Forensic Accounting
Forensic Accounting has existed for many years. With the growing complexity of the business environment and the growing number of business related investigations, Forensic Accounting professionals are increasingly asked to assist in the investigation of financial and business related issues.The integration of accounting, auditing and investigative skills yields the speciality known as Forensic Accounting."Forensic", according to the Webster's Dictionary means, "Belonging to, used in or suitable to courts of judicature or to public discussion and debate.""Forensic Accounting", provides an accounting analysis that is suitable to the court which will form the basis for discussion, debate and ultimately dispute resolution. Forensic Accounting encompasses both Litigation Support and Investigative Accounting.As Forensic Accountants, we utilize accounting, auditing and investigative skills when conducting an investigation. Equally critical is our ability to respond immediately and to communicate financial information clearly and concisely in a courtroom setting.Forensic Accountants are trained to look beyond the numbers and deal with the business reality of the situation.
External AuditAn audit performed by an auditor engaged in public practice leading to the expression of a professional opinion which lends credibility to the assertion under examination. A typical investigative accounting assignment would be an investigation of employee theft. ADR services include both mediation and arbitration and are designed to help individuals and businesses resolve disputes with minimal disruption and in a timely fashion. In addition, an accountant can learn about Forensic Accounting by attending various seminars, courses and obtaining the Certified Fraud Examiner (CFE) designation offered by the Association of Certified Fraud Examiners . Perform a conflict checkA conflict check should be carried out as soon as the relevant parties are established. Perform an initial investigationIt is often useful to carry out a preliminary investigation prior to the development of a detailed plan of action. Business/Employee Fraud Investigations Business investigations can involve funds tracing, asset identification and recovery, forensic intelligence gathering and due diligence reviews. Business Interruption / Other Types of Insurance ClaimsInsurance policies differ significantly as to their terms and conditions. An example would be a Forensic Audit of sales records to determine the quantum of rent owing under a lease agreement, which is the subject of litigation. JOURNAL OF FORENSIC ACCOUNTING - Auditing, Fraud & Taxation - Published by R. Forensic AuditAn examination of evidence regarding an assertion to determine its correspondence to established criteria carried out in a manner suitable to the court. Obtain the relevant evidenceDepending on the nature of the case this may involve locating documents, economic information, assets, a person or company, another expert or proof of the occurrence of an event. A Forensic Accountant's report is prepared with the objective of presenting evidence in a professional and concise manner. In addition, a Forensic Accountant must be able to listen effectively and communicate clearly and concisely.
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