Forensic accounting sounds like something out of a crime show. Forensic accounting, or forensic auditing, is the process of doing an examination of a financial account and determining how money is coming, going, being spent, etc. This specialized kind of accounting can be done before something has happened, during, or after the fact. The best example is when someone steals money from your business and thus needs a specially trained professional to comb through your company financial records. Another common example is determining whether there are false vendors in a business. Forensic accounting is simply accounting but more in depth, looking at the total picture and typically used in legal settings such as settlements, business litigation or various court cases. Forensic accountants can help by opening up examinations into potential fraud cases in businesses. This will require the accountant to go through the financial records to check for false vendors – vendors which don’t actually exist – so that they can see where the money is going. Whether the financial investigations are big or small, a forensic accountant like Palma Financial Consulting can help. What is a Forensic Accountant?
Forensic accounting sounds like something out of a crime show. Forensic accounting, or forensic auditing, is the process of doing an examination of a financial account and determining how money is coming, going, being spent, etc. This specialized kind of accounting can be done before something has happened, during, or after the fact. The best example is when someone steals money from your business and thus needs a specially trained professional to comb through your company financial records. Another common example is determining whether there are false vendors in a business. Forensic accounting is simply accounting but more in depth, looking at the total picture and typically used in legal settings such as settlements, business litigation or various court cases. Forensic accountants can help by opening up examinations into potential fraud cases in businesses. This will require the accountant to go through the financial records to check for false vendors – vendors which don’t actually exist – so that they can see where the money is going. Whether the financial investigations are big or small, a forensic accountant like Palma Financial Consulting can help.