Forensic Accounting

Topics: Damages, Insurance, Dispute resolution Pages: 3 (1539 words) Published: July 27, 2015
1. What is Forensic Accounting?
The integration of accounting, auditing and investigative skills yields the speciality known as Forensic Accounting. "Forensic", according to the Webster's Dictionary means, "Belonging to, used in or suitable to courts of judicature or to public discussion and debate." "Forensic Accounting", provides an accounting analysis that is suitable to the court which will form the basis for discussion, debate and ultimately dispute resolution. Forensic Accounting encompasses both Litigation Support and Investigative Accounting. As Forensic Accountants, we utilize accounting, auditing and investigative skills when conducting an investigation.  Equally critical is our ability to respond immediately and to communicate financial information clearly and concisely in a courtroom setting. Forensic Accountants are trained to look beyond the numbers and deal with the business reality of the situation. 2. What is Litigation Support?

"Litigation Support", provides assistance of an accounting nature in a matter involving existing or pending litigation.  It deals primarily with issues related to the quantification of economic damages.  A typical litigation support assignment would be calculating the economic loss resulting from a breach of contract. 3. What is Investigative Accounting?

"Investigative Accounting", is often associated with investigations of criminal matters.  A typical investigative accounting assignment would be an investigation of employee theft.  Other examples include securities fraud, insurance fraud, kickbacks and proceeds of crime investigations. 4. What does a Forensic Accountant do?

A Forensic Accountant is often retained to analyze, interpret, summarize and present complex financial and business related issues in a manner which is both understandable and properly supported. Forensic Accountants can be engaged in public practice or employed by insurance companies, banks, police forces, government agencies and other...
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