Forensic Investigations For Businesses
Forensic accounting is using accounting to investigate embezzlement or fraud and to analyse financial data to be used in legal proceedings.
Forensic accountancy or forensic accounting is the field of accounting that is used in litigation or anticipated or actual disputes.
Forensic accountant are called upon when investigating suspected or actual fraud, embezzlement or in legal proceedings such as divorce.
Auditing is looking for any errors or misstatements made in financial statements. Forensic accounting is looking for fraud or embezzlement, when a misstatement is intentional, and recording it for legal proceedings.
Before you call a forensic accountant you should already have at least a suspicion of fraud. An auditor may suspect fraud and will then call for a forensic accountant. A forensic accountant will be able to use their years of experience and also their training to investigate suspected fraud or embezzlement. A forensic accountant may also be called upon in divorce proceedings, where one suspects the other of hiding assets.
You should contact Action Fraud on 0300 123 2040 or report it online.
If you have been the victim of fraud you can contact the Financial Conduct Authority (FCA) on 0800 111 6768 (freephone number) or 0300 500 8082.
Forensic accountants are employed by financial institutions or government organizations, law enforcement agencies, consultancy firms in risk assessment and by accounting firms' forensic accounting teams.
10 warning signs of fraud:
A fraud risk assessment is where an organisation will have itself checked for any vulnerabilities that may leave them open to external or internal fraud.
A forensic accountant will be called upon to investigate suspected embezzlement or fraud, and their findings can be used to take someone to trial. They can also be called upon as an expert witness.
A forensic accountant will look at bank records, contracts, tax returns, as well as other financial documents to ensure a fair split of assets at the time of divorce. They will also attempt to uncover any assets that one of the individuals has attempted to hide.
Forensic accountants are important for detecting, preventing and bringing fraudsters to trial.
A forensic accountant is vitally important in fighting financial abuses. In any and all financial disputes and litigation a court will rely on a forensic accountants expertise.