Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of accountant blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.
Who uses a forensic accountant?
Forensic accountants are financial investigative specialists who work with financial information for the purpose of conveying complicated issues in a manner that others can easily understand. While some forensic accountants and forensic accounting specialists are engaged in the public practice of forensic examination, others work in private industry for such entities as banks and insurance companies or governmental entities such as police departments and HMRC.
The occupational fraud committed by employees usually involves the theft of assets. Embezzlement has been the most often committed fraud for the last 30 years. Employees may be involved in kickback schemes, identity theft, or conversion of corporate assets for personal use. The forensic accountant couples observation of the suspected employees with physical examination of assets, invigilation, inspection of documents, and interviews of those involved.
Experience on these types of engagements enables the forensic accountant to offer suggestions as to internal controls that business owners could implement to reduce the likelihood of fraud.
At times, the forensic accountant may be hired by lawyers to investigate the financial trail of persons suspected of engaging in criminal activity. Information provided by the forensic accountant may be the most effective way of obtaining convictions. The forensic accountant may also be engaged in bankruptcy proceedings when submitted financial information is suspect or if employees (including managers) are suspected of taking assets.
Opportunities for qualified forensic accountants abound in private companies. CEOs must now certify that their financial statements are faithful representations of the financial position and results of operations of their companies and rely more heavily on internal controls to detect any misstatement that would otherwise be contained in these financials.
In addition to these activities, forensic accountants may be asked to determine the amount of the loss sustained by victims, testify in court as an expert witness and assist in the preparation of visual aids and written summaries for use in court.
Nottingham Accounting Solutions Ltd do not offer forensic accounting but we do offer accounts, bookkeeping and payroll services in the Nottingham, Sutton in Ashfield and Mansfield area as well as Sage sales, set-up and 1 - to - 1 training on Sage accounts and Sage payroll. So why not take a look at www.nottingham-accounting-solutions.co.uk