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Forensic accounting is one of the sub types of economic audits (examinations). It involves identifying, gathering, and processing information for using them at the time of civil litigation or in criminal cases.
The study of the need for forensic accounting expertise arises in the investigation of criminal cases of misappropriation, malfeasance, as well as in civil cases when it becomes necessary to analyse data on financial and economic transactions reflected in accounting.
A special economic expert investigator conducts an investigation, the purpose of which is primarily to establish a conclusion. The subject of this examination is all accounting documentation that reflects any transactions related to financial and economic activities.
The key areas of forensic accounting are as follows:
- Investigation (involving prevention and detection of fraud in a firm/company)
- Support for litigation
A forensic accountant performs the following function:
- Determines the correctness of registration of the accounting transactions of the institution;
- Determines the presence or absence of material values and funds;
- Establishes the validity of posting or writing off material assets and monetary funds;
- Determines the circumstances related to shortages and surpluses;
- Determines the soundness of the audit performed;
- Determines the amount of material damage caused subsequently to theft or fraudulent activities;
- Determines the state of accounting in the institution.
- Determines whether there is a fraud carried out or not
- Determines the presence/absence of tax evasion
- Checks how the assets are divided between the partners
- Falsification of documents
- Discovery of employee theft, and the like.
The goal of forensic accounting expertise is to study the real financial situation of the institution, to identify errors or deliberate forgery of documentation in the production of accounting, and hence, helps the management in harmonizing with the provision of the law.
Accounting expertise was considered and continues to be considered one of the most effective means of defence or accusation of a person who committed some illegal financial and economic acts. And the fact by which the forensic accounting examination is carried out plays an important role.
The forensic experts of CAC specialize in conducting accounting examinations of civil, arbitration, and complex economic criminal cases. They will answer all your questions and provide qualified assistance.
Forensic accounting is a new and specific consulting activity, which deals with the analysis, demonstration, and prevention of criminal activity in the economic field and other illegal activities.
The basic principles of this activity are represented by the search for activities (fraud), which has always been present in the history of the business economy.
The forensic accountants of CAC combine their accounting, auditing, and investigative skills to uncover information regarding financial irregularities, fraudulent activity, and commercial negligence.
Our employees are highly qualified specialists in the field of forensic examinations. At the end of the forensic accounting examination, we issue an official opinion, which indicates the course of its conduct and the result.
We offer a full range of forensic accounting services, particularly business investigations and fraud prevention, in a wide range of business sectors.
Whether on a professional or personal level, sometimes things don’t go as planned. Our team of professional forensic accountants is on hand to help you through the tough times, providing you with ethical and detail-oriented investigative accounting services.
The team of CAC forensic accountants takes each case very seriously. We carefully analyse all aspects of the situation and apply our research and accounting expertise to get the answers you need. We take the time to identify key issues and examine the numbers thoroughly, from the big picture to the smallest detail.
Our team of investigative accountants knows the importance of examining all possible financial evidence, including those in digital format. We study current laws and trends so that we can provide the most comprehensive service possible for our clients.
Regardless of whether your business is in the growth stage if you suspect fraud, our team of insightful forensic accountants is ready to help you. Contact us to learn more about our forensic services.
With the help of our good contacts with a global network, vast experience, and the use of modern technology helps us in understanding and solving problems of businesses at the time of fraud detection.