.