Prevent Fraud by Hiring Certified Forensic Accountant
Forensic accounting is a special branch of accountancy that requires accounting, auditing and investigative skills to keep a check on fraudulent activities. Forensic accountants are also referred to as forensic auditors or investigative auditors. A Certified forensic accountant can evaluate and quantify losses and economic damages, can resolve disagreements relating to company acquisitions and can assist in professional negligence claims where they are assessing the work of other professionals. The basic skills of Forensic Accountants include understanding of the legal process, conducting investigations, financial analyses and various other accounting procedures at a level acceptable to the legal system.
Initially, the internal or external auditors used to conduct periodic audits to detect fraud and white collar crimes in an organization. However, later on certified forensic accountants were responsible for identifying fraudulent transactions.
These accountants may be working in areas such as:
A Certified forensic accountant presents different approaches to the attorneys to successfully resolve claims and disputes. Throughout the commercial or regulatory litigation process, these accountants offer knowledgeable advice, provide expert witness testimony supported by effectual analysis.
Apart from basic accounting skills, certified forensic accountants should have analytical bent of mind, and should be able to analyze data thoroughly. He/she should have an eye for minute details and should possess basic business acumen.
Certified Forensic Accountants should have excellent communication skills and aptitude to be able to handle questions raised in court. He/she should be proactive enough to recognize, document and analyze information correctly. Certified Forensic Accountants must be able to communicate technical and complex financial information in a simple and impeccable manner that is well understood by the court.