Forensic Accounting
You’ve reached the EC3 Bloodhound Department. We can detect fraud a mile away.
What is Forensic Accounting?
From auditing financial statement of businesses to investigating fraudulent insurance activities, analyzing financial aspects of divorces and investigating white collar crimes, there are so many ways through which forensic accounting can be used to help individuals and organizations solve financial issues. By definition, forensic accounting can be referred to as the use of auditing and accounting skills to analyze an individual’s or an organization’s financial statement to investigate embezzlement, fraud or any other financial issues. The results of forensic accounting are often used in legal proceedings.
A preview of forensic auditing
Does forensic accounting help your financial goals?
Forensic accounting involves:
Analyzing and investigating financial statements and evidences of a company or an individual
Presenting financial evidences and reports of an organization through the use of computerized and automated applications
Presenting various findings to organizations or individuals. These findings may be presented in form of documents, exhibits or reports
Providing help to legal practitioners in the court of law through testifying and presenting evidences.
Explanation of the evidences or findings in the court may also be required at times.
What is a forensic auditor?
A forensic auditor is an expert in analyzing and investigating the financial statement of an individual or a company to detect fraud or embezzlement. The most important skills that a forensic auditor must possess are:
Investigative skill, this involves ability to study or examine the information provided by a company or an individual to come up with facts
Accounting skill, this skill primarily entails being able to analyze and record the financial transaction of an organization or individual
Auditing skill, auditing skill has to do with reviewing available data or information to ascertain if they comply with the standard procedures or policies. It also involves making recommendation on changes that can be implemented as a form of corrective measure.
What are the benefits to your business?
It helps in detecting fraud. Forensic analysis of the financial accounting statement of an organization can help in detecting cases of fraud or embezzlement through thorough investigative efforts.
It serves as a preventive measure for future fraud or embezzlement. Through development of a fraud detection system, performing forensic audit for an organization can serve as a preventive measure by blocking loopholes that could allow fraud or embezzlement.
It enhances accountability. When employees know that any fraudulent act can be detected through the use of forensic accounting, they become more accountable for their actions so as not to be involved in fraud or embezzlement.
It helps in making rewarding investment decisions. Since forensic accounting is capable of analyzing and revealing the financial weakness of a company, the result can, therefore, be used as a basis of making decision on the next path of investment that is going to be of great reward to the organization.
Why choose EC3?
EC3 has a team of highly skilled accounting staff who specialize in these scenarios, so let us help you. Its tough to find out that someone in your business is being untrustworthy, but it needs to be put to a stop. With us all of your needs will be handled by the best team out there. We cant protect your business from fraud, embezzlement, and any other untrustworthy action against your business. We will represent you to the best of our abilities, and you will not be displeased.
