Resource published Thu, Jun 08, 2017 at 03:17AM UTC edited Thu, Jun 08, 2017 at 03:17AM UTC
The SouthBourne Tax Group Business - Forensic Accounting: Are You Experiencing Fraud? Edit Title
Forensic accountants know that the most common form of fraud in any business is embezzlement. Usually embezzlement is carried out in a systematic way to avoid any form of detection. It can happen for a long period of time and result in huge financial losses for an organization. A forensic accountant will do a background check of all employees to determine the person responsible for the fraud if they discover any evidence.
Detecting Fraud in Your Company
If you have detected fraud in your organization, you will need proof before taking action against an employee who is suspected. With the help of a forensic expert, you will be able to determine how much an employee is taking, and then provide the evidence needed to file charges.
Assisting Your Dispute Resolutions
Your forensic accountant will be able to assist you in handling the resolution of your dispute. For instance, your accountant will be able to provide the necessary assistance to your attorney in preparing operating reports.
Forensic accountants are actively involved in account presentation and accessing accounting systems. By getting a forensic accountant on board, you can have peace of mind that your numbers and evidence are in order prior to your court date.
In the Courtroom
A forensic accountant has the responsibility of quantifying all the damages sustained by both parties involved in a legal dispute. Often times you should be in a position to resolve disputes at Chad Garland CPA before heading to court; however, if the dispute happens to reach the courtroom, a forensic accountant can testify as an expert witness.
A forensic accountant is usually hired after a fraud has already occurred, but your forensic accountant will be able to write expert reports and assist in any further fraud investigations. They will conduct forensic analysis of your financial data, communicate findings in oral and written reports for your litigation, and identify discrepancies between employees and the company.
Uncovering Hidden Assets and Income
Forensic accounting will help in detecting a number of business flaws like detecting hidden, missing, or fraudulent financial information. To determine if your business reports are accurate or if you are suspicious of fraud, it is best to talk to your local cpa or forensic accountant before filing any important financial documents.
In case of a divorce, a partner with high income is likely to hide some assets. Your forensic accountant will help in detecting hidden or transferred income by analyzing another individual’s tax returns and financial statements. Locator techniques can also be used to identify hidden assets. Your forensic accountant can help make your case for a fair share of what you deserve during litigation.
Finding a Local Forensic Accountant
Determining if your business has signs of embezzlement or fraud can be difficult for the average business owner. It is a scary thought for most us who have invested their time and money into our business. Our goal at Chad Garland CPA is to help business owners and individuals discover any evidence of fraud, report it to the local authorities, and help successfully resolve any financial disputes. Call today if you have any doubts about your recent financial reports!
What is Forensic Accounting?
Forensic Accounting is a branch of accounting that aims to identify and prevent fraud in an organization. Forensic accountants, like Chad Garland CPA, perform audits in businesses to identify the different ways fraud is being committed. Our work is to gather concrete evidence that is admissible in a court of law. We combine investigative and accounting skills in various litigation to illuminate the events that took place in situations of fraud and embezzlement.
What to Look for in Your Forensic Accountant
If you are in the market for a good forensic accountant, be sure to identify the following characteristics in your accountant of choice before signing any paperwork:
• CPA (certified public accountant) certification
• Digital forensic skills
• Expertise in other areas of Accounting such as auditing, small business accounts, etc.
• References of past clients who had successful outcomes in litigation
Not all of this is necessary to be a good forensic accountant, but you should be sure that you are using a professional who is familiar with this skill set to get the best bang for your buck.
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