Forensic accounting is the use of accounting skills to investigate fraud, and other irregularities hidden as financial transactions. In many cases, forensic accounting investigations are used in legal proceedings, but they are also used for compliance efforts and to prevent crimes, also can be use to access risk
Whereas traditional accounting deals in the assessment of business funds and properly conveying information to investors and management, a forensic accountant is called upon to investigate the flow of funds through a business for the purpose of evaluating the paths they take and determine whether illegal transactions have occurred
RA forensic accountant investigates a wide range of different activities related to fraud that can take place within corporate, healthcare, property , mass marketing, hedge funds, and securities trading fields to mention a few These professionals may also investigate other crimes such as contract disagreements, money laundering, bribery, and embezzlement While the duties of forensic accountants mainly lead them
There are instances in which the skills forensic accountants employ are used in more personal matters. In a dissolution of a marriage, for example, a forensic accountant will review the financial situations of both parties as well as their spending to advance the settlement process and to provide attorneys with accurate information to use in court. Forensic accountants are able to trace assets through investment accounts, and they can also identify hidden income or assets.
As a modern discipline, forensic accounting is beginning to see many avenues for additional skills that go beyond accounting and finances. There is a greater need for knowledge of the legal process and information technology. Forensic accounting has seen increased demand because we have seen the emergence of hopeful entrepreneurs and business professionals setting up their own enterprises. Each year, half a million startup companies are established startups, many of them with the intention of operating solely online. With the current reliance on internet technologies, the role of forensic accountants has expanded accordingly. Online financial transactions give prospective lawbreakers a false sense of security because they believe that they can easily conceal their tracks; nonetheless, sophisticated individuals can use the internet to obfuscate illegal transactions, and this is when the expertise of forensic accountants is called upon. With new technology, forensic accountants can sift through countless email messages and ledgers as they look for fraudulent activity, but in many cases, they must still sort through boxes of paper files. Often, employers will encourage obtaining the Certified Fraud Examiner (CFE) credentials because of the technical knowledge it provides for carrying out investigations. With CFE credentials, forensic accountants have an advanced understanding of fraud and data analysis procedures that will aid them considerably in the search for criminal activity.
IT IS IMPORTANT TO KEEP IN MIND THAT FORENSIC ACCOUNTANTS MAY BE CALLED UPON TO INVESTIGATE MATTERS THAT WILL NOT NECESSARILY END UP GOING TO COURT IN MANY CASES, FRAUD EXAMINATIONS ARE CONDUCTED TO DETECT IRREGULARITIES THAT CAN BE IMPROVED UPON THROUGH STAFFING OR OPERATIONAL DECISIONS. AT FORENSICS4U WE ARE WITH EVERY STEP OF THE WAY GUIDING YOU THROUGH AND EXPLAINING THE DETAILS OF OUR FINDING THE AREAS THAT WE COVER ARE AS FOLLOWS
EXPERT OPINION
ATTENDING COURT / MEDIATION
MEETING
RISK ASSESSMENTS (FRAUD)
DETECTION AND PREVENTION
DISPUTES RELATING TO FRAUD
BOUNCE BANK LOAN DISPUTES
FURLOUGH PAYMENT DISPUTES
BUSINESS INTERRUPTION CLAIM(S)
LOSS OF EARNING/ INCOME
QUANTIFY INSURANCE CLAIMS
QUALIFY DAMAGES IN CASES OF INJURY/ OR MEDICAL NEGLIGENCE
CONTRACTUAL DISAGREEMENTS
FINANCIAL CRIME DISPUTES/ INVESTIGATION
MONEY LAUNDRY ISSUES (COMPLIANCE AND NONE COMPLIANCE) MATRIMONIAL DISPUTES / MEDIATION STAFF TRAINING FOR FRAUD DETECTION AND OR PREVENTION (RISK ASSESSING) SECOND OPINIONS ON AUDITS INTERNAL AND EXTERNAL INVESTIGATION OF A POSSIBLE BREACH(S) OF CONTRACT PRODUCE THE PROFIT AND LOSS REPORT OF THE COMPANY (RETROSPECTIVE OR FUTURE OR BOTH)
PLEASE NOTE THIS LIST IS AN EXAMPLE OF THE KIND OF WORK WE ARE CALLED UPON TO ENGAGE IN, BUT IT’S NOT RESTRICTIVE THERE WILL BE MANY MORE AREAS THAT WE HAVEN’T MENTIONED HERE
For example, we have been involved with the following over the last few Years Business Interruption Claims quantify losses for many different types of Businesses due to having to closed because of restrictions of the Covid 19 pandemic Giving Expert opinions for Court. Writing Expert report for Court. This is where forensics4u can assist you if you need any assistance with the above areas, please contact one of the team on 07367 151571 0r drop us an e-mail ptcforensicaccs@gmail.com for an informal chat or
