The need for forensic accountants to keep up to date with changing regulatory environments is pertinent in their day to day duties as an expert witness in the courts. It is detrimental for them to be credible; by being credible you are aware, understanding of new regulations and able to apply these changes within their evidence they present in court. APES215 states that forensic accountants as expert witness' have a duty to the court (CPA, 2014), if evidence is not provided within these regulations, evidence presented in court will not be considered (Flexstudy, 2015).Paragraphs 1.3 - 1.7 of the revised APES215, outline the mandatory knowledge for forensic accountants, in the way of understanding what knowledge of regulations they need to acquire before providing forensic accounting services (i.e. being an expert witness).
I can relate to the importance of staying up to date with laws and regulations even within my personal life. Mostly through my part time employment within an accounting firm. I have to apply my knowledge of regulations when doing clients tax returns so I remain within the taxation laws and that I am also claiming all possible deductions for my client's.
References:
APESB. (2013). APES 215 Forensic Accounting Services. Retrieved from http://www.apesb.org.au/uploads/standards/apesb_standards/13092014103232p1.pdf
CPA Australia. (2014). APES 215: Forensic Accounting Services Fact Sheet. Retrieved from http://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/ethics/apes-215.pdf
Flexstudy. (2015). Forensic Accounting and the Expert Witness. Retrieved from http://www.flexstudy.com/catalog/schpdf.cfm?coursenum=95063
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