What is Forensic Accounting?
Forensic Accounting is a specialized area of accounting that focuses on litigation support and investigation. (Think CSI but with Accounting Records).
As Forensic Accountants we basically utilize our accounting, auditing, and investigative skills to determine what events took place in a financial setting.
When would one hire a Forensic Accountant?
- When fraud, embezzlement, or misappropriation of funds or assets are suspected
- Disagreements on the valuation of a business (like in the case of a dissolution) or personal assets (like in the case of a divorce or child support).
- Cases of securities fraud, Ponzi schemes, or insurance fraud
In addition to doing Fraud Examinations or Forensic Audits, Forensic Accountants can also testify in court and work with organizations to strengthen their internal controls.