Forensic accountants are specially trained to use conventional accounting and auditing practices in combination with investigative methods to provide financial analyses admissible in a court of law. Financial crimes that span across industries require the services of forensic accounting firms, including employee theft, insurance fraud, securities fraud, tax fraud and manipulation of inventory records, financial data and other crucial company information.
Forensic accountants are not only capable of detecting illegal activity, but can also determine the absence of deception. This is good news for business owners who find themselves under investigation for a financial crime. Those with a degree in forensic accounting are trained to objectively assess financial data that can stand up to the highest level of judicial scrutiny.
Find a forensic accounting firm that can do the following for your business:
1. Detect the source of internal fraud to minimize further financial loss and bring the perpetrators to justice.
2. Develop systems and processes designed to prevent the recurrence of internal financial fraud.
3. Provide highly qualified and experienced forensic accountants to conduct investigations and make appropriate process and practice recommendations.
Take a bite out of white collar crime with the help of a forensic accountantBusiness owners fail to recognize a staggering 75 to 80 percent of internal theft. Many factors contribute to this statistic, including technological advancements, high employee turnover rates and inefficient and ineffective business accounting practices. A forensic accountant can help you catch employees with their hands in the cookie jar and advise you on how to better protect your business assets.
Avoid a scandal by hiring a forensic accounting firm to improve your internal controlsIn the wake of Enron and other corporate fraud scandals, the spotlight is on business owners' financial practices. Government regulations like The Sarbanes-Oxley Act of 2002, as well as heightened public expectations for corporate transparency, have caused many business owners to examine their internal control systems to prevent fraud. Forensic accountants analyze existing business practices and processes and make recommendations for improvement, helping their clients minimize fraudulent activity.
Hire a professional with forensic accounting training to cover your assetsYour company's future may depend on the quality of your forensic accountant's investigation and business recommendations. For best results, limit your search to accountants with a forensic accounting degree, preferably a masters in forensic accounting or certification in forensic accounting. As the demand for forensic accounting grows, there is a corresponding increase in the number of high quality forensic accounting schools.
- Because there are no regulations in place to monitor unqualified individuals who establish forensic accounting firms, you must request and follow up on references prior to hiring.
- Depending on your industry, find a forensic accounting firm that supplements accounting services with that offered by certified fraud examiners with specialized business experience. Some firms, for example, employ certified fraud examiners with experience in government agencies, such as the CIA or IRS, while others recognize the value of seasoned RNs in the detection of medical industry or personal injury fraud.
- Although a degree from any forensic accounting school may look impressive on paper, make sure your forensic accountant graduated from an accredited institution.