Accountants define forensic accounting as the technique or process of evaluating and analyzing financial records to detect any clerical criminal activity within an organization. Professionals working in this field integrate their knowledge of accounting and finance with their understanding of law to investigate crimes.
The main responsibility of a forensic accountant is to review financial records in order to locate misuse of funds, cases of fraud and other crimes. This professional needs to have vast knowledge and expertise in investigating white-collar crimes. One needs to know which departments in an organization can directly or indirectly influence discrepancies. Therefore, forensic accounting is an area that cannot just be taken lightly.
Forensic Accounting Terminology
Forensic investigation: The process by which a forensic accountant uses specialized investigative skills to carry out an enquiry. It is conducted in such a way that the outcome is used as evidence in the court of law.
Forensic audit: This is the examination of the evidence to determine its correspondence to the established law or criteria.
Internal audit: This is an audit carried out by an employee to study evidence in order to determine whether the set operational policies and procedures have been followed.
External audit: This is an audit performed by an external auditor, (or one who is engaged in public audit practice) to provide a professional opinion on the evidence being examined.
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Forensic Accounting Homework Help
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Areas Investigated by a Forensic Accountant
According to our forensic accounting experts, an assignment on forensic accounting may cover some of the following investigation areas:
Criminal investigations: These are investigations a forensic accountant carries out on behalf of the police department. The main purpose of a forensic accountant report is to present evidence in a concise and professional manner.
Partnership disputes: Here, a forensic accountant analyzes numerous accounting records to identify issues in dispute. One common issue that often arises in partnerships, for instance, is the benefits and compensation received by each of thepartners.
Motor vehicle accidents/personal injury claims: A forensic accountant may be asked to find out the losses incurred from personal injuries or motor vehicle accidents. To do this, he/she needs to have extensive knowledge of the legislation pertaining to personal injuries or motor vehicle accidents.
Insurance claims: Insurance claims differ depending on the policy conditions. Therefore, a forensic accountant needs to review the policy in detail in order to understand the issues covered by the policy and different methods of calculating the loss.
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Merits of Forensic Accounting
- Forensic accounting can greatly help in minimizing or solving financial crimes. It may not only help in collecting crime evidence but also in detecting or identifying crimes.
- Forensic accountants can access the work of other accountants. A good forensic accountant can help business owners file claims of profession negligence against those who have made critical accounting errors.
- An organization can use a forensic accountant to detect anomalies among employees or the third parties the company is working with. For example, this professional; can evaluate an employees’ purchasing records to see whether all the purchases made were meant for the business or he/she diverted some for his/her own use.
- A forensic accountant can help in makingthoughtful decisions. By examining the strengths, weaknesses, and financial standing of businesses, he/she can provide investors with the insight needed to make informed investment decisions.
- Forensic accounting also helps in identifying fraud. In a big organization where daily transactions are huge, an employee can easily carry out fraudulent operations without being caught. With an effective forensic accounting system in place, the organization can determine whether all policies are being followed and whether all transactions are reflecting in accounting books.
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