We’ve all heard of regular accounting and the types of services that help us avoid unwanted calls from HMRC. But did you know that there are also specialised forms of accounting, such as forensic accounting? In this blog, we’ll take a look at what forensic accountants do, and what their role is in maintaining an effective, legal financial economy.
What is forensic accounting?
Forensic accounting is very different from the type of work that Worcester accountants, such as randall-payne.co.uk/services/accountancy/worcester-accountants, carry out for business clients. Forensic accounting is a specialised investigative field of accounting, where professionals use a blend of auditing, accounting and investigative skills to analyse financial records and see if any financial crime has occurred.
Who do forensic accountants investigate?
These CPAs can examine the accounts and finances of businesses and individuals. They usually work for financial bodies, insurance companies and law enforcement agencies, and they seek out evidence of crime. In their work, they carefully analyse financial accounts and records and compile legal evidence that can be used in court. They may also testify in court as an expert witness.
What sorts of cases do forensic accountants work on?
Typically, a forensic accountant will be used to work on a case such as fraud or embezzlement. They will explain the details and nature of the financial crime in court so that it can be understood by the judge and jury, who are unlikely to be financial specialists. Their role is particularly valuable where damages need to be quantified or crimes uncovered.
What do forensic accountants do?
Forensic accountants study financial documents to analyse their contents, interpret what they see and summarise financial data. They may develop computer applications to handle large volumes of complex information, compile evidence and share their findings. Their tasks include identifying assets, tracing funds, recovering assets and carrying out due diligence.
This is a fascinating role for professionals with a keen interest in accounting and the law, and it offers huge career potential for those with the skills and desire to succeed in the field.
