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Have you ever heard of forensic accounting? If not, it's a term to describe the process of using accounting skills and knowledge to solve legal issues. Forensic accountants can help in situations where there's been financial fraud or other illegal activities that have affected businesses or individuals.
This article will cover forensic accounting and what you need to know about it.
What is a Forensic Accountant?
Forensic accounting is a specialised accounting type used in legal proceedings. Forensic accountants are called upon to investigate a company's or individual's financial records and provide information that can be used as evidence in court. They examine the business practices, clientele, and other details related to a business to determine precisely what happened in the past.
Skills Needed to Be a Forensic Accountant
A forensic accountant must have a wide variety of skills and knowledge. These include:
Where Is Forensic Accounting Used?
Forensic accounting is used by law firms, government agencies, courts, and even law enforcement agencies when they need to prove or refute claims made by an individual or company. Forensic accountants may work with lawyers on cases ranging from divorce proceedings to tax audits; however, many forensic accountants work for private companies that deal with large sums of money daily.
Forensic accounting is used to help a business, government agency, or other entity in a legal dispute. It can be used in a wide variety of situations, including:
Conclusion
Forensic accounting is a specialised field that uses specific skills and knowledge to help solve problems. Forensic accountants can help in situations where there has been financial fraud or other illegal activities that have affected businesses, individuals or organisations.
If you need help with your financial and legal needs, contact Wilford Smith today. We'll be happy to help you with any questions or concerns that you may have.