| Articles on forensic accounting, forensic | | | | damages, from unfair competitive practices; |
| accountants and forensic investigators have often | | | | *Determine the worst liability which need to bear |
| being discussed and read by many, but what are | | | | by the business owner/(s) in the fraud incidents.o |
| the actual skills and capabilities behind these | | | | Determine if there has been an embezzlement, |
| professionals? | | | | who did it, who are involved, how much is gone, |
| Some of the tasks listed may "seen" to be easy, | | | | how much can be recovered etc; |
| but if you are in the detectives' shoes, you will | | | | - This is one common area where the forensic |
| realize the actual difficulties and complexities which | | | | accounting specialists or detectives will need to |
| one need to deal with to get to the bottom for | | | | investigate and advise in fraud cases involving |
| each of them. Here are some of the key | | | | money, property, assets or even in contract |
| deliveries, which are made possible through years | | | | agreement form.o Identify and quantify employee |
| of investigations and study as Forensic accounting | | | | theft and inventory shrinkage; |
| detectives,o Find out where the money went and | | | | - Find out how much of an impact does the theft |
| where it is now, even if the money or assets | | | | or fraud affect negatively in such incidentso |
| have been moved in multiples ways to hide or | | | | Determine whether a computerized system has |
| conceal the transfer; | | | | been compromised; |
| - Though most of the fraud cases involved | | | | - Computer is one of the most commonly used |
| money in its monetary value, there are multiple | | | | equipment used to conduct the fraud activities. |
| ways of hiding and concealing them to get away | | | | Thus, forensic accounting detectives are always in |
| from the public eyes, through many different | | | | favor of getting all the computerized systems |
| channels and facets of money itself.o Determine | | | | scrutinized ahead of time in such occurrence.o |
| how much money a person actually makes, even | | | | Identify financial and accounting irregularities and |
| under the difficult and confusing circumstances of | | | | malfeasance by examine accounting systems, |
| a business owner; | | | | data processing systems, financial systems, |
| - This is the basic source of information which the | | | | income tax returns, and any related financial |
| forensic accounting detectives should find out | | | | activities of a firm or an individual; |
| above all, where subsequent investigations occur | | | | - These are some of the common areas which |
| shall to a huge extend in correlation to this source | | | | are important to conduct details audits on to get |
| information.o Evaluate how much a business is | | | | to the source of the mischief.o Review and |
| really worth, even in the case of a closely held | | | | determine the controls and procedures to prevent |
| business; | | | | fraud, and to recommend changes to systems to |
| - This is the basic source of information which the | | | | ensure that fraud is minimized; |
| forensic accounting detectives should find out | | | | - Post mortems are conducted to review what |
| above all, where subsequent investigations occur | | | | are the missing gaps and controls which need to |
| shall to a huge extend in correlation to this source | | | | be added to safe-guard the company better in |
| information.oDetermine if a business has sustained | | | | future. |
| any damage, and estimate the amount of those | | | | |