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Forensic Accounting and Why We Need Them 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. A forensic accountant is a type of financial agent that is sought out to work as an internal or external auditor who is capable of providing expert financial assistance during investigations that involve bankruptcy, fraudulent matters or anything that may be financially illegal. 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. If you are wondering why we all of a sudden require forensic accountants, you can accredit it to the past decade of financial scandals. To put it simply, forensic accounting was created as a specific type of auditing to combat against this. A lot of companies have created complete and total devastation for their employees, and forensic accountants are agents designed to prevent this from ever happening again.
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It is important to note that forensic accounting is one sector of financial accounting, and its an extension to traditional auditing, only used one a situation calls for further investigation. In other words, you only need a forensic audit, not as a routine process, but to resolve a discrepancy. Here are a series of issues where it may be necessary to call upon a forensic accountant: agency fraud, insurance fraud, personal injury claims, insurance claims, SEC inspections, marital disputes, royalty audits, construction audits, etc. Regardless of the issue you are dealing with, it is critical you find a forensic accountant who knows exactly what he or she is doing, and is someone who is trustworthy, as he or she may be your greatest ally in retrieving money that is rightfully yours. The best way to start searching for this person is to rely on referrals and do the appropriate amount of research needed to find exactly what you are searching for.