The Value of Working With a Forensic Accountant The vast majority of people do not seem to realize how critical of a career path it has become to pursue forensic accounting, as the world requires more and more people to assist in financial legal matters. Forensic accountants are sought out to work on investigations as internal and external auditors that provide aid in understanding financial background knowledge regarding bankruptcy, fraud issues, or any financially illegal matters that people or organizations may be dealing with. They will diligently work to determine if there was any foul play regarding financial paperwork or financial matters and act as somewhat of a financial detective to determine loss and how much is owed to the right party. After the forensic accountant has completed his or her audit, he or she will then complete a report that can be used within the courtroom as supporting evidence to a plaintiff or defendant’s case. There are many times when an accountant will be called to the stand to testify and explain what he or she discovered during his or her audit. For those who are curious to know why it is suddenly necessary to hire a forensic accountant, all you have to do is take a look back at our society for the past couple decades and you will be inundated with a series of scandals regarding financial institutions who were improperly handling their finances, creating serious legal trouble for themselves, and not being properly audited for it. We have created forensic accountants because it has become necessary to audit businesses and prevent them from stealing or improperly working on the books. In the past, well paid employers completely devastated the lives of many lower paid employees, and thus the birth of forensic accounting became increasingly necessary, so that this would never happen again, ultimately preventing the economy and many people from entering a complete and total state of financial disarray.
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It is important to understand that regular auditing is mandated, but forensic auditing transpires when something happened within a company and requires further investigation into the matter. In other words, you only need a forensic audit, not as a routine process, but to resolve a discrepancy. You may be required to contact a forensic accountant in anyone of the following scenarios: agency fraud, SEC inspections, marital troubles, royalty audits, construction audits, insurance claims, insurance fraud, etc. Whatever the reason may be, it is important that you work with an accountant you trust implicitly, as this person may be solely responsible for retrieving a large sum of money for you. If you are having trouble finding someone, we advise you reach out to people you trust for referrals, and conduct a thorough investigation online of who is available to you.