What is it ?
Forensic Accounting utilizes accounting, auditing and investigative skills to conduct an examination into the financial statements and affairs of members of the business and corporate environment to assist in the investigation of financial and business related issues.
Who are we ?
As Forensic Accountants, we are trained to look beyond the numbers and to deal with business reality of a situation. As no two cases are ever the same, we offer a practical approach to achieve desired outcomes. Equally important is our response time and ability to react immediately whilst communicating financial information clearly and succinctly.
Why we do it ?
Forensic accounting provides and in depth accounting analysis suitable for presentation in a court of law. Matters such as employee theft, securities fraud (including falsification of financial statements), identity theft, the breakdown of business or marital relationships, and insurance fraud may have occurred, all of which need a forensic accountant’s services.
Forensic accounting can provide such benefits to clients for claims and damages during the process of litigation and will assist greatly with giving sound and in depth business advice on taxation, business and financial advisory issues.
The main steps are : -
- Data collection
- Data preparation
- Data analysis
Forensic accounting may include any of the following:
The specialist skills needed for Forensic Accounting require expert knowledge, as all investigations have the potential to end up in a court of law.
Accounting and Taxation Investigations
Forensic investigations often relate to criminal exploration on behalf of the Australian Police. This could occur in any state and could relate to both accounting and taxation investigation.
A Forensic Accountant's report is arranged with the object of presenting evidence in a professional and concise manner.
Investigating fraudulent valuations is the act of determining whether criminal activity has occurred. As part of the forensic accountant’s work, he or she may recommend a series of actions to be undertaken.
Family Law Disputes
Investigations may also occur in civil matters. For example, the forensic accountant may search for hidden assets in divorce cases. We can help with any civil dispute that may need investigating.
Minority Shareholder and Director and Shareholder Disputes and Issues
These assignments and investigations often entail a detailed analysis of numerous business accounting records to quantify the issues in dispute. For example, a common topic that arises is the reimbursement and benefits received by each of the disputing shareholders or partners.
Investigations can involve funds tracing, asset identification and recovery.
Fraud investigations frequently entail measures that determine the existence and nature of fraud and may concern the identification of an individual.
Business investigations can involve asset identification, funds tracing and recovery. It can also include forensic intelligence gathering and due diligence reviews. Before investing your monies in any type of investment or business, let us assess the validity and nature of those investments.
Economic Loss and Damages
Claims for economic loss are often complicated and require skilled investigation. We provide expert advice for any claim that relates to economic loss and damages.
Solvency refers to the availability of cash over the longer term.
Sometimes your situation is impacted upon by another company’s financial problem. We are here to provide expert advice.
We act as professional advisers. Our expertise varies from investigating matters at the request of a creditor, to providing strategic business guidance and then on to clients experiencing financial complications or those who are being pursued by creditors.
Each situation presents its own opportunities and challenges, but solvency assessment must be risk-adequate.
Fraud and Money Laundering
Sadly, fraud plays an all too familiar role in today’s modern business environment.
Money laundering is a costly problem in Australia, with The Australian Federal Police estimating that crimes, such as money laundering, cost between $1 billion and $4 billion in Australia, and as much as $2 trillion worldwide.
Money launderers are becoming more creative in their methods and often target specific businesses such as insurers, fund managers and real estate agents.
For more information on our fraud and money laundering accounting services, feel free to drop us a call.
We are able to compile, analyze and identify money laundering which can be related to serious crime (including major tax evasion).
A forensic accountant may take on fraud auditing engagements but will also use other accounting, consulting, and legal skills in broader activities. In addition to accounting skills, we possess a working knowledge of the legal system and excellent communication skills to carry out expert testimony in the courtroom, all of which can include litigation support.
We can help and assist with the compilation and preparation of matters for filing and representation at hearings within VCAT.