Forensic accounting is one the most important growing industries around and you might actually know very little about it. Television has made the field of Forensic science a very popular and very recognizable part of the legal process. But the truth of the matter is that the word "Forensics," simply means that the information gathered or interpreted is done so by a process that makes it acceptable in a court of law. There are many fields of forensic science and forensic evaluation and study. Forensic accounting is one specialty under the large umbrella of forensic study and evaluation.
Forensic accounting is the special practice of accounting that describes exchanges that are the outcome of real or predicted legal procedures or disputes. Forensic accounting is also called Forensic auditing or investigative auditing. You need Forensic accounting services if you need someone to give expert testimony in a court trial in regards to financial records, exchanges and practices. The need for Forensic accounting services is great. Forensic accountants are called upon to give expert testimony in all types of trials. In fact, sometimes standard accounting firms have a branch of their practice that specializes in Forensic accounting.
Sometimes Forensic accountants concentrate on a specialty to further qualify them as experts in their field. These specialties can include, personal injury claims, insurance claims, construction industry issues, royalty auditing or fraud. The duties of Forensic accountants can be very unique. In many instances, they can be called upon to help in recovering laundered and extorted funds during confiscation proceedings surrounding the criminal activity that is the focus of the crime. Because of this, certified fraud examiners, chartered accountants, certified public accountants and certified fraud examiners can all be considered Forensic accountants. In fact forensic accounting is a great field that many trained accountants aspire to join. Most forensic accountants have spent years in various segments of the financial industry and have worked tirelessly in the service of others. These are the qualities you should seek in any forensic accountant or forensic accounting firm that want to do business with. Experience is the key.
Forensic accountants employ a lot of tools and practices in their work. They have a deep understanding of business data and all forms of financial reporting practices. They understand auditing and accounting industry protocol, and utilize legal protocol and processes in their investigation techniques. They also use litigation procedures to accomplish the work they need to complete. Forensic accounting is expanding into new territories. Forensic accountants are being called upon to advise auditing committees, assist with investment analyst researching and participate in fraud deterrence procedures.
No matter what business you are in, Forensic accounting should be something that you understand and appreciate. You will want to have an a Forensic accounting firm in mind in case you ever need to have one of their accountants on retainer. If Forensic accounting is not a department in the accounting firm you are currently working with, you need to make sure you know of a qualified Forensic accounting firm, so you are not looking around desperately for one if your needs become urgent and you don't have time to make an educated decision.