Many people really don’t know what that is about forensic accounting. Forensics Accounting is actually the practice of exploiting accounting, auditing and exploratory skills to accomplish examinations in the pecuniary statements of a company in legal matters.
Forensic accountants use their knowledge in accounting and finance and commercial law and corporate law in their every day routine. They are also well equipped with all the business information up to date, government legislation, the financial reporting systems, accounting standards and auditing, and litigation processes and procedures when they perform their task.
A certified forensic accountant play an important role in helping the government and the general public to notice the accounting scandals and monetary crimes due to individuals, businesses and organized crime networks. Not like accountants and auditors, forensic accountants conduct audits when they are aggressively seeking fraud sign and they use their skills to conclude whether a business or a financial transaction is illegal.
Forensic accountants are part of the extension of the legal team and they are responsible for the preparation and review of financial evidence. Their responsibilities are:
• study and analyze financial evidence, especially in composite or possible criminal pecuniary transactions
• Develop computer applications to analyze, compare and interpret facts and financial figures
• Transform their findings in reports to those associated with their financial decision-making
• Assist in legal proceedings, including preparation of supporting documents and act as expert witnesses at trials