Companies hit by shortage of fraud examiners

“Forensic accounting is a relatively new discipline in the country and that is why the corporate sector is experiencing shortage,” said Ms Kigen. She said the traditional CPA training has for long been focused on producing accountants without the added qualification in forensic skills.

The industry says because the services of a forensic accountant are required at the end of the accounting process when fraud has already happened, it is often expensive for a company to employ a full time professional in that discipline.

Instead, companies have chosen to strengthen their internal mechanisms and controls to ensure that fraud does not happen and, therefore, avoid hiring the services of forensic accountants and fraud examiners.