Successful prevention of fraud and criminal activities
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What is forensic accounting?
Forensic accounting is a field of accounting aimed at effectively countering fraud and criminal activity. It involves examining and interpreting evidence and facts. It calls for an interdisciplinary approach to complex problems, applying accounting, control, analytical, investigative and other skills to clarify relationships, facts and economic transactions.
Forensic accountants aim to perceive and clarify complex financial transactions, process complex documentation, analyze cash flows and electronic transactions, and recognize fraudulent actions based on this. Also one of the important tasks of forensic accounting is the orientation to the prevention of fraud.
A forensic review can uncover: financial fraud; bankruptcy-related fraud; tax evasion; valuation fraud; fraud in dealings with customers and suppliers; procurement fraud; inventory and warehousing fraud; payroll fraud; and fraud in raising and repaying capital.
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What is it that makes a good forensic accountant?
A good forensic accountant needs a solid accounting foundation as well as multidisciplinary knowledge: at least basic legal and IT skills, an understanding of how capital markets work and of corruption risks. They must pay attention to detail, analyse data thoroughly, communicate well and maintain professional scepticism throughout. Credibility and integrity, including high ethical standards, are essential. A forensic accountant must know more than those who commit fraud.
Contact usWhy has forensic accounting become necessary in modern business?
Statistics show that one in three businesses is a victim of fraud, the cost of fraud is a minimum of 5% of revenue, while the value of the average fraud is $1.78 million. Of course the scam lasts longer the losses are getting bigger. About 58% of companies never recover their loss due to committing fraud. On average, scams are only discovered after 18 months, and a large number of scammers are never detected.
Fraud can be committed AGAINST an organisation, by vendors, customers, suppliers, contractors or competitors who bribe employees, and WITHIN an organisation, by senior managers. In other words, anyone may attempt fraud.
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Who can be a beneficiary of forensic accounting?
Forensic accounting is used by shareholders and company founders, company directors, courts, government agencies and authorities, public enterprises, lawyers, insurance companies, banks, the tax administration and others.
What can forensic accounting services be used for?
You can use our forensic accounting services to:
Detecting various types of fraud, such as fraudulent financial reporting, misappropriation of assets or corruption
Fraud in specific cycles of the financial statements: sales and receivables; procurement and payments; inventory; payroll; raising and repaying capital
In-depth analysis of your business partners and potential collaborations, with recommendations
Support during the procurement process in order to avoid fraud and achieve savings
Support when participating in negotiations with partners and potential clients
