Forensic Accounting
What is Forensic Accounting?
The specialty of forensic accounting is the synthesis of accounting, auditing, and investigative skills. Another important aspect of the skills the forensic accountant brings to the table is the ability to communicate financial information clearly and concisely in and out of the courtroom setting. Forensic Accounting encompasses but is not limited to Litigation Support, Management Advisory Services and Investigative Accounting. Forensic Accountants are trained to look beyond the numbers and deal with the business reality of the situation. The need for forensic accountants (FAs) in government, industry, and public accounting continues to grow. There is also an incredible need within law firms for the specialized skills of FAs.
A Forensic Accountant is often retained to analyze, interpret, summarize and present complex financial and business related issues in a manner that is both understandable and properly supported.
A Forensic Accountant should be retained as early as possible in order to obtain maximum benefit. The assistance that a Forensic Accountant can provide early in the process can be significant in reducing the overall cost and maximizing the benefit. If retained early, a Forensic Accountant can assist with the Examination for Discovery, identify additional areas of damages, assist with settlement negotiations and provide a preliminary assessment of the quantum of damages.