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What Are Forensic Accounting Services? [Ultimate Guide]

What Are Forensic Accounting Services? [Ultimate Guide]

What are forensic accounting services? Also known as forensic auditors, forensic accountants, are professionals that are aware of the ever-changing business landscape and will possess industry knowledge and accounting experience.

Areas of Knowledge

A public accounting firm may hire a forensic accountant. Their specialty areas will be diverse but typically, will involve investigative accounting, litigation support and risk consulting, as well as issues relating to white collar crime, money laundering and financial statement fraud. Financial data analysis may be conducted by the individual, who can also provide assistance with insurance claims, telemarketing fraud and evidence integrity analysis. Moreover, someone who operates in this line of work may also possess the knowledge to trace illicit funds and locate hidden assets.

The Skills and Experience of a Forensic Accountant

When you ask yourself ‘what are forensic accounting services?’ you may want to seek out the services of a professional with report writing experience. Reports may be drawn up on various subjects, such as damage assessment, bankruptcy fraud and embezzlement. In addition to this, the forensic accountant may know how to testify as an expert witness. To be able to competently carry out regression analysis and accounting procedures, the accountant may maintain interpersonal communication abilities, credibility, independence, analytical thinking skills, attention to detail and perhaps most importantly, experience with written and verbal communication.

Typical Job Responsibilities of Forensic Auditors

Some forensic auditors will start their careers as an accountant, so you can expect many of their job responsibilities to be linked with the role of an accountant, such as developing budgets and computing taxes. The demand for these services is growing at a rapid rate, with the rise in fraudulent activity. Forensic accounting professionals may focus on core practices when using software to create presentations to support legal cases. In some cases, a forensic auditor may be requested to attend court and testify, based on their findings. This can be particularly important if financial wrong-doing has been detected.

Additional job responsibilities include:

  • Reporting for signs of fraudulent activity and irregularities
  • Investigating inconsistencies on records
  • Interviewing individuals who reviewed, created or contributed to records

Forensic accounting firms can be helpful in divorce proceedings. For example, the accountant can uncover hidden assets and calculate alimony payments.

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Call Veriti Consulting now to speak with a professional and trusted forensic accounting firm. Reach out and contact us today at (855) 232-4410.

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