Forensic Accounting is a specialized type of accounting, there is an extra level of training and education required to become a Forensic Accountant.
While there can be many reasons someone needs a forensic accountant, the top reasons are typically
- Business or employee fraud investigations
- Valuation during the sale of a business
- Shareholder and/or partnership conflicts
- Marital dissolution
- Commercial insurance claims
- Mergers and acquisitions
- Personal injury claims
- Litigation and Court Cases
- Elder financial abuse
- Tax audit preparation
Far too many individuals and business entities wait too long before speaking with a forensic accountant. The significance in uncovering the truth, and unveiling financial fraud is highly important. When your financial well-being depends on accuracy, a forensic accountant is imperative to have involved. They will uncover any potential problems or inaccuracies, as well as validate if things are as they seem. Examining your personal and business financial records requires a lot of time and effort, the expert eye is critical in many situations in making financial decisions and determinations.
Online financial transactions give possible lawbreakers a false sense of security, they believe that they can easily conceal their tracks. Sophisticated individuals can use the internet to make and try to conceal illegal transactions, this is when the expertise of forensic accountants is called upon to investigate.
Forensic accounts are also often called on and retained for civil, criminal and family law matters. They are relied on for expert opinions in trials and depositions. From attorneys to litigants, hiring the right forensic accountant is essential for successful litigation.
