Do you know who is a forensic accountant? Well, a forensic accountant is an expert whose role is to do investigations on instances of financial fraud. These professionals usually work hand in hand with public accounting firms, risk consulting firms, and insurance firms. They can also work with law enforcement firms. These professions have the best set of skills to ensure that they have discovered all kinds of financial fraud. A good number of forensic accountants start their careers in standard accounting jobs, where they become experienced with auditing. Once they start dealing with fraud examinations, their roles somehow change. They then progress in utilizing forensic methods to determine how funds are laundered through legitimate assets like real estate. They make sure that they have analyzed the financial data so that they can discover fraud and then gather their evidence to offer testimony in the courtrooms or for internal investigators. The professionals ensure that they have provided litigation support by making sure that they have used accounting means. They make good use of great tools like digital forensics, historical accounting and observation methodologies to determine and prosecute financial crimes. There are various reasons why you need to hire the best forensic accountant. By reading this guide, you will discover more about some benefits of choosing the best forensic accountant.
First, forensic accountants help in divorce and marital assets. You know that things become unbearable when couples are going through a divorce case and want to divide the marital assets. The divorcing couples might have disagreements on the sharing of the finances, especially if they have a huge net worth. We have investment portfolios, many bank accounts and real estate, that complicates things when divorcing partners want to share all this. Furthermore, we can have one party who is trying to use the offshore accounts so that they can jumble the financial records. They might also have all the necessary documents for investment, and do not want to submit them for an effective divorce process. Divorcing couples are well known for utilizing many underhanded methodologies so that they can hide their funds. Therefore, a forensic accountant is required under such circumstances so that they can comb through all the marital bank accounts and crucial financial details. These professionals make sure that they have uncovered irregularities and find where funds have been hidden. When the divorcing parties provide disordered financial records, forensic accountants can make sure that they have sorted everything with a lot of efficiency and conduct all the analysis on time.
Secondly, a forensic accountant helps in mergers and acquisitions. When one firm merges with or buys another, there is so much that is done on the financial analysis. If there is a merger of equals, both sides may want to explore the other financial statements so that they can determine any cases of fraud. A forensic accountant will make sure that the process of merging is simpler and more effective. They do this by making sure that they have been determined any fraud cases.
In wrapping up, a forensic accountant will also help you with your company audits.