Forensic Accountants are the detectives of the accountancy world. They investigate.
Forensic means suitable for use in a court of law.
Of course a Forensic Accountant may well undertake work not needed to go to offices of law.
Work can fall in a number of categories- to name but a few.
-Partnership disputes. Financial examination of business records and reporting.
-Suspected fraud situations. Where a party is suspected of falsifying books and receiving monies under false pretences.
-Divorce financial statements. Financial and wealth statements for divorcees.
-Post acquisition disputes. When someone purchases or takes over a business and business not acquired as agreed.
-Insolvency/bankruptcy. Reasons for insolvency arising!
-Business valuations. Usually required by a prospective purchaser.
-Company in house claims. Disputes by owners or owners and employees.
-Claims where accident financial losses occur. Report on financial losses etc.
-Director or employee charged with fraud and causing financial and economic problems.
-Loss of income due to being a victim of a criminal attack.
Wherever financial or economic problems arise a report can be obtained. Of course in cases of opposing parties, then both sides may engage such services as available from a Forensic Accountant.
I myself have dealt with cases where business partners have fell out due to suspected cheating.
Remember if in financial or economic situations causing financial loss- seek advice.
