What is forensic accounting?
In essence, forensic accounting is the process of collating, recording and analysing business finances in order to support investigations or legal action against criminal or fraudulent activity and financial disputes.
Where generic accounting is very much focused on the figures themselves, forensic accounting is a much more in-depth and analytical process, and should only be conducted by a professional with specific experience in preparing data for representation in court.
Here at Accounting Solution Hull, we have knowledgeable forensic accountants available to help corporate clients to get to the very heart of illegal activities that they may have become victim to.
Whether you require initial support to uncover potential or suspected fraudulent issues or need to take this one step further for litigation, we offer a reliable and cost-effective service tailored to your individual needs.
How can a forensic accountant help you?
While a standard audit can help you to assess the state of your business finances in more general terms, forensic accounting is much more deeply investigative in nature. A forensic accountant can be called upon to assist in the analysis of a variety of different circumstances, such as:
- Internal corporate theft
- Insurance fraud
- Money laundering
- Falsification of financial transactions
- Claims for damages
- Post acquisition disputes
- Preparing evidence for court
Our forensic accountants have the ability to recognise patterns and identify discrepancies amidst a vast amount of financial data, providing an accurate and comprehensive report on any activity which appears suspicious or contradictory. However complex or extensive your fiscal records, we will approach your case with thoroughness and efficiency at every step.
Ensuring the best results
When it comes to using a forensic accountant, it’s important to consider the following advice in order to ensure the best possible results:
- Use an external service – It’s important to employ an independent forensic accountant from an outside agency; this ensures objectivity and prevents any mixed loyalty issues.
- Early instruction – by bringing in a forensic accountant as early in the process as possible you can save money in the longer term by reaching the desired results more quickly and preventing any further illegal activity from taking place.
- Communicate clearly – define expectations and goals from the outset and offer all the information and support you can to help them do their job effectively.
If you require any further information about our forensic accounting services please call us now on 01482 656148 or send us an email and we’ll be delighted to help you.