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In the private sector, forensic auditing can be useful for most cases of financial crimes such as embezzlement, misrepresentation of financial facts, arson for profit, bank fraud, commercial bribery and bribery, computer fraud, and so on. Forensic Accounting & Fraud Detection, as the use of expertise in auditing and accounting combined with investigative abilities to solve a financial problem or dispute, can also be useful as a deterrent and limiting the scope of the fraud.
Forensic accounting has a role in revealing the facts that occurred which can be used as a basis for evidence in various forms of crime, including fraud. (Read More: Unique Characteristics of Forensic Accounting)
In disclosing fraud, Forensic Accounting & Fraud Detection does not only find evidence but continues to trace to the point of meeting the suspect who is the perpetrator of the fraud and brings him to court with the evidence obtained during the application of forensic accounting.
Current accounting science and practice continue to develop in various scientific branches. Not only in the branch of accounting science which is generally the subject of courses at universities such as financial accounting, management accounting, cost accounting, and auditing, but it is also growing in special fields because of the development of the business world as well as social and political influences and various other factors.
The number of criminal practices in business and government such as corruption, bribery, graft, extortion, and the rise of social issues related to the practice of fraud has encouraged the emergence of the science of forensic accounting. As an important need to combat fraudulent practices in the business and government world, it is necessary to prevent and handle these cases with concrete actions through proficient knowledge in these fields.
Forensic accounting is a combination of expertise in the field of examination (audit) and accounting supported by investigative capabilities in financial problems that trigger fraud. Forensic accounting science has developed for a long time in various countries and has become an inseparable part of the profession and role of an accountant.
The use of the term forensic accounting itself became popular in 1946. While this branch of science has grown quite rapidly in the last decade and has become one of the branches of science that is in great demand and applied in the curriculum to be studied at the university level.
The mindset that tends to tolerate and consider bad things as a habit has resulted in many acts of fraud in various private organizations and government institutions.
One of the cases of fraud that is most often found and has recently been widely discussed is the case of illegal levies (extortion). It is not enough to eradicate this kind of fraudulent practice by simply prohibiting it in the form of regulations and strict punishment from the authorities, but it requires more serious emphasis and efforts to change the mindset.
Certain data mining tools are used by the experts to reveal fraudulent transaction data patterns such as unusual entries for transactions, high or low values of variables, and various accounting transaction files or unexplained values from records, and all this cannot be done without having expertise in the field.
Therefore, we suggest you consult the Forensic Accounting Services in India provided by CAC, a well-known and reliable firm that can help you in facilitating your business processes.