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Forensic accounting and fraud prevention

Fraud happened at your business place?

We can help you to detect fraud and help you find real person behind the same through our fraud detection services.

Looking to avoid fraud?

We can help you establish process to prevent fraud at your organization across all levels.

 

FORENSIC ACCOUNTING AND FRAUD PREVENTION

Forensic accounting is defined as” the application of investigative and analytical skills for the purpose of resolving financial issues in a manner that meets standards required by courts of law. Forensic accountants apply special skills in accounting, auditing, finance, quantitative methods, certain areas of the law, research and investigative skills to collect, analyse and evaluate evidential matter and to interpret and communicate findings.”

Fraud Prevention means to prevent fraud that could happened due to waste and abuse, improper payments, money laundering, terrorist financing, public security and cyber security. By combining big data source with real-time monitoring and risk profile analysis to score on fraud risk, fraud prevention has evolved to start turning the tides of losses.

Forensic accounting and fraud examination

Forensic accounting and fraud examination though are related but are different. Forensic accountant are mostly professional accountant involved in the investigations whereas fraud examiner need not necessarily be professional accountant like ACA or CPA. Fraud examination is mainly focused at anti-fraud related matters whereas forensic accounting refers to various areas.

Role and significance and objective of Forensic accounting :

The statutory and internal auditors act only as watch dogs but to detect and unearth frauds in accounting the need for role of forensic accountant arose. Forensic accountant take more proactive and sceptical approach. Due to multiple types of fraud the role of forensic accountant has gained importance. Frauds like:

  • Employee embezzlement
  • Vendor Fraud
  • Customer Fraud
  • Financial statement frauds by managements and stock market scams.

To make financial analysis and submit evidence in the law of court for discussion and ultimate dispute resolution, is the primary job of forensic accounting. For litigation support, investigation of employee frauds, economic offences and in investigation support his role is utmost importance.

In partnership and shareholder disputes, employee frauds, financial statement frauds by managements, personal accident claims, Insurance frauds, and not but least bank loan frauds.

The Role of the forensic accountant is highly retained by Police departments, Government regulatory bodies, lawyers, banks, courts and business community.

For gathering all the information necessary and relevant for his purpose the forensic accountant uses all modern techniques and tools such as data mining, finger print identification, laboratory analysis, forged cheques and altered cheques identifying tools, etc.

Thus, it can be concluded as submission of documentary and other evidence in a court of law and who are called upon to give witness in the courts.

Objective of Forensic Audit:

A method of preventing of fraud and corruption and putting in the hands of judges and relevant legal authorities information and sufficient evidence to analyse and put as evidence in the judicial process, thus determining based on legal texts, whether or not it is a fraud case or not , is known as forensic audit.

Fraud Prevention Services:

If you fail to stop fraudulent transactions, it can lead to higher chargebacks and related expenses in addition to lost merchandise. Fraud has become a constant, dangerous and exceptionally costly problem for businesses and government organizations. The key is to combat fraud at inception with early detection and prevention. From identity and high risk fraud alerts to out synthetic fraud model, we have tools that facilitate more accurate and earlier detections.