Assignment
Role and Importance of
Forensic Accounting & Financial Fraud Examiner fORENSIC aCCOUNTING
Forensic Accounting is the application of accounting methods and techniques in the court of Law but not limited to. Forensic is broad as it includes many procedures an Investigator uses to investigate a fraud.
Its involvement starts majorly after the incident had happened. There job comprises of finding an incident of fraud and investigate the loss and damage by evaluating suspicious incidents, transactions that had caused for the Individual or an institution or for the government through various form of regulations.
Its importance is very high, even if the occurrence is very rare because of continuous tracking of Auditing experts it still expected to get more serious and frequent in some cases, the reason Forensic is also a part of Accounting and is categorised into Litigation Support and Investigation and Dispute Resolution.
LITIGATION SUPPORT
Litigation support is the presentation of various issues that is related to existing incidents. The Forensic expert will take part in evaluating the loss and damage caused and will also assist in giving solution on the concerns raised even before it reaches the court of Law.
It includes assistance for support or to reject the claims with documented evidences. Also revaluate all the relevant documents and assisting or suggesting what questions to be asked during the submission of the evidence that are financial and non- financial. It also includes reviewing the testimonials and assist in reviewing the damage reports and reporting the weakness as well as strength of the positions along with assistance in settlement and negotiations.
INVESTIGATION AND DISPUTE RESOLUTION
This process will determine the criminal matters such as Identity Theft, Employee Frauds, Insurance Frauds and Security Frauds. The Forensic Accountant also recommends actions to prevent any future loss or damages.
Forensic Accountant will help cooperates in preventing
Forensic Accounting & Financial Fraud Examiner fORENSIC aCCOUNTING
Forensic Accounting is the application of accounting methods and techniques in the court of Law but not limited to. Forensic is broad as it includes many procedures an Investigator uses to investigate a fraud.
Its involvement starts majorly after the incident had happened. There job comprises of finding an incident of fraud and investigate the loss and damage by evaluating suspicious incidents, transactions that had caused for the Individual or an institution or for the government through various form of regulations.
Its importance is very high, even if the occurrence is very rare because of continuous tracking of Auditing experts it still expected to get more serious and frequent in some cases, the reason Forensic is also a part of Accounting and is categorised into Litigation Support and Investigation and Dispute Resolution.
LITIGATION SUPPORT
Litigation support is the presentation of various issues that is related to existing incidents. The Forensic expert will take part in evaluating the loss and damage caused and will also assist in giving solution on the concerns raised even before it reaches the court of Law.
It includes assistance for support or to reject the claims with documented evidences. Also revaluate all the relevant documents and assisting or suggesting what questions to be asked during the submission of the evidence that are financial and non- financial. It also includes reviewing the testimonials and assist in reviewing the damage reports and reporting the weakness as well as strength of the positions along with assistance in settlement and negotiations.
INVESTIGATION AND DISPUTE RESOLUTION
This process will determine the criminal matters such as Identity Theft, Employee Frauds, Insurance Frauds and Security Frauds. The Forensic Accountant also recommends actions to prevent any future loss or damages.
Forensic Accountant will help cooperates in preventing