In today’s blog, we will describe the role of a forensic accountant and the services provided by them. Forensicaccountants’ main role is to investigate financial discrepancies, fraud and financial irregularities. It can be said thatforensic accountants combine auditing and investigation skills. The main responsibilities of forensic accountantsinvolve:

Investigation

The daily work involves fraud investigations, business valuation, and legal proceedings. At the initial stage,they will investigate financial records, transactions and data in order to detect and prevent fraud and irregularities.They analyse if a crime occurred and whether it was done intentionally. Some examples include securities fraud,falsification of financial information, insurance fraud and identity theft.

Fraud detection and prevention

A forensic accountant examines financial records, data and transactions to identify irregularities,fraud and suspicious activities. A forensic accountant should also create a hypothesis based on theinformation examined and recommend actions to address and prevent future fraud.

Litigation support

Forensic accountants may be expert witnesses in court when it comes to the explanation of financial evidence andfindings therefore, they assist in legal disputes. Therefore, a forensic accountant should presentevidence found with financial irregularities clearly and professionally to court members.

Investigative accounting

Financial records, contracts and other financial documents are detailed and investigated by a forensic accountant inorder to uncover financial mismanagement or any misconduct. A forensic accountant should have a broad view ofa financial transaction considering all of its aspects in order to interpret the information.

Valuation services

The value of businesses, assets, and liabilities which is usually necessary to be assessed in cases of mergers,acquisitions, bankruptcy and divorce settlements are done by a forensic accountant.

Compliance and risk management

They also assist in developing strategies to manage financial risk and help entities to ensure compliance withfinancial standards and regulations.

Asset tracking and recovery

Forensic accountants track and recover lost or hidden assets, generally in cases of embezzlement, assetconcealment or fraud.

Financial analysis

They provide insights that can be used in several legal and business contexts by analysing financial data andtransactions.

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In conclusion, the role of a forensic accountant is for those who are interested in financial accounting,auditing, investigation, law and compliance. Also, for those with an immaculate level of attention.

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Reach out to our team of experts for more information at info@cooneycarey.ie.