For Jean Maricar Lopez, a Certified Forensic Accountant (CrFA), the growing relevance of forensic accounting is not theoretical. It is unfolding in real time—across courtrooms, boardrooms, and public institutions grappling with increasingly complex financial misconduct.
“The role of forensic accountants is more vital than ever,” Lopez says, pointing to how business operations and financial systems have grown more sophisticated over the years. As transactions become more digital, layered, and cross-border, the opportunity for abuse expands alongside them.
In the Philippine context, this reality has become especially visible. High-profile allegations involving public infrastructure and so-called “ghost projects” have underscored how traditional accounting and auditing alone are often insufficient to uncover what truly went wrong. “Experienced, certified forensic accountants are in a better position to detect and prevent fraud, ensure compliance, strengthen governance, and provide crucial support for legal proceedings,” Lopez explains.
Unlike conventional audits, which are designed primarily to express an opinion on financial statements, forensic accounting operates with a different mandate. It is investigative by nature, evidence-driven, and often conducted with the expectation that findings may be scrutinized in court. “My reports were used to support legal action,” Lopez recalls of earlier fraud engagements—an experience that reinforced the seriousness and responsibility of the role.
One of the defining challenges in modern forensic work is technology. Financial crimes today are rarely simple. “The increase in the sophistication of technology leads to complex financial crimes including cyber fraud and data breaches,” Lopez notes. Forensic accountants must now understand not only accounting records, but also digital trails, system logs, and data analytics.
At the same time, the volume of information has become overwhelming. Lopez speaks candidly about the realities of investigation work. “I’ve personally experienced this—spending countless hours sifting through boxes of documents, always racing against the clock.” Identifying relevant patterns amid mountains of data requires patience, structure, and disciplined judgment.
Regulatory change adds another layer of pressure. Financial reporting standards evolve, compliance expectations tighten, and forensic practitioners must continuously adapt. “Changes in financial regulations and reporting standards require forensic accountants to stay informed and adjust our practices accordingly,” she says.
Despite these challenges, the field is also evolving in promising ways. Forensic accountants are increasingly involved earlier in the process—not just after fraud is discovered, but in preventing it. “We are now actively involved in designing and implementing effective internal controls and risk management systems,” Lopez explains. This shift positions forensic professionals not just as investigators, but as strategic partners in governance.
Technology, too, is becoming an ally. Lopez acknowledges the growing role of artificial intelligence in research and report preparation. While judgment remains human, AI tools are helping forensic accountants work more efficiently and sharpen their analysis. Collaboration has also expanded beyond accounting. “With the rise of cybercrime, forensic accountants are collaborating with cybersecurity experts and agencies,” she says, reflecting how interdisciplinary the work has become.
At its core, forensic accounting remains anchored in integrity. Lopez sees the profession as a safeguard—one that protects organizations, investors, and the public interest. “We serve as guardians of financial integrity,” she explains, emphasizing transparency, accountability, and ethical responsibility.
The demand for forensic accountants continues to rise, but Lopez warns that the profession requires more than credentials alone. It demands resilience, objectivity, and the courage to follow evidence wherever it leads. As fraud schemes become more inventive, so too must those tasked with uncovering them.
For Lopez, the growing importance of forensic accounting affirms the path she chose. It is demanding work, often invisible until something goes wrong—but when it does, the role becomes indispensable. In a world where trust in institutions is constantly tested, forensic accountants stand at the intersection of finance, law, and truth.
