The process by which forensic accountants investigate financial fraud is known as forensic accounting. In cases when fraud has been discovered, this often entails locating, discovering, and compiling data and information to be presented as evidence in court. Enlisting the support of forensic accounting services in Delhi can be beneficial in a variety of situations, especially when financial crime knows no bounds in terms of industry or business size. Accounting fraud is a common occurrence in the financial world, hence the demand for forensic accounting follows suit.
Fraud Requiring a Forensic Accountant
Many sorts of accounting fraud and how to prevent them are covered in great detail by forensic accounting services in Delhi, such as CAC. In this article, we’ll go through some of the most typical fraud that needs the help of forensic accounting services.
Asset misappropriation: Asset misappropriation occurs when a firm insider, most often a direct employee, takes company assets, whether by check forgery, cheque tampering, or physical theft of cash or goods.
Payroll fraud: This includes the theft of company assets through the payroll system.Which is typically done through tactics like ‘ghost employees,’ in which the fraudster siphons money to a bogus employee account that is linked to them, and accounts for approximately a third of all business-related frauds?
Accounting manipulation: Usually a larger-scale operation intended for company executives to deceive interested parties by overstating revenues/assets or understating expenses/liabilities to make financial statements appear healthier than they are. Among the reasons for this are, but are not limited to:
- Obtain additional funds from banks or venture investors.
- Justify pay raises and bonus increases.
- Meet the stockholders’ expectations
It should go without saying that if you feel you’ve been a victim of fraud, you should act as soon as possible to limit the harm and improve your chances of recovering any money or assets. In this instance, hiring a competent, expert forensic accountant is the best course of action and will ensure that you get the best possible result.
In the course of a criminal investigation, we frequently come across fraudsters who hide assets in a variety of trusts and businesses around the world. To assist with the inquiry, we perform asset tracing across different jurisdictions.
CAC is a reputable forensic accounting service in Delhi with a dedicated forensic accounting team that can aid in cases where an organization’s accounts and transactions must be thoroughly reviewed. Contact us today.