Forensic accountants find their feet

The credit crunch and the threat of international fraud are bringing forensic accountants out of the shadows in Asia. These financial sector detectives are becoming an increasingly popular choice for compliance roles at banks in Hong Kong and Singapore.

Hong Kong firms are hiring forensic accountants for jobs in compliance, risk and anti-money laundering, according to Nicholas Neal, managing director at recruitment company Optimum. ìChina is creating demand for forensic accountants due to the levels of M&A activity and the due diligence process through acquisition,î he adds.

Tim Hird, managing director of Robert Half in Singapore, tells eFinancialCareers that the need to counter fraud, especially within international investments, is fuelling demand for forensic accountants in the Lion City. ìSingapore is becoming a major centre based on its clean reputation, strong professional skill sets and established methodologies for evidence gathering and computer forensics,î he adds.

Forensic accountants are usually trained by the Big Four accountancy firms and some then move into banks or multinational companies, says Neal. ìThe transition out of an accountancy firm and into a bank is usually driven by career development, rather than salary.î

Law enforcement agencies are another source of forensic accountants for banks, but Hird warns against hiring from the corporate sector. ìOften-times, headhunting from corporates may be counterproductive because banks will need to examine their specific requirements and the cost investment to train and develop people in such niche areas.î

A forensic accountant at senior manager-level in Hong Kong should expect a salary of between HK$850k and HK$1m. In Singapore, the approximate base salary range is SG$150k to SG$220k.