Forensic Accounting which is a form of investigative accounting uses the accounting and auditing techniques along with the investigating skills to examine the financial issues of a company for legal proceedings. Thus, the analyses provided by them are suitable for Court of Law. Forensic Accounting is called upon to monitor and minimize the damage that can be caused by frauds and embezzlement which might be prevalent in the firm secretly. During this process complicated financial issues are analyzed and interpreted thoroughly. Forensic Accounting has thus earned a lot of significance in recent times due to multiple types of frauds taking place such as employee thefts and frauds like customer and financial fraud.Forensic Accountants examine financial statements of a business, look out for the incompliance in the processes involved, record the movement of funds, interview the parties involved, overview the company’s history, inspect electronic data along with the descriptive investigation of the situation. Other than this, Forensic Accountant can also present testimony as an expert witness and can serve as a consultant; guiding the client through the process. They are also expected to work along with the other experts whenever needed. Forensic Accountant can put a check to an organization’s functioning so as to evade any fraud that might occur in coming future. They can suggest companies with the measures that will lower down their criminal and fraud related encounters.
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