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In the past few years, we all have witnessed the growing no. of financial frauds that many individuals and companies commit to getting greater profits. However, it is also seen that some of these companies were unaware of the fact that fraudulent activity is taking place inside it. No matter what the reality is, the consequences are dangerous for a company’s reputation. So, what to do to prevent facing such situations? Or how to know if your company is working legally or not? Don’t worry, Forensic Accounting Services in India are here for you.
Forensic Accounting & Fraud Detection identifies the internal investigations of the company of an accounting, economic and financial nature, which can be used in civil and criminal proceedings, or as a preventive measure for activities of supervision and control thanks to “fraud auditing” procedures.
The activities related to “forensic accounting” usually concern cases of corporate fraud carried out by employees or managers of the same, employment fraud, sabotage, unfair competition, corruption, and other corporate crimes.
In practice, the Forensic Accountant is responsible for carrying out investigations to prevent any corporate fraud or to collect evidence if these are put in place. It is the subject with expertise in various fields: legal, economic-financial, and accounting. (Read More: Why Inventory Control Is Helpful For Business Continuity?)
The activity of Forensic Accounting & Fraud Detection is usually carried out by an independent professional external to the company, who must have acquired experience in the investigative field over time. Some companies specialized in this field, such as CAC, have the figure of the Forensic Accountant within them.
Those who hold this qualification have specific skills in the anti-fraud field, carry out accounting, financial and economic investigations, and audits. It can carry out ordinary or specific control or prevention inspections, to trace the culprits of a fraudulent event that occurred within the company.
After having carried out all the necessary verifications and verifications, draw up a technical report, which can be used in civil, criminal, or even arbitration. A technical report drawn up by an independent expert, containing certain and objective evidence, is essential for insolvency proceedings or out-of-court disputes.
When is Forensic Accounting Services in India needed?
When you suspect or want to ascertain a case of corporate fraud, thanks to a forensic accounting expert it is possible to collect objective evidence of the offense, reconstruct how the fraud was carried out and who are the subjects involved, thus estimating the economic damage caused to the company.
A fundamental step is that of drafting a technical report containing the results of the investigations and the evidence gathered. This investigative report can also be used in civil, criminal, arbitration, or out-of-court situations.
But it is possible to request the services of the Forensic Accountant also in advance, when, for example, you want to specifically analyze the company procedures and protocols necessary for the prevention of fraudulent cases or monitor the critical areas of the company or the sectors with the highest risk of fraud. CAC offers Forensic Accounting services to resolve cases of corruption and fraud to the detriment of the company. For more details, visit cac.net.in.