Forensic accounting is a large and growing field, largely driven by more instances of fraud. While forensic accounting is great for fraud detection, there are other advantages to working with a forensic accountant.
Forensic accounting combines accounting and auditing skills with investigative skills to thoroughly exam an individual’s or company’s financial records and produce a report that can be used in legal proceedings. Forensic accountants must look beyond the numbers to explain the details and nature of issues being contested. You can expect several benefits when working with a forensic accountant, including:
Dispute resolution and litigation support
In disputes, when fraud is discovered, forensic accountants are relied on to provide expert analysis and testimony. They examine financial records and analyze relevant data to present credible evidence in court. This can strengthen the case against the perpetrators increasing the likelihood of discovering issues. In some instances, forensic accountant testimony can help you reach a settlement that results in restitution to offset your losses.
Due diligence in mergers and acquisitions
Mergers and acquisitions can be precarious for any company, mostly because there are a lot of unknowns surrounding the proposed transaction. A forensic accountant can help take the guesswork out of some of this process. These experts can evaluate the financial health and integrity of a company you may be considering a merger with or acquisition of. This will help you test the representations of the company’s financial outlook and help you make more informed decisions.
For more information about the benefits of forensic accounting, contact Shuster & Company, PC today!