As the name suggests, Forensic Accounting is a unique blend of accounting as well as investigation. Forensic accountants are required to not only have a knack for figures and numbers they are also expected to have solid reasoning and analytical skills. Forensic accounting includes lots of investigative tasks, and therefore any analytical bent of mind is required for this role. In addition to having solid knowledge of accounting and analytical skills, forensic accountants should also have sound legal knowledge. They should have significant experience in handling legal issues and should be familiar with the judicial processes.
Forensic accountants collate a variety of information on financial matters, interpret the collected information, and then finally work on the reporting of the information. They may convey the information either in the form of reports or in the form of presentations. Interestingly, financial accountants are employed by a variety of organizations, such as accounting firms, banks, insurance companies, etc. Therefore, you can imagine the importance of forensic accounting in today’s business environment. Forensic accounting services in Sydney may help with all the accounting requirements, whether they are forensic in nature or not.
It is interesting to note that forensic accounting is used for the purpose of litigation support as well as for the purpose of a criminal investigation. It can be used to identify embezzlement or fraud in your business as well as any potential forgery of the financial statements. Lastly, forensic accountants have a key role in the insurance industry for the purpose of the evaluation of economic damages.