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What is a Forensic Accountant?
Forward Thinking Business Blog –
Forensic accounting is a specialist branch of accounting which is often used in situations such fraud investigations, partnership or marital disputes, negligence cases and insurance claims. Usually, these situations are stressful and involve dealing with difficult and sensitive issues. A forensic accountant will help you follow correct procedures, minimise losses and protect your business and assets. In addition to their accountancy qualification, forensic accountants have specialist knowledge, experience and skills that enable them to conduct investigations and, when necessary, provide expert witness testimony in legal proceedings.
The work of the forensic accountant usually involves one or both of the following:
- Financial investigation
- Litigation support / expert witness testimony
A forensic accountant is employed by an accounting firm or business to discover and interpret financial information, often for use in legal proceedings. The specialist skills and experience of forensic accountants are also useful in many other situations, explains Michael Farrell.
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Financial investigation
In these scenarios, the forensic accountant is essentially a detective. Their role is to obtain, secure and analyse financial data, interview witnesses, and prepare reports. It is vitally important that correct procedures are carried out from the outset of every investigation. Mistakes can affect the outcome and may jeopardise your chances of success if the situation escalates to legal proceedings.
Litigation support
Providing expertise and/or expert witness testimony to assist the court in legal proceedings is another important role of the forensic accountant. Good communication skills are critical as the accountant must be able to convey technical information in a manner that can be understood by the court.
How FPM can help
FPM has a lot of experience providing forensic accounting services both to our clients and to other professional firms. Our work in this area includes fraud investigations, personal injury and medical claims, business interruption, insurance claims, business sale, partnership and construction disputes, divorce valuations, security for costs and professional negligence.
To find out more about these services and how they can assist your business…
