Forensic accounting expertise is increasingly in demand today. But what does a forensic accountant do, what needs does it meet and what are the prospects for this profession?
Many business managers want to prevent the risk of fraud in their company and therefore they call for Forensic Accounting Services in Delhi– a step that guarantees prevention, reduction, and complete elimination of fraud and fraud-related activities.
The profession of a forensic accountant is therefore booming. Not only on the fraud detection side but also on the prevention side.
If, when he emerged in the 90s, the forensic accountant had above all to investigate, determine with objectivity and independence the value of a dispute, and act as an expert witness once the fraud had taken place, his role has since evolved. So, this is completely clear that this career is not new at all.
Forensic accountants are also doing a lot of work to prevent fraud and malicious acts, he now acts as a consultant a posteriori, but also a priori, to prevent fraud from occurring.
What does the forensic accountant do?
Where the company is likely to be defrauded, the forensic accountant will implement controls. It will also train staff to be able to detect indicators of fraud. Once fraud is reported, interventions are planned.
What qualities are needed?
Because they have to analyze and cross-check thousands of data, forensic accountants are conscientious, rigorous, curious by nature, and enjoy “getting to the bottom of things.
In addition, because he produces written reports and will be called upon to testify in court, this professional is a good communicator, both written and oral.
His work also includes a whole aspect of the investigation, with interviews and interrogations for which it is necessary to establish strategies to make the person speak.
Forensic accountants are financial investigators who help in examining the accuracy and reliability of the financial statements of a company. These experts are also consulted by business owners to expose doubtful financial information data to find potential white-collar crimes involving both individuals and businesses of all sizes.
Uncovered criminal activity may include fraud, embezzlement, money laundering, concealment of debts, concealment of assets, other fraudulent activities, or even financial crimes.
Forensic accountants may be called to testify in court as expert witnesses in civil and criminal litigation and appear in pretrial depositions.
In addition, Forensic Accounting Services in India can also help in managing and reducing the risks posed to companies by integrating robust accounting systems and procedures.
Apart from their normal work routine for the businesses, forensic accountants are also highly demanded in the case where recovery of black money or detection of money laundering is required.
But the list doesn’t end here as a career in forensic accounting is multi-faceted and hence justifies the fact that it is one of the emerging career options for those who have accounting as well as investigative skills.
This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.
Posted by:
CA Ankit Salot
AKGVG & Associates